Pi Network is a digital currency that is gaining traction as a potential contender in the cryptocurrency market. It's a mobile app that allows users to mine Pi coins using their smartphones, without consuming battery or data. But to ensure the network's security and legitimacy, Pi Network requires users to complete a Know Your Customer (KYC) verification process. In this article, we will delve into Pi Network and its KYC, how it works, and why it's crucial for the platform's success.
What is Pi Network?
Pi Network is a blockchain-based project that aims to create a secure and decentralized digital currency. The network was launched in March 2019 by a group of Stanford University graduates, led by Dr. Nicolas Kokkalis. The team's goal was to create a digital currency that would be accessible to anyone with a smartphone, unlike other cryptocurrencies that require specialized hardware and technical knowledge.
The Pi Network app allows users to mine Pi coins by simply tapping a button on their phones once a day. The mining process doesn't consume battery or data, making it easy for anyone to participate. The app uses a novel consensus algorithm called the Stellar Consensus Protocol (SCP) to secure the network and validate transactions.
What is KYC, and why is it necessary?
KYC stands for Know Your Customer, which is a process of verifying the identity of a customer or user. KYC is a legal requirement for financial institutions and companies that deal with money to prevent fraud, money laundering, and other criminal activities. The process involves collecting personal information, such as name, address, date of birth, and government-issued ID.
In the case of Pi Network, the KYC process is crucial for the platform's success. Pi Network is still in its early stages, and its value depends on its network effect. The more users join the network, the more valuable it becomes. However, to ensure that the network is secure and legitimate, Pi Network requires users to complete the KYC process. This process verifies the identity of the user and prevents fraudulent activities, such as creating multiple accounts to mine more Pi coins.
How does the KYC process work on Pi Network?
The KYC process on Pi Network is straightforward and can be completed in a few minutes. To complete the KYC process, users need to follow these steps:
- Open the Pi Network app on your smartphone.
- Tap on the "Profile" tab at the bottom of the screen.
- Tap on the "Verification" button.
- Enter your full name and date of birth in the required fields.
- Select the type of government-issued ID you will use for verification. Pi Network accepts passports, national identity cards, driver's licenses, and other government-issued IDs.
- Take a photo of the front and back of your ID using your smartphone's camera. Make sure the information on your ID is legible and matches the information you provided earlier.
- Take a selfie using your smartphone's camera. Make sure your face is clear, well-lit, and matches the photo on your ID.
- Review your information and photos to ensure they are accurate and complete.
- Submit your information and photos for review.
After submitting your information, the Pi Network team will review your application and notify you of the results. The review process usually takes 24-48 hours. If your application is approved, you can start earning Pi coins by mining on the app.
How to earn Pi coins now?
To start earning Pi coins, you need to download the Pi Network app from the App Store or Google Play Store. To Download Pi Network App Click the following link according to your mobile
Once you have downloaded the app, follow these steps to Earn Pi Coin:- Open the app and click on the "Mine" button.
- Enter your invitation code if you have one. If not, you can use the code "Fani7898" to join.
- Click on the lightning bolt button to start mining.
- You can earn up to 0.1 Pi coins per hour by mining, and you need to tap the button once a day to keep mining.
Conclusion:
Pi Network and its KYC process are essential for creating a secure and decentralized digital currency that can be accessed by anyone with a smartphone. The KYC process ensures the network's legitimacy and prevents fraudulent activities.