Pi Network is attracting attention as a project that allows users to mine new cryptocurrencies using mobile devices. Especially recently, verification (KYC) with a view to the mainnet has become even more important, and many users are proceeding with the procedures to ensure the validity of their accounts. However, various problems and troubles have been reported in this KYC process, so it is required to follow the steps carefully and accurately. Therefore, this article provides a detailed explanation of everything from the basics to specific measures regarding Pi Network’s KYC verification.

Features of Pi Network and Adoption of Stellar Cons Protocol

Pi Network is characterized by its ability to mine cryptocurrencies at a lower cost and more easily than before, by utilizing blockchain technology. Furthermore, because it has introduced a community-based price formation model called “Consensus Price,” it is trying to realize a mechanism where the price is not determined solely by exchanges.
In addition, Pi Network is said to have adopted the Stellar Cons Protocol, and it is claimed that there is a technical background that supports efficient and secure transactions. There are also reports that related files can be confirmed from within the Docker container when a node is actually started.

Reasons Why KYC is Necessary

Pi Network has introduced KYC (Know Your Customer) to ensure that each user has a legitimate account and to prevent abuse by fraudulent duplicate accounts and bots. If you migrate to the mainnet without completing KYC, there is a risk that you will not be able to handle the Pi you have earned correctly. Therefore, KYC is an important step in “protecting your assets”.

Risks of Accounts with Incomplete KYC

• Possibility of assets being locked even after mainnet migration if KYC is not verified
• Cases where there is a time limit for receiving verification requests
• Risk of being considered a fraudulent account and being banned

Common Problems and Solutions in the KYC Procedure

The verification steps for this project are divided into multiple stages, and it is said that various problems are likely to occur, such as discrepancies in registration information and deficiencies in identity verification documents. Below is a summary of the main examples and solutions.

Input Errors or Discrepancies in Personal Information

Problem: If there are many input errors, such as name or date of birth not matching the identity verification document, KYC will not proceed smoothly.
Solution: It is important to accurately transcribe the character information written on your passport or driver’s license and register it in the same language (English or Kanji). If there are discrepancies, sending a change request to in-app technical support is recommended.

Deficiencies in Phone Number/Email Address Verification

Problem: There are cases where users register the wrong phone number or fail SNS verification. In particular, verification may not be completed due to insufficient SMS sending balance, and the timer may proceed without the user noticing.
Solution: Please reconfirm your phone number and resend after ensuring an environment where you can receive SMS or call notifications. Regarding email addresses, check if they have been sorted into the spam folder and be sure to click the link.

Security Circle Setup Omission

Problem: If the security circle has not reached 100%, mining efficiency will not be maximized, and there is a possibility of significant losses in the long term.
Solution: It is desirable to use the “Add by username” function to add trusted users and make the security circle 100%. By cooperating with each other to register smoothly, you can contribute to the improvement of the overall community value.

Wallet Recovery and Security

Problem: There have been reports of the risk of losing the 24 seed phrases set for the wallet or having the wallet stolen by being tricked by phishing sites.
Solution:

• Write down the seed phrase on paper and store it offline
• Set up fingerprint authentication in the wallet app
• If your wallet is stolen, create a new wallet and transfer your Pi according to the release timing

How to Securely Store Your Pi Wallet Recovery Phrase

Restrictions on Nationality/Age and Future Prospects

In Pi Network, some nationalities are currently excluded from KYC, and there are restrictions such as requiring the consent of a legal representative for minors. For example, there is information that users of Syrian nationality are currently not officially subject to KYC, so they need to wait for future updates. However, keep an eye on official announcements regarding the update timing and scope of support.

Support for Minor Users

Problem: Cases where users under 18 years old try to register without guardian information.
Solution: KYC procedures through a guardian or legal representative may be required. It is said that “Guardian Approval” is planned to be introduced, and there seems to be guidance on how to deal with cases where the age limit is met.

BAN Risk for Fraudulent Trading and False Information

Pi Network is said to deal very strictly with acts such as fraudulent trading and false information registration to protect the community. In fact, cases where accounts are “100-year banned” have been introduced, and there are reports that they will not be able to be used again. Acts of forcibly cashing out Pi in external markets, and duplicate mining with multiple accounts are particularly strictly prohibited.

Community Building and Expectations for “Consensus Price”

The “Consensus Price” that Pi Network aims for is distinct from the speculative price fluctuations seen in traditional cryptocurrencies, and aims for a value indicator based on the agreement of users. This is realized by “who uses how much Pi and for what purpose,” and above all, user cooperation is important.
In this sense, it is expected that not only completing KYC but also spreading the existence of Pi Network to others and expanding its use cases will lead to the realization of “Consensus Price”.

Points to Note and Advice for the Japanese Market

While cryptocurrency handling and KYC in Japan are strictly regulated compared to other countries, it can be said that there are significant benefits in terms of security.

• Driver’s license or My Number Card is valid as identity verification document
• Be careful of discrepancies in Kanji or Roman alphabet notation (variations in name notation)
• Check community official announcements just before mainnet migration

Also, since Pi Network itself is not currently designed for speculation, tax processing will occur if it is listed on a Japanese cryptocurrency exchange. It is recommended to always check the latest regulatory information.

Conclusion: Completing KYC is Key to Participating in Pi Network

The Pi Network KYC procedure is not just an identity verification step, but an important process that supports the project’s foundation. Detailed management and cooperation, such as accurate account information registration, security assurance, and active participation in the community, will promote the realization of “Consensus Price” and the growth of Pi Network.
In preparation for future updates and mainnet migration, let’s connect to long-term value creation by reliably taking each step based on the information introduced here. We hope this helps you safely and surely open up the future with your own hands, without missing the new possibilities of Pi Network.

Disclaimer: This article is for informational purposes only and is not investment advice. Any actions related to Pi Network or cryptocurrencies should be taken at your own risk and discretion.

Introduction: What is Pi Network?

Pi Network is attracting attention as an innovative project that allows easy mining of crypto assets (virtual currency) from mobile devices. Traditional crypto assets like Bitcoin generally required mining methods that consumed large amounts of electricity and high-performance equipment. In contrast, Pi Network has gained many users (Pioneers) by providing a system that allows anyone to easily start mining through a smartphone app.

9 Million Accounts Migrated to Mainnet, and the Background

According to official Pi Network information and community reports, over 9 million accounts have already completed the migration to Mainnet. This is positioned as an important step towards the release of the Open Mainnet (Open Network). Furthermore, the following indicators are suggested:

• Approximately 987,000 accounts remaining until the target of 10 million accounts
• Total Pi coins migrated: 5 to 5.5 billion (of which approximately 3.96 billion are locked)
• Supporting network stability and sustainability through lock-ups

The large number of 9 million is evidence that Pi Network has built a large global community. It is said that achieving 10 million accounts is close due to the development of an environment that facilitates migration and calls among users.

You can see the number of accounts from Total Account at the top.

Open Mainnet: Scheduled for Release in Q1 2025

Pi Network has officially indicated the start time of the Open Mainnet as the first quarter of 2025 (Q1 2025). This is very important from the following aspects:

• Ensuring sufficient time for more users to complete KYC and migrate to Mainnet
• Strengthening the security and reliability of the entire network
• Revitalizing the ecosystem and ensuring liquidity

According to the Pi Network development team, they aim for a state where as many users as possible are participating in Mainnet by the time of the Open Mainnet, and are promoting KYC and accelerating migration procedures.

Challenges and Prospects until Q1 2025

The Q1 2025 timeframe is not just a delay, but also a period for promoting user migration, counteracting fraud, and ensuring network stability. It is believed that by giving each user sufficient time for KYC and migration, the aim is to suppress future confusion and security risks on the Open Mainnet.

Specifically, the following elements are noteworthy:

• Community cooperation system: Build strong Referral Teams and Security Circles to mutually promote migration procedures
• Developer support: Accelerate the implementation of Mainnet-compatible DApps and service verification to improve user experience
• Market liquidity preparation: Expansion of real demand in anticipation of collaboration with major exchanges and wallets

KYC (Identity Verification) and Extension of Migration Deadline

Pi Network is addressing issues such as the exclusion of fraudulent and duplicate accounts through thorough identity verification (KYC). According to community information and some official announcements, the grace period for KYC and migration that was initially planned has been extended, and January 31, 2025 has been suggested as the new deadline.

This is thought to be due to the following reasons:

• Providing migration opportunities to more Pioneers
• Price stability and ecosystem protection through the Pi coin lock function
• Improving the overall network security level and preparing for global expansion

Regarding this extension measure, some users have raised voices asking, “Why is it extended so often?” However, there is a strong view that the management side aims to suppress congestion and security risks on the Open Mainnet while incorporating as many legitimate users as possible.

Market Trends: Attention from Binance and OKX and Future Trading Commencement

It is said that when Pi Network migrates to the Open Mainnet and becomes officially tradable on external exchanges, major exchanges such as Binance and OKX may consider listing it. This is a topic of attention not only within the Pi Network community but also in the entire crypto asset market.

Crypto Exchange OKX Focuses on Pi Network: The Future of Crypto Assets Opened Up by Mobile Mining
Reasons Why Binance is Paying Attention to Pi Network: Secrets and Future Potential of a Revolutionary Cryptocurrency Project

Currently, the price of Pi Network is not clearly determined because official trading platforms are extremely limited. However, after the Mainnet is released, supply and demand relationships in the market will be fully formed, so significant fluctuations in the liquidity and price of Pi coins are expected. How the existence of locked coins will affect the price and volatility is a point to watch in the future.

Summary: Will Pi Network Make a Big Leap in 2025?

The release of the Open Mainnet scheduled for the first quarter of 2025 will be the biggest turning point for Pi Network. Over 9 million user accounts have already migrated to Mainnet, and a total of 5 to 5.5 billion Pi coins have been sent to user wallets. The fact that approximately 3.96 billion of these are in a locked state should be an important factor in network stability and price formation.

Pi Network has developed on a community basis with the philosophy of “mining that anyone can start from a smartphone.” If the possibility of full-scale trading starting increases with the Open Mainnet in Q1 2025, it is expected to bring a new trend to the crypto asset market. Looking at the trend of KYC extensions and migration promotion so far, the next few months to over a year will be a significant preparation period for many users.

It is important to continue checking official Pi Network announcements and community information frequently and to complete KYC and wallet migration procedures early. Let’s prepare now so that you can fully utilize your Pi coins when the Mainnet is released.