Pi Network Confirms 3.36 Million New Pioneers Complete KYC Verification

Pi Network also reported that 3.36 million new Pioneers had been verified by Know Your Customer (KYC). This increases the total number of verified users to approximately 21.36 million users globally. The release is based on the ongoing system checks that fix tentative KYC statuses. The milestone solidifies the readiness of Pi to the Open Network launch that is planned to be launched in early 2025.

KYC Mainnet migration.

KYC adoption brings users one step nearer to migration on the Mainnet of Pi. By early 2025, it is planned that 10 million Pioneers will have migrated with 8 million already having done so as of December 2024. The new authenticated users would speed up this objective. Nevertheless, there are still more than 11 million confirmed users who are not yet migrated. The team of Pi keeps automating approvals and clearance of technical backlog.

KYC validation determines the identity of users and blocks counterfeit accounts. Pi is charging a fee of 1 Pi as a one-time fee in order to make access affordable. It involves uploading of documents and checking based on AI and then proceeding to manual checking in case of necessity. The measures are in line with the compliance plan established by Pi in order to comply with the international anti-fraud and anti-money-laundering regulations.

Pi Network

Pi Network, which allows cryptocurrency mining on mobile devices, was started in 2019 and was created by Stanley PhD students Nicolas Kokkalis and Chengdiao Fan. As of mid-2024, it had a user base of 55 million, with it being among the largest Web3 user bases. Pi is still in an early closed Mainnet stage and is going to open trading when the migration and the app ecosystem have reached the requirements to launch.

The latest system upgrade of Pi Network provides the automation of tentative KYC resolutions. The system is based on process checks and AI verification to verify pending users faster. This method saves time taken by a human reviewing and narrows the applicant list to millions of people. The Pi App has continued to be the primary interface to check and use dApps, and novel tools are making Pi App Studio development easier.

Open Network and Migration

Pi expects to have more than 10 million migrated to the Mainnet by the beginning of 2025. Another major requirement before complete network rollout is developers driving more than 100 Pi-based applications. Pi Network News requested users to determine whether they had their KYC approved. A great number of them reacted well, with new approvals coming in, months down the line. According to analysts, the milestone would help in building a stronger sense of community trust and re-engaging inactive users into the ecosystem.

Pi coins are never tradable, yet the completion of KYC is a positive indicator. Authenticated identities enhance transparency and enhance a better image of Pi considering the doubt on project delays. Having more than 21 million verified users, Pi is now competing in terms of verified account numbers with major crypto exchanges. This places it in a good position to the Open Network state in case the rate of migration remains unchanged.

More than 11 million confirmed Pioneers are yet to migrate. Limitations of validator capacity and regional KYC regulations are also major obstacles. The team should also complete smart contract auditors prior to pushing transactions to full. Such processes are supposed to end by Q1 2025 by developers. The information is obtained in Pi Network News (@PiMigrate) and is consistent with official news on minepi.com. The new total was consistent with the previous Pi communications which validated the 18 million KYC milestone in December 2024. Independent analytics confirm the stabilized growth rates of 3 4 million KYC completions every quarter.