The Pi Core Team has developed a pilot KYC solution that will initially enroll 100 Pioneers per country. These Pioneers have an opportunity to KYC early and help improve our app’s algorithms so that our solution can be applied to as many Pioneers as possible before Mainnet. In the short term, we will gradually roll out more KYC slots for the pilot version than this initial 100 Pioneers per country.
Note that the Core Team is also working on translating this app in the future, so we recommend waiting for its full release if you cannot read English in the app.
Why is KYC important?
“Know Your Customer/Client” (KYC) is the process that verifies identification to distinguish genuine accounts from fake ones.
The vision of Pi Network is to build an inclusive and the most widely-distributed digital currency and economy for all Pioneers. The mining mechanism of Pi Network is social-network based and the mining rate halves as the social network size grows by 10X. Therefore, Pi has a strict policy of one account per person.
This requires a high degree of accuracy to establish that members in the network are genuine human beings, preventing individuals from being able to hoard Pi by creating fake accounts unfairly. KYC thus helps ensure the true humanness of the network.
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How does the KYC solution work?
Pi Network’s KYC solution is being built through our Pi App Engine as an ecosystem app. Keep in mind that this solution attempts to create a balance between accuracy and privacy, while achieving scalability for millions of KYC, wide coverage of diverse populations, and accessibility.
Our KYC solution itself combines machine automation and human verification in order to accomplish accurate and efficient KYC for everyone. Machine automation will be responsible for image processing, text extraction, fake ID detection, liveness check and image comparison. KYC’ed human verifiers may then have to check for errors. The importance of having and improving the machine automation component are twofold: 1) scalability to KYC millions of Pioneers and 2) reducing the data exposure to human verifiers to better protect Pioneers’ privacy. Your participation in the current pilot release of the KYC app will help improve our machine automation to satisfy these goals.
Specifically to protect individual Pioneers’ privacy, personal data — except for data the machine failed to read — will be properly redacted. Human verifiers will see a redacted version of your ID document, meaning that only your photo and overall look of your ID will be visible. Verifiers will then establish whether your photo ID is the same type as you stated in the data form and if the person pictured in your ID is really you.
Note that every human verifier must be previously KYC’ed and any malpractice on their part will lead to their immediate removal from the KYC app. Each Pioneer’s KYC requires independent validation from at least two KYC human verifiers who are randomly selected from a pool of crowd workers from the same country.
The KYC app’s code may also be published as PiOS in the future so that community developers can help add country-specific features and documents to contribute to this project.
Disclaimer: The data submitted, by these initial Pioneers participating in this Pilot version of the KYC app, will be visible without redactions to the Core Team members who are developing this app — we need to check if the machine automation results are accurate when compared with your data. So, it is okay to wait until later if you are concerned about privacy. Also, as this is a pilot, we welcome Pioneers’ reports on security vulnerabilities in order to improve our security measures as well.
When will Pioneers get to KYC?
Through these measures, we aim to build a fully workable and scalable KYC process. Once we feel that our KYC process is ready for mass adoption, the official start of mass KYC will begin before Mainnet launch. After presenting a KYC solution for a specific country, we will then offer a certain amount of time for people to ask questions and perform the KYC successfully.
Depending on participation levels and other Mainnet parameters, we will decide if Pioneers can KYC after Mainnet or not. Don’t miss out! Check into the Pi app daily to continue earning Pi and keep up with our weekly content 🙂
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OMINI ABIODUN MICHAEL [a.k.a] BANKEY MILL (BM) is a blogger and the CEO of Aschoolz.com. We Share Education School News of Universities, Polytechnics, Colleges for both Nigeria Schools, Ghana Schools and American Etc like JAMB, Waec, Scholarship, Job opportunity, Learning, Story books and Blog etc