[Pi Network] Pi Day 2022 major update, large-scale KYC opening, new mining mechanism officially launched

Happy Pi Day 2022 !!! Today Pi Day has announced two major categories in the official App, including the achievements of Pi Network development in previous years, and a series of major updates! The core team expresses its gratitude to all the pioneers who participated in Pi Network, allowing more people to participate in cryptocurrency and blockchain projects with lower thresholds. This community is definitely an important pillar of Pi Network. The growth of Pi Network in the past year has been phenomenal. The number of Pi Pioneers participating has doubled to 33 million , and the number of nodes has also increased similarly. There are currently more than 20,000 test nodes , and a large number of users are still on the waiting list. The number of Pi's core team has also grown to more than 30 people , moving towards the vision of living in the Pi Network.

update announcement

1) The large-scale KYC (Know Your Customer) identity authentication system is finally launched! ! !

Starting today, the KYC application on the Pi platform will allow Pi pioneers around the world to submit their applications on a large scale, and the number of applications is expected to increase steadily. When the conditions are met, you will receive a notification in the Pi Mining App, or you can start using the KYC app by viewing the system through the Pi Browser.

In addition, the KYC validator program promoted by the Pi community has also begun. Once you have verified your identity, you can apply to become a KYC validator and join the KYC team to help verify other KYC applicants from your region (eg Hong Kong). And a good verification record will be rewarded with Pi by KYC applicants.

Although the KYC App has been opened on a large scale, in the early stage of the plan, there may be a problem that KYC applicants far outnumber KYC verifiers, so that the verification speed cannot catch up with the verification speed. Therefore, the progress of KYC mainly depends on how many reliable human validators each local community has to handle the manual verification steps of KYC. Fortunately, with its innovative design, Pi Network's KYC solution can be extended through AI and decentralized manual verification, and as more and more Pi pioneers obtain KYC certification, there will be more validators Go to help verify others.

Pay attention! ! ! In order to maintain Pi Pioneer's data security and privacy, Pi Network has designed a special process. KYC verifiers will only see limited/obscured data on other applicants' identity documents when needed, such as only the last name. And there is no name, or there is no name when you see the picture, in general, there is no way to see the complete data on other Pi Pioneer identity certificates. (This part of the editor will join the validator program as soon as possible, and any notification will be updated as soon as possible)

2) The new mining mechanism officially takes effect! ! !

Earlier (March 1), the basic mining rate had dropped, and a new reward formula was announced at the same time. With the new mining mechanism, Pi Pioneer will be able to increase the personal mining rate through more diversified contributions, including locking up positions, using Pi applications, establishing nodes to maintain the blockchain network, etc. For detailed consensus, please refer to the draft white paper released in December of this year, and the new mechanism may be fine-tuned according to the situation in the future. The new mining mechanism balances the growing demand of the Pi network and the long-term encouragement for contributors, laying the foundation for the future development of the Pi Network and the transfer of the main network.

previous year results

On December 28 last year, Pi's closed blockchain mainnet was officially launched. Entry in the closed mainnet phase will ensure enough time for the millions of Pi pioneers to conduct KYC and for the community to build various Pi applications. At the same time, it is a good opportunity to test the blockchain network, collect block data, make adjustments, etc.

There have been many important milestones in the past year!

1. Test nodes increased to 20,000
2. Launched blockchain applications & ecological projects, including Pi browser, Pi application development platform, Pi wallet, and Pi blockchain browser for users to check transactions on the blockchain.
3. Launched Brainstorm App to allow Pi users to submit opinions on various applications and participate in various ecological projects
4. Launched the first hackathon (Hackathon) , allowing interested developers to use Pi SDK to connect applications to Pi blocks for transactions.

future development

It will be an exciting year soon! The Pi team will devote more time to the mainnet transfer and construction of the ecosystem. When there are enough Pi users to conduct KYC, a large-scale mainnet transfer will begin. Mainnet transfer will be the next important milestone! ! !

The Pi team also hopes to speed up the development of the Pi application, allowing more Pi pioneers to access the closed main network, and the Pi application is expected to be launched in the second quarter of this year . With the development of the ecology, the Pi team will look forward to the transfer of the main network, which also means that the firewall of the closed main network will be removed, allowing other platforms to connect to the blockchain of Pi (which also means the possibility of listing on exchanges).

There is still a lot of work to be done, but we have already moved to the stage of the mainnet transfer step by step!

Happy Pi day!

Start your mining diary: minepi.com/Edwin219

Pi network invitation code: Edwin219