Pi Network’s official X account published a statement announcing that the Pi Network ecosystem currently has more than 18 million users who have completed identity verification (KYC), and it argues that its verified user base differs from unverified accounts on other networks in terms of real-world applicability. The Pi Network core team also stated that the ecosystem has built a “fully KYC-verified mainnet ecosystem” with the goal of improving the trustworthiness of transactions.
Statement from the Pi Network Core Team: Arguments for Verified Users
(Source: Pi Network core team)
According to the statement from Pi Network’s official X account, the Pi Network core team said that most blockchains measure growth by the total number of accounts and do not require users to complete identity verification; Pi Network “recognized very early on the importance of identity verification and believes that creating only unverified accounts is not enough.”
In the statement, the core team said: “1 million verified users on Pi ≠ 1 million users on other networks.” Its argument is that “any meaningful transaction requires identity verification, especially in economic activities in the real world”; each time an asset is transferred, it “raises a fundamental identity question: who is sending, who is receiving.” If identities are unknown, it is difficult to confirm the validity of the transfer and the correctness of the recipient.
Design Philosophy for a Fully KYC-Verified Mainnet Ecosystem
According to the Pi Network core team’s statement, the above considerations are the core reasons it built a “fully KYC-verified mainnet ecosystem,” to ensure that all parties’ identities can be verified and to reduce spam while improving the overall ecosystem’s credibility. Pi Network’s official mainnet has been launched for more than one year; user participation has been encouraged for more than five years. The user community name is Pioneers.
Frequently Asked Questions
How large is the KYC-verified user base Pi Network has announced at present?
According to Pi Network’s latest statement from its official X account, the Pi Network ecosystem currently has more than 18 million users who have completed identity verification (KYC).
How does the Pi Network core team explain the significance of verified users?
According to Pi Network’s official X statement, the core team said that most blockchains measure growth by the number of accounts without requiring identity verification; Pi Network believes that asset transfers involve “a fundamental identity issue,” and therefore it has established a fully KYC-verified mainnet ecosystem to ensure that all parties’ identities are known.
Why did Pi Network build a fully KYC-verified ecosystem?
According to the Pi Network core team’s statement, fully KYC-verified is intended to ensure that both the sender and recipient identities for every meaningful transaction are verifiable, thereby reducing the risk of spam and improving the credibility of economic activities in the real world.
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