What is KYC?
KYC – Know Your Customer
This term means verifying identity of user. Popularly used in financial, online accounts. KYC is necessary to increase security and safety of transactions on the digital environment.
Why do we must do KYC for Pi Network account?
The main purpose of KYC is to prove you are the sole owner of your Pi Network account. Currently, Pi Network is letting you earn Pi coins on your phone for free without any cost. (See registration instructions). So otherwise, KYC, one person can use hundreds of virtual accounts, and will destroy Pi Network system.
For Pi Network accounts, identity verification (KYC) is important so that you can legally own your claimed Pi coins. Even if your account is able to mine a lot of Pi; If the account has not been KYC, that earned Pi coins are useless! And in the future, if you want to buy and sell your Pi coins, your account must go through a successful KYC step.
Instruction to do KYC
When is my Pi Network account selected for KYC?
When the Pi Network project is launched into Mainnet stage (stage 3), all Pi Network accounts are required to have KYC verification.
At the time of this writing, the Pi Network project is still in the Testnet phase (phase 2); Therefore, the KYC has not been specifically announced. Pi Core Team will randomly select accounts based on their own (yet unpublished) criteria to request KYC.
There were many users in the Pi Network mining community have been chosen and done KYC successfully. There are people who have opened the function of sending and receiving Pi between accounts (IAT – In App Transfer).
What to do when I receive a KYC request from the Pi Network?
Upon receiving the Pi Network’s KYC request, you have 24 or 48 hours time to complete the KYC verification. If you wait, exit the Pi app, press the (X), or press Dismiss, it looks like you missed the chance to verify this KYC, you will have to wait for another.
So, when receiving the KYC request, you have to do exactly steps 1 and 2 as shown below:
If you want to complete the KYC verification, click START VERIFYING to continue. If you are busy, you press CLOSE. Then, to continue KYC verification, go to Menu >> Profile >> Identity verification (KYC), press the START button (Follow steps 3 and 4 as following).
Conduct KYC verification:
- Currently, Pi Network verifies the identity through Yoti service. See the article “What is Yoti?”
- If you have not downloaded Yoti, please download the Yoti app, install it and proceed to register a Yoti account, then link with Pi Network.
- If you have downloaded Yoti to your phone but have not registered Yoti, select SETUP YOUR YOTI IDENTITY to register Yoti, then authenticate with Pi Network.
- If you have successfully registered Yoti, click KYC WITH YOTI, Yoti will proceed with the authentication for you.