PI NETWORK: KYC & IAT

In today’s review of events related to Pi Network, we will explain what exactly are the two key things that every Pioneer should go through.Both things are important so read carefully.

Today we write about IAT & KYC.

Because KYC is the first thing to come and after that IAT, we’ll start with it.

KYC (know your customer / client)

KYC

is a process that benefits both the Pioneer and the Pi network itself. KYC is just an online confirmation of your real person identity.

Every Pioneer (there are about 11+ million of us now) will get a chance to go through the KYC process.

Pi CoreTeam’s official statement is “No real pioneer will be left behind” This statement was made because they are aware that there are bots, fake accounts that mine along with us.

Such accounts harm not only the Pi network but us as well. This way, every account that exists in the Pi network will receive a call for KYC.

Once you receive it (because it is now sent randomly 100k kyc calls) in the form of a pop-up message that you have been selected for KYC,

KYC invitation

You will need to download the Yoti-Your digital identity app and enter any information that will be required of you (name, surname, email, selfie, and one national document – passport, ID card, driver’s license).

Yoti-Your Digital Identity

Now Yoti is a data verification firm. In most countries, especially the UK-verified yoti app on the phone is enough even for the police when verifying identity.

So once you log in to Yoti and send all the necessary information, you wait for Yoti to confirm their validity. When Yoti confirms that your documents belong to a real person, it forwards it to the Pi Network, which subsequently confirms that (the account under the username @test belongs to the real individual * Name Surname *)

Currently for the Pi Network only the Yoti company checks the document but that option is not free and costs alot of money, even if we are talking about a few cents per account the Pi network would have to set aside millions of $$ for all to pass KYC.

So new projects are planned, through which KYC would be carried out within the Pi network itself.

You can see such two suggestions from the picture below.

Proposed KYC solution’s

Where you have proposal, likes-dislikes (community votes if they are for the project or not) and donated Pi by the pioneers which would be spent on the people who will make the project if selected,

in case the project is not selected, donated Pi is returned back to the pioneers.

This is what makes Pi Network unique.

Transparency and interaction between Pi CoreTeam and ordinary people.

Whose voice matters.

No decision has been made without first giving the Pi community to vote and decide on it.

This kind of joint work cannot lead to ruin, on the contrary it leads us to the bright future of the crypto world.

IAT (In App Transfer) is the second important step that comes after KYC. Now currently as we mentioned in the last review, only a small number of people have IAT approved.

These are the people who participated in the early Pilot Program.

They can send pi to others or buy things for Pi at this test stage.

Before entering the 3rd development phase aka Mainnet everyone who has passed KYC will most likely be automatically approved with the IAT. With the help of the IAT option, the verified pioneers will be able to buy from each other the offered material goods and services in the markets. Any Pioneer today can receive a Pi but cannot send it until an IAT is approved.

The important thing to note here is that,there are 2 balances that people with IAT see while others do not.

Example: If you have, say, 10 people on your earning team and you collected 1,000Pi.

Total & Available Balance

You automatically have 2 balances.

1.) Total balance: 1,000Pi

2.) Available balance: 350Pi (only those Pi that you mined yourself) That available balance is the one you can spend.

Every time someone from your team passes KYC you get added Pi from Total to Available Balance i.e. which you have earned while that person was active.

If someone does not pass KYC by stage 3 (for several reasons, the bot-fake account-inactive-does not want to share personal data with Yoti etc.etc.) his account is deleted and Pi his and yours that you earned while he was active will be burned.

This is not a reason for fear because it is possible we talk about small amounts of Pi depending on how long he has been active.

I assume this IAT option will be approved before October this year, but that is just my guess and not an official announcement.

Once Pi enters the Mainnet and if the exchanges decide to include it, then thanks to KYC and IAT you will be able to sell your Pi for fiat currencies ($ – € – £ – ¥).

I can’t say what the begining price will be, because as I said, everything depends on how much is traded within the market-/-supply-demand determines the future.

As always if you didnt already,download PI APP

and use my username (b05n14n) as your invitation code.