Pi Network, the highly popular blockchain project, is moving closer to its mainnet launch as the Know Your Customer (KYC) verification process continues.
In a statement on Tuesday, the developers said that they had now completed verification of over 10 million users ahead of schedule. This verification is being conducted by Pi KYC, a process that combines machine automation and hyperlocal verification.
The goal is now to conduct the KYC verification for another 5 million users in the coming months. Doing that will complete one of the three conditions that the developers aim to achieve before moving from the enclosed mainnet.
The other conditions are the availability of ready Pi apps in its ecosystem and favorable conditions. The hope is that there will be at least 100 Pi apps on mainnet before the mainnet launch happens.
As part of this process, the developers have been running several hackathons in the past few months. They have also launched several applications like the Fireside Forum, Staked DM, and the Pi Ad Network.
Most importantly, Pi Network will need good market conditions before the mainnet launch happens this year. This simply means that the prices of cryptocurrencies will need to be in an uptrend to ensure that the Pi Coin does well. In a statement, Nicolas Kokkalis, Pi’s founder said:
“It’s liberating for a crypto network to make this progress inside the network's self-sustaining ecosystem and proves that the industry doesn’t need to depend on fiat services to succeed. Perhaps more excitingly, Pi’s crypto-native solution will allow other Web3 services involving ownerships of assets to achieve their identity verification needs through Pi.”
Pi Network has been one of the fastest-growing players in the crypto industry. Data shows that it has over 55 million users from around the world, making it bigger than popular cryptocurrencies like Solana and Avalanche.
A key challenge for most Pi Coin holders is that it has taken a long time for them to convert their mined coins into fiat cash. Some of them have been mining the coin for over five years. In this period, they have seen the launch of many highly successful crypto projects like Solana, Cronos, and Arbitrum.
Pi Network’s developers have always insisted that they were not in a hurry to launch the mainnet version. Their goal is to ensure that the coin has utility and that its technology is solid before taking it public. Chengdiao Fan, another Pi co-founder said:
“For Pi, Open Network has never been the ultimate destination, but rather a new beginning that includes expanded potential for utilities, new members, and a lot of excitement about the future of Web3.”
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