Why Are Millions of Pi Users Still Waiting? The Unanswered KYC Question
The Pi Network is as soon as once more beneath scrutiny over its Know Your Customer (KYC) course of, as many customers stay caught within the tentative approval part.
The stalled verifications have fueled rising frustration throughout the group, elevating considerations concerning the venture’s transparency and long-term credibility.
Pi Network Users Stuck in KYC Limbo
In a publish on X (previously Twitter), a Pioneer stressed that the network has roughly 60 million lively customers. However, solely 16 million have efficiently created wallets. This leaves 44 million in a ‘tentative’ standing—neither verified nor migrated to the mainnet.
“At this fee, it’s going to be 10 years earlier than some individuals see their Pi,” the consumer added.
The KYC system, a important step for identification verification earlier than mainnet migration, has not too long ago improved for brand spanking new customers, eliminating the earlier 30-day ready interval. However, this progress has not alleviated the backlog of customers caught within the tentative part.
The Pioneer additionally famous that the three-year lockup interval for PI holdings doesn’t start till migration is full, additional delaying potential entry for tens of millions. This stagnation has reignited frustration amongst adopters, some of whom have voiced considerations about the project’s credibility and timeline.
Criticism of Pi Network’s KYC and migration course of is just not new. Previous experiences from BeInCrypto highlighted similar points with customers even shedding their cash. Amid the continued challenges, Pi Network has continued to roll out technical updates to handle the issues.
On August 27, the venture launched a Linux Node model and introduced a protocol improve from version 19 to version 23. An essential half of this replace is KYC scalability.
Pi Network plans to embed KYC enforcement immediately into the blockchain. The protocol can even permit trusted third events to behave as verification authorities sooner or later. This creates a extra distributed and community-driven course of and will probably speed up the method.
Despite these efforts, Pi Coin’s worth suffered. BeInCrypto Markets knowledge confirmed that the mobile-mined altcoin fell to an all-time low (ATL) of $0.33 on August 26, however rebounded barely following the improve announcement.
Yet, the features had been short-lived, and PI continued to experience volatility. At the time of writing, the altcoin traded at $0.34, up 0.87984% over the previous 24 hours.
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