Pi Network has officially launched its Open Network. With Pi Network in action, the Open Network is offering a range of utilities and applications for Pi’s growing community, also known as Pioneers. Here is the Price, KYC and some other details.
KYC, KYB and Business Integrations
According to an official statement, the Pi Network has integrated strict KYC (know-you-customer) and KYB (know-you-business) verification processes. For individuals, KYC verification will be required to participate in Mainnet blockchain activities, ensuring that Pi Network remains a secure and compliant ecosystem. For businesses, KYB verification will be necessary to access Mainnet services, such as running nodes, providing critical infrastructure, or offering Web3 wallet solutions. Pi Network has decided that only businesses that pass the KYB process will be eligible to create non-custodial Pi wallets, ensuring that Pi transactions are conducted securely and legally.
By verifying businesses through KYB and individuals through KYC, Pi Network aims to maintain regulatory compliance and support real, legitimate transactions.
As part of its expansion, Pi Network has extended its support for integrations with centralized exchanges and third-party services, providing additional ways to acquire and use Pi outside the ecosystem. CEX platforms and onramps have been integrated into the Pi Network, but only after passing KYB verification.
Moreover, with the removal of the firewall that was in place during the Enclosed Network phase, Pioneers can now contribute nodes to the Mainnet blockchain. This transition will be gradual, with an initial preference for Pioneers with strong historical contributions and high reliability scores.
The recent release of Node 0.5.1 introduces new features such as an easy-to-use UI for migrating data and enhanced performance that reduces CPU strain. These improvements are designed to support the growing network and ensure that Pi’s infrastructure remains robust as more nodes join the Mainnet.
Price of Pi Network
Note that Pi Network ($PI) is only available for trading on OKX, Gate.io, Pionex, and Bitget. We had previously predicted a crash similar to that of $DOGS project for PI. According to Coingecko, $PI is currently trading at $0.6458 after experiencing a dip of over 61%.
The market cap of the project stands at $4.14 billion. Pi Network’s 24-hour market volume has reached $1.3 billion after an uptick of 3651.29% indicating huge sell-offs.
Also Read: Pi Network Tops the Apple App Store in the Free Social Networking Category
