In a significant development, the Pi Network app has surpassed 10 million users who have verified their identities by completing the Know Your Customer (KYC) process. This achievement, announced on April 16, brings the project one step closer to its goal of 15 million KYC’d users, a requirement for the launch of the project’s mainnet and the traceability of its tokens.
Despite this milestone, concerns remain about the value Pi Network can bring its users, as the Pi tokens cannot currently be exchanged for fiat currency on cryptocurrency exchanges.
A Unique KYC Approach But An Unclear Path To Utility
The Pi team has touted its proprietary KYC solution as a “unique and proprietary approach that combines machine automation and crowdsourced, hyperlocal human verification to accomplish secure, accurate, and efficient KYC.” The team claims that other Web3 services could leverage this approach for identity verification.
However, the need for token tradability remains a si
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