Pi Network has surpassed 10 million users who have completed the Know Your Customer (KYC) process within the app. The team has set various milestones, including reaching 15 million users who have passed KYC before making the tokens tradeable. Currently, with 10 million accounts verified, this means that when another 5 million users finish verification, they will meet the KYC goal.
Despite this accomplishment, AIMultiple has expressed doubt about the value Pi provides since users cannot exchange their Pi coins for fiat currency on exchanges. Pi Network began in 2019 as a centralized app where users earn Pi tokens by clicking a button daily on the app, but they cannot transfer these tokens to others through a wallet.
According to Pi Network, 10 million users, known as "Pioneers," have completed identity verification using the app's in-house KYC solution called Pi KYC. Dr. Nicolas Kokkalis, co-founder of Pi, mentioned that the achievement demonstrates the success of the industry without relying on fiat services. Furthermore, he emphasized that the new KYC system can help other Web3 services meet their identity verification requirements through Pi.
The Pi team is planning to launch an "Open Network" or mainnet in 2024 once certain conditions, such as developing 100 Pi apps and having 15 million users complete KYC, are met. However, there is no specific date set for the mainnet launch.
Cem Dilmegani from AIMultiple suggested that Pi Network may not benefit users significantly as it operates like an affiliate marketing system that rewards users for bringing in new users. Dilmegani also highlighted concerns that launching a blockchain mainnet could devalue the token, leading to users selling, which in turn could impact the app's value to advertisers.
Pi Network has taken an unconventional approach to blockchain development by introducing an "Enclosed Network period of mainnet" before launching an open network to enable utilities building on the platform and KYC processing for the community members. The decision to delay the open network launch was made to ensure a healthy network for everyone involved before moving forward.
Despite its popularity in Vietnam, such as being the 22nd most downloaded iOS app, Pi Network faced challenges like leaked images of users' ID cards. However, the network assured that it handled KYC through a third party without storing data on its servers or evidence of a data breach.
