The Pi Network project, which has garnered millions of users even prior to its official launch over half a decade ago, has also faced its share of controversy and criticism. A significant point of contention has been the verification process, with numerous users reporting lengthy waiting periods and eventual denials. In response to these ongoing concerns, the project team has released a new update detailing their KYC procedures, the number of successfully verified users, and future plans.
Verified Pioneers Update
According to a recent announcement from the Pi Network Core Team, over 3.36 million additional users, referred to as Pioneers, have successfully completed the Know-Your-Customer (KYC) procedures. This advancement was facilitated by a newly implemented system process designed to conduct additional checks for Tentative KYC cases. This system has enabled more than 4.76 million users who were previously in a Tentative KYC status to become eligible for full KYC completion.
"This large-scale system process includes complex mechanisms using advanced AI models and analyzing large datasets from liveness checks and KYC application data. It is designed to analyze Tentative KYC cases to verify both that each applicant is a real, living person and that their application passes the additional checks required to fully pass KYC."
These enhanced procedures are intended to prevent fraudulent accounts from passing KYC, enforce the project's policy of one account per individual, and "further protect the integrity of the network and fairness for honest, real Pioneers."
It is important to note that not all of the 3.36 million users mentioned have yet migrated to the Mainnet blockchain; as of the latest update, 2.69 million have completed this step. Pioneers who have not yet migrated are advised to verify their full KYC status and complete the Mainnet Checklist. They may also need to perform "liveness checks as soon as possible" to become eligible for the new system process, which will aid in achieving full verification.
PI Price Performance
Despite the ongoing updates and news from the Core Team, the native token of Pi Network has experienced a significant price decline over recent months. The token has depreciated by more than 93% from its all-time high, which was recorded in late February.
This downward trend continued this week, with the price slipping below the $0.20 mark. However, the token managed to defend this level at the time of reporting and is currently trading just above it.
The token unlock schedule for the upcoming month appears less burdensome. The average number of coins scheduled for daily release is slightly over four million, which is considerably less than the 8-9 million seen during the summer. This reduction in daily unlocks could potentially ease immediate selling pressure, particularly from investors who are receiving their tokens during this period.
