In the meantime, the PI token defended a level of $0.20
Since its inception more than half a decade ago, the Pi Network project has attracted millions of users, even before its official launch, but it has also sparked a considerable amount of controversy and criticism.
Among these challenges is the verification process, where countless users online have complained about having to wait weeks or even months, only to have their requests ultimately denied. But now, the team responsible for the project has released a new update, providing more detailed information about the 'Know Your Customer' procedures, the number of users who have been successfully verified, and the next steps.
Verified Pioneers
The new update from the core team of the Pi Network indicates that over 3.36 million additional users (referred to as pioneers) have successfully completed the full "Know Your Customer" (KYC) procedures. This became possible after the recent release of a system process that conducts additional checks for experimental "Know Your Customer" cases, enabling over 4.76 million KYC-verified users to qualify for completing the full "Know Your Customer" procedures.
This large-scale system process involves complex mechanisms that utilize advanced artificial intelligence models, analyzing massive datasets from data validation checks and "Know Your Customer" requests. This process is designed to analyze experimental "Know Your Customer" cases to verify the identity of the applicant, ensuring that every applicant is a real living person, and that their application passes the necessary additional checks to successfully complete the "Know Your Customer" process.
These new procedures allow the team to prevent "fake accounts" from passing the "Know Your Customer" process, and assist in supporting the project's policy of one account per person, and "enhancing the integrity of the network and fairness for honest and real initiators."
It is worth noting that the 3.36 million mentioned above have not all transitioned to the main network blockchain - as of the time of publication, the number stands at 2.69 million. Those who have not yet transitioned need to verify their completion of the "Know Your Customer" (KYC) process and complete the main network's checklist.
They may also need to undergo "vital checks as soon as possible" to become eligible for the new system process to assist in full verification.
Update PI price
Despite all the updates and news from the core team, the original Pi Network currency has been in a sharp decline for months. It has lost over 93% of its value since reaching its all-time high in late February.
