The Pi Network platform has announced a significant update that includes changes to the KYC verification process. This update will not only give users more control over their data but also introduce a decentralized approach to identity verification.
Update and Its Benefits
The update is based on Stellar v23 and tailored to fit the unique ecosystem of Pi. It will enable users to have more control over their data and features. As the team stated, "The upgrade will maintain Pi as a KYC-verified blockchain while offering a more distributed community-driven KYC process at the protocol level."
Process of KYC Implementation
In this new version, users will be offered decentralized management of the identity verification process through trusted groups. Pi's own KYC app will remain active, but the process can now also be managed by approved third-party services. This expands users' options and prepares the network for integration with external services that require identity verification.
Market After the Update
Despite the positive changes, the price of the Pi token continues to face pressure. At the time of writing this report, it is trading at $0.34. The price recently reached an all-time low of $0.33 on August 26 but saw a brief recovery.
The Pi Network update represents a significant step towards improving the KYC process and user engagement. Decentralization of verifications will provide more opportunities for network participants, which may positively influence its future development.
