JUST IN: Pi Network is the only Cryptocurrency that creates a decentralized KYC system - hokanews

 

JUST IN : Pi Network is the only Cryptocurrency that creates a decentralized KYC system - hokanews 

hokanews.com - Pi Network is one of the cryptocurrencies that are currently attracting public attention.  Apart from focusing on security and privacy, Pi Network also offers a decentralized KYC (Know Your Customer) system, which is quite unique among other cryptocurrencies.

Before discussing more about the decentralized KYC system owned by the Pi Network, let's first understand the basic concept of KYC.  KYC stands for Know Your Customer, which is an identity verification process carried out by financial institutions, such as banks, to ensure that each of their customers or customers is a legitimate and verified individual.

In the cryptocurrency world, KYC is also very important, because it can help prevent money laundering and other illegal activities.  However, usually KYC in cryptocurrencies is carried out through a centralized entity, such as a crypto exchange or a third party that cooperates with a particular cryptocurrency project.

Pi Network, on the other hand, adopts a more decentralized approach when it comes to KYC.  This can be seen from how to join the Pi Network network.  Everyone who wants to join must be invited by other users and must pass an identity verification process carried out by the user's network.

The identity verification process is carried out by the user's own network using blockchain technology, which is able to ensure data security and integrity in a decentralized manner.  Every identity verification carried out by the user will be recorded into the Pi Network blockchain, so that it can be ensured that every account that joins the network is a valid and verified account.

This was also shared by one of the official Twitter accounts @PivoiceApp, @PivoiceApp is also one of the ecosystem pi networks Voice of Pi is a social finance platform and has a complete decentralized mall system.  The most important factor for its normal operation is credit.  To use Voice of Pi better, quickly collect credits.

hokanews.com monitoring from the official @PiVoiveApp account is very clear from the posts that are shared as follows:

#PiNetwork is the only Cryptocurrency that created decentralized KYC system. After the highest stander of Pi KYC system, the wallet holder is for sure a real human. And this step will change the game rule in Crypto! @PiCoreTeam @BSCNews

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Twitter image source 

The identity verification process on the Pi Network is also equipped with additional security features, such as the use of biometric technology to verify user identity.  This biometric technology includes facial and voice scanning, which can ensure that the identity of a user entering the Pi Network network is a truly valid identity.

The advantage of Pi Network's decentralized KYC system is that it is able to provide a higher level of privacy for users, while at the same time ensuring network security and preventing the use of fake accounts or bots.  In the Pi Network's decentralized KYC system, there are no third parties involved in the identity verification process, so users can be more confident and feel secure in using the network.

Overall, Pi Network is able to create a decentralized KYC system that is unique and different from other cryptocurrencies.  This could be one of the factors in making the Pi Network even more popular in the future, especially with the growing need for security and privacy in the world of cryptocurrencies.

Currently the KYC process on the pi network is still in effect, so for pioneers who haven't got a pi network KYC slot, you can visit the pi browser and check the kyc in the pi browser, who knows, those of you who haven't got kyc are already waiting there.  Likewise for pioneers who have done the kyc pi network and have not been declared passed, they need to be patient.  If you feel that you have no problems with your documents with the laws in the pioneer countries, then you will pass when the review is done later.  Don't give up, the pi network is getting more and more excited and hotter being talked about by everyone around the world, wealth is not built in one night.

What is Pi Network?

Pi Network is a new cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining device battery. The Pi blockchain secures economic transactions through a mobile meritocracy system and a complete Web3 experience where community developers can build decentralized applications (dApps) for millions of users.

That's a little information that we can share with all the pi network communities.  

Hopefully this is useful, keep the spirit, don't give up.

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Thanks to all the pioneers, warm greetings from the hokanews team.  Information from the pi network community for all pioneers