Let me introduce you to Pi Network, an amazing cryptocurrency initiative that has gained worldwide interest since its March 2019 inception. It's all about empowering mobile users and ensuring that everyone can use cryptocurrencies.
Do you recall the fantastic Pi2Day celebration we had the previous year? Prepare yourself for this year's upcoming amazing event! On June 28th, the Pi Network community joins together to celebrate Pi2Day. We've reached a major milestone, and the previous year's celebration was especially memorable. The increase in user participation and progress were astounding.
Last year's Pi2Day saw the occurrence of a very remarkable event. After the event, almost 500,000 pioneers decided to switch from the beta phase to the mainnet in just 4-5 days. This shift, which ushers Pi Network into a more developed and operational stage, is an important development milestone. Users that migrate have full access to the Pi blockchain network's functionalities and can participate in the ecosystem.
It says a lot about their trust and confidence in the Pi Network's mission and future that so many pioneers moved to the mainnet last year. It improved our foundation and helped us move closer to our objectives. And what's this? The community amassed a remarkable total balance of 420 million Pi on Pi2Day 2014 as well. That is amazing and demonstrates both the potential of our advanced ecosystem and the widespread use of the Pi cryptocurrency.
These images from the inaugural Pi2Day celebration last year show the dedication and zeal of the Pi Network community. You are the inspiration behind our initiative, building a thriving community that keeps expanding.
Let's now discuss Pi2Day this year. The KYC (Know Your Customer) challenge and its ability to boost user involvement is one area that is receiving a lot of attention. KYC is a crucial step in confirming user identity and guaranteeing regulatory compliance.
Users upload and validate their identity documents, such as ID cards or passports, as part of the KYC procedure to safeguard the Pi Network ecosystem from abuse, unlawful activity, and impersonation of another person. Increased KYC involvement has a number of advantages. It increases community and user trust in our project, reduces the chance of fraud and unlawful conduct, and fosters a more secure and dependable environment.
Additionally, observing KYC regulations enables us to meet regulatory obligations in numerous jurisdictions. By following KYC procedures, we can operate legally and reduce the risk of regulatory violations in the constantly changing world of cryptocurrency.
We widen the door to partnerships and collaborations with financial service providers and institutions by boosting participation in the KYC procedure. A stronger ecology and more sophisticated growth opportunities result from this.
By taking part in KYC, you can access the ecosystem of the Pi Network's exclusive features and services in addition to ensuring the security of your account. You are given the opportunity to participate in exciting initiatives and projects, have access to incentive programs, and influence local decision-making.
Pi Network increases user and societal trust by using the KYC process. It creates a safe and reliable environment by protecting against fraud and illicit conduct.
We build a solid foundation for the network's longevity and stability as we work through this KYC hurdle and boost user engagement. This guarantees the long-term stability of our ecosystem, along with improved trust, sustainable growth, and legal compliance.
Pi2Day is a time for celebration, advancement, and eagerly anticipating the future. Pi Network has the potential to grow into one of the most forward-thinking and significant blockchain projects of the future with your constant dedication and support.
So let's keep moving forward, my friends! Keep in mind that success doesn't come easily. The Pi Network has a very promising future. To all the pioneers around the world, a sincere greeting from the hokanews crew. We're influencing the direction of cryptocurrencies as a group.