Pi Network KYC verification stagnation has triggered user dissatisfaction, with 44 million pioneer users caught in a "predicament" | Latest developments on Pi coin

The "Know Your Customer" (KYC) process of Pi Network is under scrutiny again, as millions of users remain stuck in the pending approval stage. The stalled verification efforts have exacerbated the community's growing frustration, raising concerns about the project's transparency and long-term credibility. Although the project is rolling out technical updates aimed at addressing these issues, the Token price performance remains sluggish.

Pi Network Users Trapped in KYC Dilemma

A "pioneer user" posted on X (formerly Twitter) pointing out that Pi Network has about 60 million active users, but only 16 million have successfully created wallets. This means that there are still 44 million users in a "pending" state – neither verified nor migrated to the mainnet.

The user added: "At this rate, some people will have to wait 10 years to see their Pi."

The KYC system is a critical step for identity verification before the mainnet migration. Recently, this system has been improved for new users, eliminating the previous 30-day waiting period. However, this progress has not alleviated the backlog of users stuck in the provisional approval stage. The user also mentioned that the three-year lock-up period for the PI Token only starts counting after the migration is completed, which further delays the possibility for millions of users to obtain their tokens. This stagnation has reignited users' frustrations, with some expressing concerns about the project's credibility and timeline.

Criticism of the KYC and migration process of the Pi Network is not new. Previous reports by BeInCrypto have highlighted similar issues, with some users even losing their tokens as a result. In the face of ongoing challenges, Pi Network continues to roll out technical updates to address these issues.

Can technological updates solve the dilemma?

On August 27, the project released the Linux node version and announced the protocol upgrade from version 19 to version 23. An important part of this update is KYC scalability. Pi Network plans to embed KYC verification directly into the blockchain. The protocol will also allow trusted third parties to act as verification agencies in the future. This creates a more distributed and community-driven process, and may accelerate the entire verification process.

Despite these efforts, the price of Pi Coin remains poor. Data shows that this mobile mining altcoin fell to a historical low (ATL) of $0.33 on August 26, but saw a slight rebound after the upgrade announcement. However, the rise was short-lived, and the price of PI continues to experience fluctuations. As of the time of writing, the altcoin is trading at $0.34, having risen 0.88% in the past 24 hours.

Conclusion

The KYC dilemma of Pi Network highlights the significant gap between its grand vision and actual execution. Although the core team is working to resolve the user backlog through technical updates, millions of users are stuck in a "waiting" status, which not only dampens community morale but also severely undermines the project's reputation. For a project that relies on a large user base, this ongoing crisis of trust is undoubtedly a huge barrier. While technological advancements are a positive signal, Pi Network must address these practical issues with greater speed and efficiency in order to transform its vast user base into a truly vibrant mainnet ecosystem. Otherwise, users' patience will gradually wear thin, and they may ultimately abandon the project they have invested in for years.