- Variety of accounts which have gone by way of the KYC course of for Pi surpassed 10 million customers
- Frauds across the Pi community have affected sentiment although
The Pi Community has been within the crypto-sector for fairly a while now, permitting customers to mine the cryptocurrency by way of an app on their cellphone. It’s within the information once more at the moment owing to a big milestone.
New developments for Pi
Based on a 16 April tweet from the Pi Community, its app has surpassed the milestone of 10 million customers who’ve undergone identification verification by way of the Know Your Buyer (KYC) course of.
Pi Community’s staff has pledged to launch a mainnet, whereas enabling buying and selling of its tokens upon reaching sure milestones, together with the verification of 15 million customers by way of KYC. With 10 million accounts already verified, the KYC goal can be met as soon as an extra 5 million customers full the verification course of.
As per the announcement, the ten million customers, known as “Pioneers,” have accomplished identification verification utilizing the app’s native answer, Pi KYC.
Supply: X
Issues “Pi”le on
Nonetheless, regardless of reaching this milestone, there are some challenges forward as effectively.
For instance – A current report said that Pi Community has change into a breeding floor for scams and deception. Many gamers making an attempt to alternate the digital foreign money Pi have fallen sufferer to fraudulent schemes, leading to losses.
Based on the identical, quite a few accounts have been recognized posting on Pi Community’s Fb teams. They’ve been claiming to purchase Pi at inflated costs whereas asking customers to switch the foreign money first earlier than receiving fee. Nonetheless, as soon as the sellers switch their Pi, the accounts vanish, leaving them with nothing to indicate for his or her efforts.
The report additionally addressed the complexity of Pi Community’s operations, with the undertaking nonetheless within the “closed mainnet” part, which means transactions can solely happen between gamers and never on cryptocurrency exchanges. This authorized grey space has made it difficult for authorities to deal with the difficulty successfully.
These components have affected sentiment across the Pi community and its token negatively. It stays to be seen how the launch of the mainnet will influence the Pi community going ahead.
At press time, Pi token’s worth was $37.43, with its worth up by 0.85% over the past 24 hours.
Supply: CoinMarketCap