The team behind Pi Network has announced new updates. These are the third updates they have released since the start of the year. They say the changes will help about 2.5 million users finish moving from the old system to the Mainnet. The Mainnet is the live version of a blockchain where real transactions happen, not a test. You can think of it like the difference between a rehearsal and a real game. For more, see the Mainnet article on Wikipedia.
People have criticized Pi Network for years because of its complicated and controversial approach to compliance and know-your-customer checks. Know Your Customer (KYC) is a process used by banks and many companies to verify who a customer is. It helps keep the system safer by making sure the right people are using it. You can read more about KYC on Wikipedia.
At the end of last week, the Pi team released a technical update. This update should let millions of users, who Pi calls Pioneers, finish the Mainnet migration. A Pioneer is someone who uses Pi Network and earns Pi by mining. The team says about 2.5 million of these users were blocked from migrating because of extra security and compliance checks. In many cases, the problem was stronger checks in certain regions. Now those users should be unblocked and able to move their transferable balances to the Mainnet automatically if they are actively mining and have completed the required steps on the Mainnet Checklist.
The update explains that migration and KYC unblocking happen in batches. This happens because different groups of Pioneers face different technical edge cases. Some groups have KYC statuses that are only tentative, while others need more complex security checks or region-specific compliance rules. Each group needs a slightly different technical solution. Once that solution is ready, the affected users will be unblocked. This is why progress may look uneven, even though migration work is continuing.
In addition, the Core Team promised that more than 700,000 additional users will soon be able to submit KYC applications. These users were previously not allowed to apply. The system will keep processing accounts to ensure compliance and integrity at scale. Once the update goes live, the affected users should open the Pi app and submit KYC. Submitting KYC earlier can help the system move their accounts through later steps more quickly.
So, what does this mean for Pi’s price? Despite many updates from the team, Pi’s native token has continued to struggle. The broader crypto market fell, and Pi hit a new all-time low recently, reaching about $0.1514 per token according to CoinGecko. Just a few weeks ago, Pi traded above $0.20. Since then, the price has dropped by about 94.8% from its all-time high reached less than a year ago.
Another factor to watch is the unlock schedule. The project says the average daily amount of Pi coins that will be released in the next month is close to seven million. Some days will have even larger unlocks. For example, February 13 stands out with almost 24 million Pi tokens becoming available to be moved. When more coins are unlocked, it can increase selling pressure in the short term because holders may decide to sell some of their coins. This makes the immediate price moves more volatile.
The post about these changes is titled Pi Network Unblocks Millions for Mainnet Migration With Major KYC and Security Upgrades. It originally appeared on CryptoPotato, a cryptocurrency news site.
Glossary
- Know Your Customer (KYC): A set of rules that require financial professionals to verify who a customer is and assess risks. This helps prevent illegal activities and protects the financial system.
- Blockchain: A shared, digital ledger that records transactions in blocks. Each block is linked to the previous one, creating a secure chain of data.
- Cryptocurrency: A digital form of money that uses computer networks and cryptography. There is no central authority like a bank controlling it.
- Peer-to-peer: A way of sharing resources directly between people, without relying on a central middleman or server.