Pi Network Explains KYC Delay and Mainnet Preparation
The Pi Core Staff has shared in a brand new announcement extending the Grace Interval for each KYC (Know Your Buyer) verification along with Mainnet migration considerably. The deadline, which was initially scheduled to run out on January 31, 2025, has been moved to February 28, 2025. The extension permits Pi Community members (also called Pioneers) extra time to finish key steps to safe their Pi and enter the Mainnet.
This adjustment aligns with the Pi Community’s dedication to fostering inclusivity and fairness for its worldwide person base. The goal is to assist as many Pioneers as doable full their KYC verification and migration and never lose their Pi. It additionally goes with the general plan to organize for the Open Community launch in Quarter 1 of 2025.
The Grace Interval extension affords extra time for KYC and migration however doesn’t have an effect on the proposed launch of the Open Community, which is about to go reside in Q1 2025. Because the Grace Interval is separate from the Open Community timeline, the 2 occasions will happen independently of each other.
The Pi Core Staff warned {that a} person’s Pi stability will probably be forfeited in the event that they fail to fulfill the new February 28 deadline. The one Pi that can NOT be transformed will probably be earned through the six month interval earlier than migration. Total, this extends the Grace Interval by two months, the Grace Interval was beforehand scheduled to finish on December 31, 2024.
Within the announcement, Pi Community urged all Pioneers to take swift motion earlier than they’ll full their KYC and Mainnet migration steps. Within the Pi mining app, customers can open up the “Mainnet Guidelines” and comply with the directions there to take action. An non-compulsory step is to make it possible for they declare their house within the Pi Community ecosystem and switch their Pi stability to Mainnet.
The extension permits extra folks to complete the method and contribute in the direction of the expansion of the Pi ecosystem to attain inclusivity. This safeguards the community and acts as a internet in opposition to potential fraudulent conduct by stopping unverified Pi from having the ability to migrate to the Mainnet, thereby denaturing the community integrity and decentralization.
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