What is KYC? “Know Your Customer/Client” (KYC) is the process that verifies identification to distinguish genuine accounts from fake ones.
The vision of Pi Network is to build an inclusive and the most widely-distributed digital currency and economy for all Pioneers. The mining mechanism of Pi Network is social-network based and the mining rate halves as the social network size grows by 10X. Therefore, Pi has a strict policy of one account per person.
This requires a high degree of accuracy to establish that members in the network are genuine human beings, preventing individuals from being able to hoard Pi by creating fake accounts unfairly. KYC thus helps ensure the true humanness of the network.
The KYC data we collect is used solely to verify the Pioneer’s identity and to be compliant with Anti-Money Laundering (AML) and anti-terrorism regulations. We’ve never sold any KYC data and will not do so without your consent. Please refer to our Privacy Policy for more details on “KYC data.”
The Pi Core Team has developed a pilot KYC solution that will initially enrolled
100 Pioneers per country. These Pioneers have an opportunity to KYC early and help improve our app’s algorithms so that our solution can be applied to as many Pioneers as possible before Mainnet. In the short term, we will gradually roll out more KYC slots for the pilot version than this initial 100 Pioneers per country.
Note that the Core Team is also working on translating this app in the future, so we recommend waiting for its full release if you cannot read English in the app.
Comments