Pi Network Delays KYC Approvals Amid User Surge

Pi Network, a prominent mobile decentralized platform, has been experiencing delays in Know Your Customer (KYC) approvals and rewards distribution. The primary reason behind these delays is the overwhelming volume of applications, with tens of millions of users attempting to verify their identities simultaneously. This surge has led to a backlog, causing significant delays in the KYC process. The decentralized nature of Pi Network's KYC system, which ensures that each user represents a real individual, has also contributed to the delays. This system is designed to address identity verification and regulatory compliance, but it has struggled to keep up with the sheer number of applications.

The delays in KYC approvals have also led to delays in rewards distribution. Pi Network has been cautious in distributing rewards to avoid mass selling and a potential price collapse. Crypto analyst Dr. Altcoin believes that Pi must reach $10 before full utility can begin, indicating that the network is strategically delaying rewards to maintain stability and value. The current price of Pi Coin, which is between $0.40 and $0.50, shows that it is still in the discovery phase, where the true market price is being determined. The price has fallen from around $3 to as low as $0.40, reflecting the ongoing price discovery process.

Dr. Altcoin suggests that the Pi Core Team (PCT) has completed most of the groundwork needed to run the network, but the project is not yet fully ready to handle large-scale decentralized applications (DApps) or true peer-to-peer transactions at a larger scale. The team is holding off on full peer-to-peer use until Pi's price reaches above $10 to avoid a market crash. This strategic delay is aimed at preventing mass selling, which could weaken the community and cause a significant drop in price. By delaying KYC approvals and rewards, the team is buying time for Pi's value to grow stronger. Dr. Altcoin even hints that long-term token locking or burning some coins might be used in the future to push the price up and stabilize the ecosystem.

Despite the delays and challenges, Pi Network remains focused on its long-term goals. Dr. Altcoin believes that the network's big promise will be worth the wait. If the plan works, the network could reach real peer-to-peer utility, stronger prices, and potentially help loyal holders achieve financial freedom. The situation has left many users stuck without slots for KYC verification, raising concerns about the network's ability to handle such a large user base and maintain its decentralized structure. However, Pi Network's strong focus on regulatory compliance and identity verification sets it apart from other platforms, and the network continues to be one of the biggest mobile decentralized platforms in the world.