Pi Network has announced that more than 10 million users on its platform have completed its mandatory Know Your Customer (KYC) process. According to its official statement, the project is getting closer to its mainnet launch with its recent significant milestone. However, the platform still has some targets it needs to reach, including getting 15 million KYC’d users before it happens.
Pi Network celebrates milestone achievement
With its new milestone, the network needs more than 5 million users to complete their KYC’s to set it on its path to mainnet.
Despite this significant achievement, words have trailed the project and its native token Pi. According to analytics platform AIMultiple, the platform’s native token has zero value since users cannot yet exchange it for fiat currencies on exchanges.
The project was launched in 2019 as a centralized app where users are mandated to click on a button to mine each day. Although Pi has not entered its mainnet phase, users can transfer the asset within themselves. However, they need to have completed the required KYC and ensure that their tokens are reflected in the transferable balance area of the wallet.
Challenges and analyst’s insights on Pi
Reacting to the milestone, co-founder and head of technology at Pi Dr. Nicolas Kokkalis said that the feat proves that the market does not need to defend on fiats to succeed. He also mentioned that businesses in the Web3 space involved in asset ownership can use Pi to achieve their identity verification needs. The team spelled out some of its goals to enter its ‘Open Network’ or mainnet period this year, provided it meets certain criteria.
Aside from hitting 15 million, KYC’d users, developers would create over 105 applications usable on the platform. In addition, the development team also needs to have finalized all its requirements including business, legal, product needs to launch the mainnet. With the requirements for mainnet coming together, the platform will likely announce an update regarding it this year.
