What is Pi Network Grace Period: Importance of KYC Process and Mainnet Migration

Bittime - Pi Network has announced the extension of the Grace Period until February 28, 2025. This step was taken to give Pioneers more time to complete the verification process KYC (Know Your Customer) and migration to Mainnet. 

With this extension, more members can secure their Pi balances and contribute to the growing ecosystem.

Why is the Grace Period Extended?

This extension of the Grace Period aims to ensure that all Pioneers have a fair opportunity to complete important steps before the launch of the Open Network. 

Impact of Extension

KYC dan Checklist Mainnet

Users are required to submit a KYC application and complete the Mainnet Checklist before the new deadline. Otherwise, they risk losing most of their Mobile balance, except Pi mined in the last six months before migration.

Independence from the Open Network

It should be noted that the extension of the Grace Period does not affect the Open Network launch schedule. The launch can occur before or after this period ends, but the Grace Period rules will remain the same.

The Importance of the KYC Process

The KYC process is critical in maintaining the integrity of the Pi Network network. Only Pioneers who successfully complete KYC and Mainnet Checklist can transfer their Pi balance to the blockchain. 

This aims to ensure that Pi on the Open Network remains secure, free from bots, and comes from real human participation.

Pi Network Wants More Verified People

By providing additional time, Pi Network encourages more users to actively participate in the ecosystem. This also helps accelerate progress towards the launch of the Open Network by ensuring that more verified members can join.

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What to Do Next?

Pioneers are advised to immediately complete their KYC application and migration steps. To meet the Grace Period requirements, open your Pi mining application and select “Mainnet Checklist” at the top of the screen. 

All the steps required to complete KYC and migration will be listed there.

Action to be taken

Check KYC Status: Make sure you follow all necessary steps, including additional liveness checks if requested.

Invite Your Reference Team: Remind your Reference Team and Security Circle members to meet their respective deadlines.

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Why is the Grace Period Important?

Grace Period is a key element in maintaining a decentralized and humane Pi Network ecosystem. Here are some reasons why this period is so important:

Identity Verification Via KYC

Only Pioneers who successfully complete the KYC process can transfer their Pi balance to the blockchain. This ensures that the network remains secure and stable with verified user participation.

Encouraging Migration Progress

Grace Period strikes a balance between giving Pioneers time to complete KYC while maintaining a sense of urgency. This policy aims to accelerate progress towards an Open Network.

Supports Network Utilities

Without KYC and migration, Pioneers cannot use Pi for in-app transactions or other utility-based ecosystems. Grace Period ensures timely participation, allowing more users to contribute to the growth of network utility.

Conclusion

The extension of the Grace Period to February 28, 2025 is an important step for Pi Network to ensure that more Pioneers can fully participate in the ecosystem. 

By prioritizing KYC and migration processes, Pi Network is committed to building a strong and secure community ahead of the Open Network launch. Don't delay—take action now to secure your Pi balance and become part of the growing Mainnet community!

FAQ Pi Network Grace Period

1. What is Grace Period on Pi Network?

Grace Period is additional time given to Pi Network users to complete the KYC (Know Your Customer) process and migrate to Mainnet. This period has been extended to 28 February 2025.

2. What happens if I miss the Grace Period deadline?

If you miss the new deadline on February 28, 2025, you will only retain Pi balances mined in the last six months prior to migration. Older balances will be forfeited.

3. Why is the KYC process important in Pi Network?

The KYC process ensures that only verified users can transfer their Pi balance to the blockchain. This helps maintain the security and integrity of the Pi Network network, as well as preventing bot participation in the ecosystem.

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Reference

Pi Network, Grace Period Deadline Extended to February 28, 2025, Accessed February 18, 2025

Author: IN