Pi Network’s mobile app has achieved a milestone with over 10 million users completing the Know Your Customer (KYC) process, as announced on April 16. However, despite this accomplishment, opinions regarding its value to users vary.
Pi Network has set milestones for the launch of its mainnet and tradable tokens, including reaching 15 million KYC-verified users. With 10 million users already verified, the goal will be met once five million more complete the verification process.
The Pi KYC solution combines machine automation and crowdsourced human verification for efficient and secure identity verification. Nicolas Kokkalis, Pi’s co-founder, emphasized the success of this approach and its potential to fulfill identity verification needs for other Web3 services.
In December 2023, Pi Network announced plans for an “Open Network” or mainnet launch in 2024, contingent on certain conditions being met, including app development and completion of necessary technical, product, and legal work.
AIMultiple expressed skepticism about Pi Network’s benefits to users, likening it to a direct selling or affiliate marketing system primarily benefiting the founders. The analyst questioned the likelihood of a successful mainnet launch due to potential token devaluation and reduced user engagement.
A Pi Network representative defended its unconventional approach to blockchain development, highlighting achievements since its inception, including app development, KYC solution implementation, and more. The representative emphasized the importance of patience for a successful launch.
Previous reports from Vietnamese media outlets highlighted Pi Network’s popularity in Vietnam and an incident where user identity card images were allegedly leaked to a hacker. Pi Network clarified that KYC was conducted through a third party, with no evidence of data storage or leaks.
Pi Network’s achievement of 10 million KYC-verified users marks a significant milestone in its journey towards a mainnet launch. However, debates persist regarding its value proposition to users and the feasibility of its future plans, with both supporters and critics voicing their opinions.
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