Hello, fellow pioneers! Buckle up, because I have some new, hot-off-the-press updates from the Pi Network, and believe me, it's a journey you won't want to miss. In their most recent blog article, published on January 19, 2024, Pi Network revealed some game-changing upgrades to our Know Your Customer (KYC) journey, preparing us for the huge Mainnet Open Network fiesta later this year.
Lifting the KYC Curtain: Exposing the Difficulties
What's the scoop, then? The Pi Network team exposed a critical flaw in the KYC procedure: inconsistent or missing data. It seems like a small blip, isn't it? Unfortunately, this little bug has grown into a KYC traffic bottleneck, leading to delays in verification and system glitches.
The guilty parties? Various identity layouts, disorganized information, hazy photos, and, naturally, the sporadic human error in application forms. The Pi Network underlined how crucial it is to strengthen our data game in order to ensure a quick and safe KYC procedure.
Cracking the KYC Code: Solutions in Action
This is where the Pi Network shows off its prowess in solving problems. They've taken the following actions to address the missing data directly:
1. Comprehensive Application Reprocessing:
They released a code extraction upgrade back in November 2023, saving 200,000 of the startling 1.5 million blocked applications.
2. Improved Algorithm:
When round two of the code magic went online in mid-December, 532,000 applications out of the remaining 1.3 million were made available.
3. Resubmission Opportunities:
Offering a resubmission window to around 768,000 applicants, they were able to unblock 123,000 applications by the end of December, which was a wonderful accomplishment.
4. Validators Review:
Seize the opportunity to rejoice over the upcoming release of lessons and a sleek new design for KYC Validators, which will help to smooth out any kinks left by missing data.
The Pi Network team emphasized that this is a continuous dance with difficulties, highlighting the significance of attending to every detail in order to improve the KYC procedure as a whole.
Beyond Missing Data: The KYC Saga Continues
But there's still more! The blog post went beyond simply filling in the blanks. It provided a plethora of developments on different KYC fronts:
Improved Liveness Video Processing: With the introduction of a customized remedy, the backlog of KYC applications experiencing video processing errors dropped from 153,000 to just 19, 000. Efficiency, huh?
Unblocking Applications with Watermark Issue: A specific measure that came in like a hero in December 2023 freed 1,367 Pioneers who were having problems with watermarked photographs. Let the cheers begin!
Name Comparisons and Appeals: To help Validators tackle the challenges of name comparisons, new designs and tutorials have emerged. The Pi Network is working on this capability, however the metrics are currently being developed.
Pi Network's Commitment: Navigating the KYC Seas
This is not a case of a tech repair and move on. The Pi Network's resolve to navigating these KYC obstacles is consistent with its overarching goal of creating a strong and diverse peer-to-peer ecosystem. This is a call to action for us early adopters: keep learning, stay involved, and let's make sure the switch to the Open Network goes as smoothly as possible.
In Conclusion: Cheers to the Pi Fam
That concludes our in-depth look at the newest and best from Pi Network HQ. It's more than simply KYC; it's a picture of a community coming together to overcome obstacles and an insight into the workings of the organization behind the scenes. Cheers to the Pi family, the unsung heroes that made this adventure something to remember.