Pi Network has launched its Open Network platform, introducing a new approach to cryptocurrency transactions that emphasizes identity verification. The development represents a significant departure from traditional cryptocurrency systems that typically prioritize anonymity, and builds upon the network’s recent implementation of enhanced security measures, including its two-factor authentication system for password recovery.
“The Pi blockchain allows people to conduct business with identity-verified individuals and businesses,” said Dr. Nicolas Kokkalis, Head of Technology at Pi Network. “This feature is unheard of for a Layer-1 blockchain and opens completely new horizons for blockchain-based utility.”
The system implements mandatory Know Your Customer (KYC) protocols, requiring users to connect their Pi accounts with valid identification documents. The verification approach matches current industry trends, as several major cryptocurrency platforms have already adopted similar measures. For instance, LocalBitcoins and other leading exchanges have implemented strict identity verification requirements to enhance security and regulatory compliance.
Transaction verification within the network occurs exclusively between verified individuals and businesses, establishing an additional security layer. The approach addresses common concerns in the cryptocurrency space regarding anonymous transactions and their potential use in illicit activities. The platform’s community engagement features allow users to participate in forums and trusted groups, facilitating experience sharing and collaborative protection against potential fraudulent activities.
The network recently demonstrated its practical applications during PiFest 2024, which featured participation from over 950,000 users, 27,000 active sellers, and 28,000 test merchants across 160 countries. During this event, businesses accepted Pi as payment for goods and services, with transactions processed through Pi’s Mainnet blockchain, demonstrating the network’s capability to function as a medium of exchange in real-world scenarios. The successful implementation showcases how blockchain technology can combine robust identity verification with practical commercial applications, addressing what industry experts have identified as a critical need for better identity verification practices in cryptocurrency.
Sources: Block Telegraph, Gate.io, Bitget,
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