It’s Pi Day for users of the social cryptocurrency platform Pi Network. There literally couldn’t be a better day to announce that more than 33 million users on the network spanning nearly every country across the globe are now going to be privy to one of the most unique and secure KYC processes ever that is completely decentralized.
Pi Network allows users to mine cryptocurrency directly from their phones, but the platform is more than that. It values true humanness. Verifying that humanness requires securely processing the information of millions of users, known as Pioneers, using a combination of machine automation and human verification.
The best part is that the KYC solution is self-sufficient within the ecosystem. It represents a global way to process millions of users steadily. It’s a truly decentralized and scalable identity verification solution. The Pi KYC solution costs its users one Pi token to submit their application. There is no other currency involved.
But that’s not the only exciting news Pi users should be thrilled about. There are more reasons to celebrate Pi Day.
A Brand-New Mining Mechanism Has Arrived
As of today, a new mining mechanism is making its presence known among Pi Network users and its ecosystem.
Pioneers can now increase their mining rates by contributing newer and more diverse types of contributions to the network via apps usage, Node operations, and by locking up their Pi tokens.
Pi Network users have now been mining tokens for three full years, helping to grow and secure the network. That’s the only way to get the tokens. The network chose to make Pi unavailable on any exchanges. The new mining mechanism being rolled out today is going to be crucial to the future of the ecosystem, and it will add value to the user experience and the growth and success of the community-driven ecosystem.
The Next Exciting Step in Pi Network’s Evolution
As users begin to get verified on the network, this sets off a process where the verified users will be able to move the Pi tokens they are currently mining on their phones directly to the blockchain for use within the Pi Network ecosystem. This blockchain transfer of the mobile Pi balance is set to occur when a critical mass of users get verified on the network.
Pi Network’s whitepaper released with the Enclosed Mainnet launch around the end of last year lays out a roadmap for the network to open up the blockchain to external blockchain connectivity in the future.
As founders Chengdiao Fan and Nicolas Kokkalis point out, Pi’s current existence as an enclosed network not only gives users time to go through the KYC requirements, it also “… helps the network test, gather data, and iterate its Mainnet and ecosystem parameters.”
Pi Network’s History Proves the Future is Bright
365 days clear of the last Pi Day, Pi Network and its Pioneers continue to reach new milestones together. Pioneers now operate over 10,000 Testnet nodes. The Pi Network also released key apps and features for its blockchain and the ecosystem that goes with it.
That includes the Pi Browser, a platform that community app developers can use to offer utilities for millions of other Pioneers in exchange for Pi. Then there is the Pi Wallet, which is a secure noncustodial wallet enabling users to hold their earned Pi tokens, and the Pi Blockchain Explorer, which is a web-based interface that allows anyone to check the status of Pi Network transactions down to the most important and detailed information on both the Testnet and Mainnet.
One More Reason to Celebrate Pi Day
Both the Pi Network team and its users are working their way through a plethora of updates for the platform that’s only going to make it better going forward. That includes the Brainstorm App, which in 2021 allowed Pi to launch a trending phenomenon online with the hashtag #buildPi2gether, promoting an awesome Pi hackathon.
As a result, thousands of network participants created dozens of app prototypes that are ultimately helping drive the project forward. In its next iteration, the Brainstorm App will enable ongoing Hackathons to surface great Pi apps and reward community talent.