How to Verify Pi Account on KYC: On March 16th, Pi Network announced to miners all over the world via their verified Twitter handle that they are releasing the KYC solution to pioneers on a large scale. Prior to this time, only certain countries could verify their pi account. This announcement, however, allowed more countries to join the validation process.
To transfer your PI coin to your mainnet account, you must first apply for KYC verification.
Miners are encouraged to validate their KYC in order to protect the PI network’s integrity.
In this article, I’ll walk you through the six steps you need to take to complete your KYC verification. As you may be thinking, you require the PI browser to begin the application process.
Before you continue, click here to learn how to verify your Nigerian phone number on Pi Network.
What is Pi Network and Pi coin?
Nicolas Kokkalis and Chengdiao Fan of Stanford University founded the Pi network. They began working on it in 2018 with the goal of creating digital money for everyone. They released a whitepaper and the Pi Network app on March 14, 2019.
The project promises to be environmentally friendly, which may entice climate-conscious investors. It may be especially effective given that the crypto market has frequently been chastised for its high energy consumption due to energy-intensive procedures such as proof-of-work (PoW), which harms the environment.
To mine Pi, the Pi Network app is used, and the mining procedure requires users to press a button on their phone every 24 hours. Pi mining is technically not crypto mining because no mining occurs. Users are not currently confirming transactions, at least not yet. Individuals receive PI tokens for accessing the application once per day and proving that they are not a robot.
To join the app, users must obtain an invitation code from a member. Pi Network has a referral system in place that allows users to earn extra money based on how many people register using their invitation code.
According to the whitepaper for the Pi Network, the native cryptocurrency will not be introduced until phase 3 of the project, when the Pi Network mainnet is launched. The developers have not given any indication of a release date.
How does Pi Network work?
Pi Network differs from many other cryptocurrencies in that it uses a proprietary mechanism known as the Stellar Consensus Protocol to reward users for their participation in the network.
The Pi ecosystem is based on a groundbreaking technique known as the Federated Byzantine Agreement (FBA), which allows a group of computers to reach an agreement without the need for a central authority.
The SCP is meant to be more secure, scalable, and fast than existing schemes like proof of work (PoW) and proof of stake (PoS) (PoS).
The Stellar Consensus Protocol uses a meritocracy mechanism to encourage participants to contribute to the network by validating transactions and blocks. The more people who join the Pi ecosystem, the more incentives they receive.
Users on Pi can take on one of four roles:
- Pioneers: Miners who mine Pi by tapping the lightning button are known as pioneers. As of 14 March 2022, there were over 33 million Pioneers.
- Contributor: A network participant who provides a list of trustworthy users in exchange for an incentive.
- Ambassadors: Ambassadors receive a bonus for referring new users to the network using their referral code.
- Nodes: Participants using the Pi node software on their home computers are referred to as nodes.
Pi Coin News And Price Drivers
The Pi Network has recently reached several milestones, which may fuel the craze surrounding the Pi coin even further.
Launch of Pi Connect
The Pi Network announced the launch of Pi Connect in September 2022. PiConnect aims to address current Pi Network crypto constraints such as mining incentives and liquidity availability. Furthermore, the program intends to provide users with information on the price of Pi as well as the conversion rate for other popular cryptocurrencies.
PiConnect enables Pi Network users to quickly, affordably, and securely conduct interoperable trades with other blockchain networks such as Binance Smart Chain (BSC), Ethereum (ETH), Polygon (MATIC), and others.
PiConnect aims to provide farming and staking, a launchpad platform, lending, auction, and a marketplace, among other things, in addition to bridging with Blockchain. Read on to find out “How to Verify Pi Account on KYC”.
Launch of Pi Bridge
The Pi Network announced Pi Bridge in September 2022. PiBridge aims to connect the Pi network to other blockchains, starting with the Binance Smart Chain (BSC).
According to the development team, PiBridge is a trustless gateway that bridges the gap between the Pi network and other blockchains, making Pi accessible to the public and providing Pi users with a new permissionless and transparent financial instrument.
Pi Bridge will allow data to move across networks and Pi owners to freely transit between them. This is also a pre-existing opportunity for Pi holders to profit from the asset’s value.
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Pi KYC Update 2022
Furthermore, given the millions of Pioneers in over 230 countries and the scale of KYC checks required, outsourcing the process to any third party is difficult in the first place. As a result, we developed this KYC solution in the hope that it will be able to scale the KYC process in terms of both volume and diversity of identity by leveraging machine automation and the crowd power of Pi’s distributed global community.
If the KYC solution successfully verifies the identity of millions of users, it will be a groundbreaking decentralized and scalable KYC solution provided to the world by Pi Network while maintaining privacy, accuracy, scalability, wide coverage of diverse populations, and accessibility.
Despite the fact that some human verification steps are required, this solution design prioritizes privacy and security.
How to do Pi KYC Verification in Nigeria
Now, proceed with your KYC verification process by following the steps outlined below. To begin the process, you must be eligible for KYC verification.
Step 1
Navigate to your PI app and select the Menu option. Scroll down and click on the PI browser. It will take you directly to the Playstore. Download, install, and launch the Pi Browser. This should sign you in to your account inside the Pi Browser app, where you can complete your verification, create the mobile Pi Wallet, or access other Pi apps like Chats and Brainstorm.
Pi Browser screenshot
Step 2
Take a photo of your ID (passport, driver’s license, or ID card) with your information clearly visible.
Step 3
Fill out a form with information from your identification card.
This includes your name, date of birth, and the identification card’s expiration date. If your identification card does not have an expiration date, you can indicate this by clicking on the box just below the ID expiration date area.
Step 4
The next step is to confirm your identity. Take pictures of your face in good lighting and then press the next button.
Step 5
The next step is to select a payment method. Miners are expected to pay one PI and will be charged once their PI is transferred to the PI Mainnet because KYC verification was outsourced to a third-party company.
Click the Submit button. Now you must wait for your application to be reviewed.
Mainnet Transfer Essentials To Complete Pi KYC
Please follow these steps to prepare your Pi Mobile Balance for transfer to the Mainnet.
Download Pi Browser App
Download the Pi Browser App from the App Store for iOS or the Google Play Store. You can use it to create a non-custodial Pi Wallet, verify your KYC, and access Pi KYC Update and other Pi apps. The Pi Browser is required to complete several stages of the Mainnet transfer.
Create a Pi Wallet
The Pi Wallet is where your Pi is received and stored on the Pi Blockchain. In the Pi Browser, look for the wallet app. The wallet confirmation step will follow shortly.
Determine How Much Pi You Want To Lock Up
You can voluntarily lock up a portion of your transferable balance to mine at a higher rate later before transferring your Mobile Balance to the Mainnet. The Mainnet transfer will not take place until you confirm your account’s lockup configuration.
Kindly Submit Your Kyc Application
KYC (Identity Verification) is required before your Mobile Balance can be transferred to the Mainnet blockchain. To verify your identity and submit your KYC application, open the KYC app in the Pi Browser.
Await KYC Results
KYC results will be determined by identity verification, matching your name with your Pi account, screening against government AML and anti-terrorism sanction lists, and whether the account has a history of scripting or policy violations.
In order to transfer more Pi, invite your teams to complete KYC.
As your Referral Team and Security Circle complete KYC, more of your Mobile Balance will be transferable to the Mainnet.
How Long Does Pi KYC Application Process Take
You’re wondering how long it will take for your application to be processed now that you’ve successfully completed it.
The Pi KYC application process typically takes 16 hours to 4 days, depending on the number of applicants.
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