Pi Network introduced its Know Your Customer (KYC) process, which is important to the success of its Open Network initiative.
By comprehensive application purposing and upgraded algorithms, approximately 73200 applications have been unblocked since November, when the core Team took action.
The network’s solution also involves giving Pioneers second chances and enlisting KYC Validators to solve situations. With resubmitting applications by about 768,00 applicants, an additional 123 thousand cases were cleared. In addition, implementing new designs and lessons for Validators also helps ease a block in the KYC process.
Pi Network has also made significant steps in other areas important to KYC. The improved processing of live videos has reduced the backlog from 153,00 cases to only 19,000. A specialized technical standard on image watermark problems has approved 1,367 applications.
Pi Network recommends that Pioneers submit full and reliable information on the ID documents for quality image submissions to help a better KYC process. These rules reduce delays in application procedures and increase the efficiency of such a network.
However, the Pi Network is still dedicated to perfecting its KYC process through community feedback and technical advancements. This joint attempt is set to usher in a more accommodating and efficient Open Network.
Also Read: Bit24 Crypto Exchange Reportedly Leaks 230K Users’ KYC Data
