Pi Network Mainnet Migration and KYC Announcements | Pi Coin Mainnet Migration and KYC Announcements 2022
Pi Network Mainnet Migration and KYC Announcements | Pi Coin Mainnet Migration and KYC Announcements 2022
Since the majority of the network can submit their KYC to get ready for their Mainnet migration, the network has begun the migration process to onboard KYC’ed Pioneers to the enclosed Pi Mainnet blockchain. As stated in the new draft chapters of the updated whitepaper released on December 28, 2021 (December Whitepaper), the current Enclosed Network period is specifically designed to allow millions of Pioneers to complete their KYC and transfer their Pi to the Mainnet, while the community focuses on creating utilities and bootstrapping the ecosystem without any external distractions through building and using new Pi apps, transitioning Testnet apps to Mainnet and completing and improving ecosystem infrastructure.
If you have passed Pi KYC, you can complete all the items on the Mainnet Checklist right now to enable the transfer of your mobile Transferable Balance to Mainnet. Please tap “Mainnet Checklist” on the home screen to complete your pre-migration requirements.
Once you finish Steps 1-6 of your Mainnet checklist, a new Step 7 will become available to you. Completing this final step enables the Mainnet transfer to be queued for migration. Pi Network has made cryptocurrency accessible worldwide, allowing Pioneers to mine Pi on the phone with no fiat cost. It is a great success of the community to come to a moment where the mined Pi balance is ready to migrate to Mainnet.
After the checklist is completed, the Pioneer’s Transferable Balance will be queued for transfer to their wallet address on the Mainnet blockchain.After the migration, there will be a 14-day pending period during which Pioneers’ Pi balance in their Mainnet wallet will not be transferable yet by the Pioneer, allowing the network to conduct additional checks or course corrections if necessary to clear the transfer. Given the immutable nature of blockchain and the early period of the network migration process, a 14-day pending period is helpful to make sure people’s migrated Mainnet Migration balances are correct. When the pending period expires, the Pioneer will then be able to use their Pi as they wish within the Enclosed Pi Mainnet.
Pi Transferable Balance
The following portions of your Pi Mobile Balance will constitute your Transferable Balance, eligible for the migration to Mainnet. Keep in mind that any remaining or newly accrued Transferable Balance will continue to be migrated after the first migration because the network will continue to have a cadence of automatic, ongoing migrations later.
Self-mined Pi (which accrues when you mine by yourself based on the base mining rate at the time of the mining session)
A portion of the Security Circle rewards that are attributable to KYC’ed Pioneers in your Security Circle
Pi Rewards from app usage, node operation, or lockup
Pi mined through Referral Team rewards will be put on hold for migration at this time regardless of whether anyone on the Referral Team is KYC’ed or not. Generally, portions of Referral rewards attributable to different Referral Team members will only become Transferable Balance once the corresponding members get KYC’ed. Otherwise, it remains as Unverified Balance in the mobile app. Because calculating the network’s Referral rewards is computationally intensive and costly, it makes sense to compute such rewards when the network has more people KYC’ed. The reason that Referral Team rewards are computationally intensive is that it accounts for the concurrent mining of each specific Referring and Referred Pioneer pair, which can vary even within the same Referral Team. For the efficiency of the network, any Referral Team reward will, therefore, be processed and migrated at a later date when there are more KYC’ed Pioneers.
On the other hand, Security Circle rewards attributable to KYC’ed Pioneers will be transferred to Mainnet at this time. Keep in mind that the Transferable Balance displayed on the Mainnet screen in the Pi app does not currently include these Security Circle rewards. Therefore, the amount of Pi that migrates to Mainnet is expected to be higher than the currently displayed Transferable Balance if any member of your Security Circle has passed KYC. Future UI will update this displayed number to account for portions of Security Circle rewards that become transferable.
Finally, the KYC fee of 1 Pi will be deducted from your transferable balance, which will go to a validator pool for rewarding the Pi community’s human validator workforce.
After the initial transfer to the Mainnet, Pioneers can continue to mine Pi just as before in the app by making different types of contributions. Newly mined Pi will go through the same process of becoming Transferable Balance, ready for the next Mainnet transfer which will occur automatically when the network activates it at a later time.
How do Lockups work on Pi Mainnet?
While the locked up Pi based on a Pioneer’s lockup settings (percentage and duration) will be transferred to the Mainnet blockchain visible in the Pioneer’s Mainnet wallet, their locked up Pi will not be transferable on the blockchain until the lockup duration time matures. The lockup duration set by the Pioneer begins at the end of the 14-day pending period.
There is an additional design to the lockup durations for a potentially better network effect. The longer durations, namely 1 year and 3 years, will end on a randomized, staggered basis. This is to avoid the situation where many Pioneers get their future long-term lockups released at the same time, given that they will migrate to the Mainnet blockchain at the same time. Specifically:
Pioneers with a 1-year lockup can get up to a 1-month “discount” on their lockup period, meaning their lockup can expire up to a month early on a random basis. However, all Pioneers will still benefit from the mining reward applicable to the 1-year lockup period through their actual lockup period. For example, if a Pioneer Pi Network Mainnet Migration and KYC Announcements locked up 100 Pi for 1 year, the actual lockup on the blockchain may be in 11 months and15 days based on this randomization, instead of exactly 12 months.
Pioneers with a 3-year lockup can similarly get up to a 3-month discount while still benefiting from the mining reward applicable to the 3-year lockup period.
The amount of discount will be applied randomly across Pioneers. For example, some Pioneers will have their 1-year lockup end a month early, some 20 days early, some 5 days early, some right at the 1-year mark, and so on. Even if the lockup ends a month early, the Pioneer will be able to accrue lockup mining rewards at the rate applicable to the 1-year lockup period through their actual lockup period of 11 months.
After your initial Mainnet transfer, the lockup setting for your next transfer—duration and percentage—will remain the same as your current one and will be applied to your future migrations automatically, unless you change these settings. You can adjust the settings anytime between any two transfers to the Mainnet—the saved changes will be applied to any next transfer to the Mainnet, and it will not affect any previous lockups already transferred. Please refer to the December Whitepaper for details on the lockup reward calculation.
Reminders about the Mainnet migration
As you go through this exciting activity, please remember two key points:
While completing the checklist, it is essential that Pioneers use their correct wallet private key, which they store safely and not share with anyone else. The wallet is non-custodial, meaning that the network cannot recover your Pi if you lose your private passphrase or someone with access to your private passphrase steals Pi from your wallet.
Once the 14-day pending period expires and you have freed up Pi on your Mainnet wallet, all transactions you conduct on the Mainnet blockchain will be visible and irreversible.
Pi KYC Accessibility
As announced previously, the network KYC process is making good progress, allowing more than half of all Pioneers to submit KYC applications (though it will still take time for the network to submit, process, and complete these KYC applications). This fact enables the network to start migrating KYC’ed Pioneers to the Mainnet since migrating the entire network to Mainnet also takes time. Migrated Pioneers can then start helping to bootstrap and Pi Network Mainnet Migration and KYC Announcements build the ecosystem in the Enclosed Period of the Mainnet, while the KYC process continues to scale to enable more Pioneers to go through KYC and process unprocessed applications that have been submitted.
We understand that many Pioneers are eagerly waiting for their turn or for their applications to be processed. Below are ongoing measures that will help more Pi Network Mainnet Migration and KYC Announcements Pioneers pass KYC soon. Technical funnel improvements to handle the application and validation of more and more Pioneers at scale
Human validation power Pi Network Mainnet Migration and KYC Announcements to continue growing and bootstrapping more countries and regions Reducing the chance of false negatives of the ongoing funnel to pass more KYC applications, and reprocessing some submitted applications that are supposed to die but were previously marked as negative
Solutions for KYC applications that may miss critical data from previous applications, including some Yoti KYC applicants and some pilot Pi KYC applicants:
For previous Yoti KYC applicants — the Pi Core Team has deployed an exceptional fast-track Pi KYC flow for them to fill in missing data. For some Yoti KYC applicants experiencing issues with this flow, an additional feature is being designed to address these corner cases
For previous KYC Pilot applicants — the Pi Core Team is currently building a reprocessing mechanism to match pilot applications with current KYC requirements, and a resubmission feature described below to essentially match the chances that current KYC applicants get when submitting their applications. For example, if a photo or video upload fails, current applicants would get multiple chances to resubmit, which was not possible in the pilot version of the KYC app
A new resubmission feature is being developed and will be released soon to enable previous Yoti KYC and KYC Pilot applicants to resubmit a brand new application Pi Network Mainnet Migration and KYC Announcements and get unstuck if they choose so and do not want to wait for the Pi Network Mainnet Migration and KYC Announcements custom solutions mentioned above, since the current improved and scaled Pi KYC solution can potentially process new applications within a short time
A process to support Pioneers with complex name appeals, which create complications in processing their KYC and may require additional human Validator help to resolve
Please note that Pi Network Mainnet Migration and KYC Announcements for certain countries or regions, due to the Pioneers’ unique way of accessing the Pi Network, it takes longer and more complex procedures for the Pi KYC machine automation component to process their accounts, thus leading to their delayed receipt of KYC slots. Therefore, it is possible that these countries or regions have slower KYC onboarding than other regions.
Overall, for Pioneers who are still waiting for their chance to submit KYC, please be patient as the network continues to scale the KYC solution and solve the corner Pi Network Mainnet Migration and KYC Announcements cases that apply to you.
Importance of the Mainnet Enclosed Network Period
As stated Pi Network Mainnet Migration and KYC Announcements in the December Whitepaper, the current Enclosed Network period is specifically designed to allow the Pi Ecosystem time to transition onto the Mainnet blockchain, while millions of Pioneers pass KYC and new apps and utilities are built by community developers.
Consistent with the vision of the Pi network to enable a utility-based ecosystem, the Enclosed period also allows apps to deploy on Mainnet and create utilities for Pioneers. Pi apps will be able to switch from Testnet to Mainnet, to production mode for real Pi transactions. Apps released during this Pi Network Mainnet Migration and KYC Announcements period will include those created by community developers and the Core Team. Moreover, new and improved developer engagement programs—such as continuous Hackathons and other developer programs—will be released to mobilize and incentivize more community development.
Pioneers who are both KYC’ed and migrated will be able to spend their Pi on Pi apps, boosting utility creation and bootstrapping the Pi ecosystem before the Open Network. Some of such Pi apps will soon be available for Pioneers after the pending period post-migration, while more Pi apps from the Pi Network Mainnet Migration and KYC Announcements community will be gradually onboarded. This gradual and deliberate ramp to Open Network will also help the apps, as well as the Pi Network, to uncover and resolve any glitches in the market and the technology.
While transactions between Pi apps and Pioneers and Pioneer-to-Pioneer transactions are allowed within Pi Network, the Enclosed Network period will have Pi Network Mainnet Migration and KYC Announcements certain restrictions as listed in the “Restrictions in the Enclosed Network” subsection of the Roadmap chapter of the December Whitepaper, until the Open Network period begins.
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