Pi Network is currently one of most anticipated project today in the virtual world. As the developers of the project provides a great transparency, this project would likely to succeed to launch another economic changer crypto currency.
In this article I will share everything about KYC, why is it needed and what you need to complete it.
The reason I am sharing about this is because I have known Pi Network for almost 3 months and I have seen a lot of people especially the newbie in crypto currency asking what is KYC and so on. So I made this article so everyone can have the answers in their hand and no more confusions about it anymore.
So, let's start.
What is KYC?
It stands for Know-Your-Costumer and it is a requirement in most countries when it comes to financial instruments like when you open a bank account and the bank need to do a KYC process to verify your identity and this will also applies to any trading platforms, bank accounts and a lot of other things in your daily life. So simply put, it's an acronym for Know-Your-Costumer.
How does KYC works within the Pi Network?
Pi Network itself doesn't do this process but they are currently relying on the third party application called YOTI.
So instead of Pi Network asking you to send to them your passport, they basically used it for party verification so you will need to download the YOTI application and follow the process to provide your identity.
You can download the app directly to Google Playstore here : https://play.google.com/store/apps/details?id=com.yoti.mobile.android.live
This will mean that you will need to upload a passport but don't worry if you don't have it because you will still be able to be verified in YOTI with your National ID. And even if that won't work, Pi Developers will find another way for you to verify your identity.
What to do next?
And once you set-up your YOTI App, you can't initiate a KYC process by yourself because currently Pi Network has a couple of verification slots and randomly assigns them to users so eventually you will see a pop up in the Pi Network Application that tells that you are now chosen and can now complete the process and you just have to follow along.
After completion
When you have completed the process all you have to do next is to open your Pi Network app and find the verification through Facebook or mobile number. You can be verified once automatically if you verify with Facebook and if you use mobile number verification you will still need to be verified through Facebook.
Summary
To sum things up;
the KYC in the Pi Network just stands for Know-Your-Costumer and it's a way to comply with legal regulations to actually verify the identity of a costumer or a user.
Currently, you can only use the YOTI App to verify your identity and only when you have been asked by the Pi Network application to proceed with the KYC process.
You cannot proceed to the process on your own because you need for it to show up.
And if you cannot verify your identity with YOTI all you have to do is wait because Pi Developers will eventually introduce alternative methods to complete that process.
If you are new and want to participate in the Pi Network project, you can download the Pi Network application on Google play here: https://play.google.com/store/apps/details?id=com.blockchainvault
I will not be putting my referral code as it is against the regulation of @TheRandomRewarder and @Read.Cash .
You can ask in other social media platforms for a referral code and start the Pi Network application.
Image source:
Other images used in this article belong to mine personally.
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