Pi Network’s pilot KYC solution released

Pi Network’s pilot KYC solution released

The Pi Core Team has created a (trial) Pilot KYC solution for each nation that will first enroll 100 Pioneers. These Pioneers will have the option to KYC early and contribute to the improvement of their app’s algorithms, allowing them to apply their solution to as many Pioneers as possible before Mainnet.

They also announced that in the near future they will roll out more pilot KYC solution slots than their initial slot of 100 Pioneers per nation.

Note that the Core Team is working on translating this app in the future, so if you can’t read English, they recommend waiting for the final release.

What is the significance of KYC?

pi networks pilot kyc solution released 1

The KYC method checks identification in order to distinguish legitimate accounts from bogus accounts.

Pi Network‘s mission is to create the most inclusive and broadly distributed digital money and economy for all Pioneers. Pi Network’s mining process is based on social networks, and when the size of the social network expands by 10X, the mining rate decreases. As a result, Pi has a stringent one-account-per-person policy.

This necessitates a high level of precision in order to determine whether network members are genuine human beings, preventing persons from unfairly hoarding Pi by creating fake profiles. As a result, KYC contributes to the network’s actual real humans.

Also read about: Pi Network crossed over 25 million users and celebrated it by releasing Pi Network’s special Poster

The KYC information that the network collects is strictly used to authenticate the Pioneer’s identity and ensure compliance with AML and anti-terrorism rules. They even stated that they never sold KYC data and won’t without your permission. For more information on “KYC data,” please refer to Pi Networks’ Privacy Policy.

What is the mechanism behind the Pilot KYC solution?

This Pi Network’s pilot KYC solution is being developed as an ecosystem app using Pi Networks’ Pi App Engine. Keep in mind that this approach aims to strike a compromise between correctness and privacy while enabling scalability for millions of KYC, population coverage, and accessibility.

In order to achieve accurate and efficient KYC for everyone, Pi Networks’ KYC solution combines machine automation and human verification. Picture processing, text extraction, false ID detection, liveness check, and image comparison will all be handled by machine automation. Human verifiers who have been KYC’ed may subsequently be required to verify for mistakes. There are two reasons why having and improving the machine automation component is critical:

1) To allow millions of Pioneers to do their KYC at the large scale, and

2) limiting data exposure to human verifiers to protect Pioneers’ privacy. Your involvement in the KYC app’s current pilot release will help them improve their machine automation in order to meet these objectives.

Personal data, except for data the computer failed to read, will be properly redacted to preserve individual Pioneers’ privacy. Human verifiers will see a censored version of your ID document, which will only include your photo and the overall appearance of your ID. Verifiers will then check to see if your photo ID matches the type you specified on the data form, and if the person represented on your ID is actually you.

Every human verifier must have been previously KYC’d, and any wrongdoing on their part will result in their removal from the KYC app. At least two KYC human verifiers are randomly picked from a pool of crowd workers from the same nation to independently validate each Pioneer’s KYC.

Also read about: Pi Node(Pi Network) : What we all should know?

The code for the KYC app may be released as PiOS in the future, allowing community developers to contribute to the project by adding country-specific functionality and documentation.

Pi Network puts a disclaimer stating that the data given by these early Pioneers in this Pilot KYC solution program will be exposed to the Core Team members building the app without alterations. They need to assess if the machine automation outcomes are valid when compared to your data. So, if you’re concerned about privacy, you can wait until later.

When will Pioneers get to KYC?

Pi Network hopes to achieve a fully functional and scalable KYC procedure by using these methods and by testing the outcome of this pilot KYC solution program. Before Mainnet launch, they will begin the official start of mass KYC whenever they believe their KYC procedure is ready for widespread adoption. Following the presentation of a KYC solution for a certain country, they will allow people a set amount of time to ask questions and complete the KYC satisfactorily.

We’ll decide whether Pioneers can KYC after Mainnet based on participation levels and other Mainnet metrics.

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