THE BIGGEST SCAM OF THE DECADE?

WHY HASN'T THE PI NETWORK OPENED MASS KYC YET?

Fewer projects received more attention in the crypto space than the Pi network, and this caused significant excitement. This has however, not lived up to public expectation, or has it?

Since the Pi Network project, the world’s first cryptocurrency that could be mined on a mobile device, started on 14 March, 2019; there have been a lot of reactions from the global audience. Hopefuls, doubters, sceptics, wishful thinkers, crypto experts, economic analysts etc. have all given their two cents on the prospect of the project, and its perceived value based on their research or assumptions.

Irrespective of all these comments, the Core Team, led chiefly by Stanford graduates, Dr Nicolas Kokkalis, and Dr Chengdiao Fan, seem to have brilliantly stuck to the project White Paper, making rapid progress initially. They have acquired a large number of followers, with over 33 million registered active pioneers functioning in various capacities. The project has moved from the Phase 1 (Beta phase) to Phase 2 (Testnet), and last year, they announced the launch of Phase 3 (Mainnet), the final phase.

It was widely believed that since Mainnet was announced on 28^th December, 2021, the network should have transitioned pioneers into the Mainnet, giving them access to use their Pi as they desire. This however, is yet to happen, and this has led to widespread speculation that it is a scam by the core team. The core team said people would have to wait for KYC verification before they could be transited to Mainnet, but after over a month of announcing the opening of mass KYC, very few people have done and passed it, and even the successful haven’t been transited to Mainnet. This has seemed to further amplify the claims of foul play by the core team, but really, why hasn’t mass KYC begun on a large scale yet? This is for the following reasons:

1. Language barrier

With over 33 million active users, who are all expected to be KYCed before they can be transited to Mainnet, the Pi community is one of the largest crypto communities worldwide, with registered users in every country in the world. Unfortunately, the KYC app is only available in one language, English. As much as this is the most spoken language across countries, over 60% of the world does not speak English language fluently.

The Core Team therefore, have to develop the KYC app in other languages to ensure that people from non-English speaking countries are also able to do their KYC successfully. Opening mass KYC to only English speaking countries would go against what the project stands for. It therefore makes sense that the KYC is temporarily delayed until the KYC app is available in more languages.

2. Liveness test

Among those who have been invited to do their KYC, it is worth noting that a significant number of people have had issues with the Liveness Test. The Liveness Test is one of the three steps involved in the KYC process. It is done after the identity documents are submitted and before the happiness test. Users are asked to do certain things like move their eyes, open their mouth etc. while their activities are recorded on the system.

The success rate of this test hasn’t been particularly encouraging and the reasons haven’t been exactly revealed. It could be because of front camera image quality on certain devices; it could be that people who do not speak English were directed to do KYC in English, or for other reasons.

This has probably prompted the Core Team to look at solving this problem so that pioneers are not denied the right to spend their Pi.

3. International Laws

Since the turn of the year, a couple of regions, including Syria, Iraq, Russia, and certain parts of Ukraine, have come under global economic sanctions imposed by the US, EU, and other bodies. This has led to the suspension of financial activities with people living in such regions, and crypto transactions are not excluded as a lot of companies involved are domiciled in the US and the EU and as such, must abide by their laws.

To ensure full compliance with these laws, the Core Team have had to revisit their approach involving people in these regions and working on ways to avoid being affected by such occurrences in the future.

So there you have it. Hopefully, you now know why you should keep the faith with the network, and if you’ve not joined yet, you’re not too late, you can still join the Pi Network here and maximise your earnings.

 

Disclaimer

This post is only the writer’s logical opinion. It is not an official statement by the Pi Network and should not be used as an authority elsewhere.

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