Pi’s Verified Badge Era Just Got Activated: Bounce On?

Pi Network’s (PI) core team have recently released a statement outlining their position in user growth, which is closely related to the KYC process. Right now, the mobile mining network has beyond 18 million Pioneers who have successfully completed the personal verification procedure, opening up all of their mined Pi Coins for eventual migration to Pi Wallet.

“1 million verified users on Pi is not the same as 1 million users on other networks”, - read the statement, carrying on to say that Pi Network’s core team was among the first ones to implement verified identities for transactions, a trait said to be needed for a sustainable real-world economy.

The measure on mainnet transactions is applied to reduce spam & increase trust, notes the team: “If those identities aren’t clear, it becomes difficult to trust that the transfer is valid or that it went to the right person.” Notably, this contrasts to the regular decentralized finance (DeFi) participant belief in concealed identities.

On the other hand, thousands of merchants supported by Pi Network’s Know Your Business (KYB) model make the KYC-abundant transactions a key part of the routine, as it can introduce a credit score & trust rating among the merchant and the customer - a blockchain feature that completely erases the need for external feedback.

Meanwhile, Pi Network’s native coin Pi is priced at $0.167, capped between the narrow range of $0.16 to $0.17 for the past week. With roughly 18 million out of 70 million Pioneers gone through KYC, the mobile mining crypto's price movement depends on adoption as much as the community size. With the Double Pi Day coming up, Pioneers are looking forward to another major listing.

Delve into DailyCoin’s hottest crypto news today:
ZachXBT Questions MemeCore’s $6B Rank & Insider-Heavy Supply
XRP Whales Scoop Up $360M Ahead Of FED Chair Appointment