Pi Network launches Fast Track KYC to speed up token claims, with 14.8M users verified and mainnet migration on the horizon.
Pi Network has introduced a new Fast Track KYC feature to address long-standing delays in token claims. The move aims to accelerate verification, allowing users to engage with the ecosystem more quickly. With over 14.8 million users already verified, this new AI-powered system is expected to streamline the migration process and increase overall user satisfaction.
AI-Powered KYC System Enhances Speed and Efficiency
Pi Network’s new Fast Track KYC system uses AI to speed up the verification process. Previously, users were required to complete 30 mining sessions before they could submit a KYC application. This waiting period often led to frustrations, as many users struggled with long delays in getting their tokens.
With the Fast Track KYC, new users can now access verification and activate their wallets immediately, without waiting for the mining sessions to be completed. Once verified, users can participate in Pi’s apps, local commerce, and ecosystem events. However, the final token migration to the mainnet will still require users to complete the full KYC checklist.
Internal KYC Solution Provides Greater Control and Security
The new system is built internally within the Pi Wallet app, meaning it is independent of third-party services like Banxa. Pi Network’s team emphasized that this does not compromise the quality of verification. If an application fails to meet the usual KYC standards, it will be rejected. This internal system is designed to give Pi more control over the process while maintaining a high level of security for its users.
While the Fast Track KYC update has been well-received by the community, many users are still concerned about the slow migration timelines. Some see this new feature as a signal that the long-awaited mainnet migration could be coming soon, increasing hope that the tokens will finally be unlocked.
Ecosystem Developments and Market Confidence
In addition to the KYC improvements, Pi Network has been making strides in expanding its ecosystem. Recently, the project integrated Stellar’s Protocol v23 into its testnet, confirming block validation at height 20,824,824. Although this is just a testnet upgrade, it demonstrates Pi’s ongoing commitment to optimizing its blockchain.
Pi Network has also been increasing its visibility. The team announced that it would be a Gold sponsor at the upcoming TOKEN2049 event in Singapore. Co-founder Chengdiao Fan is scheduled to speak, offering further insights into Pi Network’s roadmap.
Furthermore, Pi Coin has seen positive movements in its trading pairs. The introduction of a PI/USDC pair on OKX exchange has simplified liquidity access for Pi’s global community. The recent advancements and the new KYC system have led to a modest increase in the token’s price, which is now trading at around $0.36.