Pi Network: Latest updates on Pi KYC app
KYC or “Know Your Customer” is a procedure to first identify and then verify user identities, to comply with regulations and to ensure that Pioneers within the global Pi Ecosystem are real individuals.
Most other projects outsource KYC to a third-party KYC provider because the process to verify lots of people from almost all countries is an extremely difficult problem. However, every third-party KYC provider charges a fee for each KYC check. To allow Pioneers the opportunity to participate in the Pi Mainnet regardless of financial barriers, Pi Network is designing and building its own KYC app to provide KYC checks that are free of out-of-pocket charge for all Pioneers, and cost just 1 Pi each to compensate human validators for their work. This is part of our continued efforts in striving for inclusivity.
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Furthermore, given the millions of Pioneers in over 230 countries and the scale of KYC checks needed, it is difficult to outsource the process to any third-party in the first place. Hence, we innovated this KYC solution and hope it can scale the KYC process in both volume and diversity of identity by leveraging machine automation and the crowd power of Pi’s distributed global community.
If the KYC solution successfully verifies the identity of millions of Pioneers, it will be a revolutionary decentralized and scalable KYC solution that Pi Network provides to the world while maintaining privacy, accuracy, scalability, wide coverage of diverse populations, and accessibility.
This solution design places high importance on privacy and security even though it involves some human verification steps. While we’re still finalizing the Pi KYC app with continued enrollments of pilot batches, we are presenting a demo video on how this KYC solution works.
Watch video below:
