In this video I have talked about the new KYC update in Pi Network regarding 1 Lakh Free KYC slots. And why there are only 100K free KYC slots , what about the others.?? Do they have to pay for their KYC.. What documents are required? Is 3rd party app Yoti safe? What is the benefit of having KYC ? What is the selection criteria ? All those topics are covered in this video.. Don’t miss anything, must watch
2:12 KYC ki kya zaroorat hai ?
3:13 KYC kaise hogi ?
4:32 India mei Yoti se KYC kaise kar paayenge ?
5:18 Kahin ye hmara data to nahi chori kar rahe?
6:18 Kin kin logo ko invitation aa skta hai KYC ka?
7:30 Kya wo fake accounts ko bhi invitation denge?
8:14 Agar galat details submit ki documents ki to kya hoga?
9:00 KYC se kya faayda hoga logo ko ?
9:40 KYC ke baad is baat ka dhyaan rakhna..
10:15 Sirf 1 Lakh Free KYC hi kyu ?
11:17 Baaki logo ki KYC kaise hogi ?
Step by step process for KYC verification in Yoti App for Pi Network
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Why we need KYC ?
Since Pi network is distributed worldwide and Pi app has a strict policy of ONE ACCOUNT PER PERSON . So in order to award Genuine person and remove all the bad actors, KYC is an important part to help them in removing bad actors from the race..
How KYC is conducted ?
At this time, KYC is being conducted by 3rd party app ” Yoti ” . And in most countries it supports only Passport. So if you have passport and got invitation code, You can easily do KYC with this app.. And for those who don’t have Passport, they may develop a decentralized, reliable, low- to no-cost KYC process customized for the Pi community in the future that does not necessarily require passports.
KYC Selection Criteria ?
The selection criteria will be meritocratic, based on Pioneer’s previous contributions to Pi including the length of time being a Pioneer, the amount of time and reliability of Nodes, engagement, growing the community, and future potential contributions.So in aggregate the distribution will have more senior Pioneers than Pioneers who recently joined.
You will get 24 hours to complete KYC, If you fails to do it, the KYC slot will get passed to the next person.. But don’t worry, you will have another chance in future.
Benefit of KYC right now ?
KYC will enable Pioneers to run nodes in the Pi Testnet, be a developer of Pi Apps on our platform, spend Pi in Pi Apps and perform in-app transfers, which are pillars of building Pi’s economic ecosystem.
Why only 100K free KYC Slots ?
KYC is costly because it is currently performed by third-party apps that charge on a per KYC check basis. While the Core Team can potentially cover the cost for a small fraction of Pi’s global community, it cannot cover the KYC costs for millions of current and future Pioneers. So they may come up with low to no cost KYC solution,
however their aspiration is to create a free KYC option. Although they cannot yet promise they will achieve this goal, but they can promise that they will try their best.
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Copyright Disclaimer :-
This is an educational video on the Pi Network.
Thanks to Pixabay and its contributors for the images.