Over 10 million users of Pi Network's platform have finished the required Know Your Customer (KYC) procedure. With the recent major milestone, the project is drawing closer to its mainnet launch, according to its official statement. The platform still needs to accomplish a few goals, though, one of which is to reach 15 million KYC users prior to that date.
Pi Network honors a significant accomplishment
The network requires more than 5 million users to finish their KYCs in order to reach its new milestone and get started on the mainnet.
Even with this noteworthy accomplishment, the project and its native token Pi have not received much attention. The native coin of the network has no value, according to analytics platform AIMultiple, because users are unable to trade it for fiat money on exchanges at this time.
The concept was introduced as a centralized app in 2019 and requires users to press a button once a day in order to mine. Users are able to transfer the asset among themselves even if Pi has not yet reached its mainnet phase. They must, however, have finished the necessary KYC and make sure that their tokens are displayed in the wallet's transferable balance section.
Problems and analyst perspectives around Pi
Dr. Nicolas Kokkalis, co-founder and head of technology at Pi, responded to the milestone by stating that it demonstrates that the market can thrive without relying on fiats for defense. He added that Pi may be used by companies operating in the Web3 domain that are in charge of asset ownership to meet their identity verification requirements. The group outlined some of its objectives for when, if it passes certain requirements, it would enter its "Open Network" or mainnet phase this year.
In addition to reaching 15 million KYC-eligible users, developers would produce more than 105 platform-usable apps. To launch the mainnet, the development team must also have completed all of its criteria, including business, legal, and product requirements. As the mainnet's requirements are met, the platform will likely announce an update regarding it this year.
April 2024, Cryptoniteuae