As per the Pi2Day 2024 announcement, the 6-month KYC Grace Period commenced on July 1st, 2024. This period, detailed in the 2021 Whitepaper, is essential for preparing Pi Network for its Open Network phase. During this timeframe, Pioneers must submit their initial KYC identity verification application within the first 3 months and complete all necessary steps for KYC and Mainnet migration within 6 months.
Key Deadlines and Interface Updates
To ensure clarity on these crucial deadlines, we will introduce new app interfaces. Initially, a countdown timer will be displayed on the Mainnet Checklist, followed by a new banner on the home screen and pop-up reminders. These updates aim to keep Pioneers informed of their deadlines and encourage prompt action. These interface features will be continually refined, such as pausing the timer for stuck cases and indicating urgency levels. Pioneers who have completed the Mainnet Checklist and fully migrated will not see the timer, as the Grace Period requirements no longer apply to them.
Strategic Importance of the Grace Period
Enacting the Grace Period now is vital for reaching the Open Network in 2024. The KYC and migration processes are functional for most of the network, meaning the majority of Pioneers should complete these steps within the 6-month Grace Period. Additionally, the 6-month timer is designed to accommodate Pioneers facing specific system blocks or issues. This policy is intended to balance giving Pioneers adequate time to complete KYC and migration while creating urgency to progress towards the Open Network. It will help more Pioneers transfer their Referral and Security Circle bonuses to the Mainnet and prevent unverified Pi beyond the 6-month period from migrating, thereby reducing uncertainty for the network.
Grace Period Requirements
During the Grace Period, Pioneers must complete KYC and migrate to the Open Network to retain their mined Pi. Failure to submit the initial KYC application within the first 3 months or complete all necessary migration steps within 6 months will result in forfeiture of most past Pi balance, except for Pi mined within the last 6 months before migration. System-related delays will not count against the 6-month timeframe.
Action Steps for Pioneers
Pioneers must:
- Submit their initial KYC application by September 30, 2024.
- Complete the Mainnet Checklist and migrate to the Mainnet by December 31, 2024.
Individual timers will be paused for specific system blocks and resumed when actions are pending from the user. If a Pioneer takes action less than a month before the deadline, the timer will extend to allow time for processing.
Encouraging Immediate Action
Pioneers are strongly encouraged to begin their KYC and migration processes immediately. Download the Pi Browser from the iOS App Store or Google Play Store and navigate to the KYC app to complete your application. Migration steps are located in the Mainnet Checklist within the Pi mining app and require actions within the Pi Browser.
Impact on Network Growth
The Grace Period will not hinder new members from joining or mining. It ensures new Pioneers complete KYC and migrate within the Grace Period, thereby enhancing network quality by confirming that more participants are real humans, KYC-approved, and ready for the Mainnet.
As we near the Open Network launch, the KYC and Mainnet Migration Grace Period is crucial for preparing our community. This period ensures readiness among Pioneers and upholds Pi Network's core principles. The coming months are a call to action for all Pioneers to solidify their roles in Pi’s future. Let’s embrace this opportunity to strengthen our community and ensure full participation in the Mainnet Pi ecosystem.
For more information on Pi Network’s native KYC solution, read the full article and FAQs. Help advance KYC for more Pioneers by becoming a KYC Validator and encouraging your fellow Pioneers to complete KYC and migrate to Mainnet.
