Pi Network Unveils Open Network: A New Era of Trust in Crypto

Pi Network, a pioneering cryptocurrency platform with over 60 million engaged community members, has activated its Open Network phase, marking a significant milestone in the evolution of secure, identity-verified blockchain transactions. This transition from the Enclosed Network period to the Open Network enables external connectivity, ushering in a new era of trust and compliant business opportunities in the crypto space.

Dr. Nicolas Kokkalis, Pi Network Founder and Head of Technology, emphasizes the significance of this shift: "Today's Open Network launch represents a fundamental shift in how people and businesses can interact with blockchain technology. A unique ecosystem where every transaction occurs between verified participants – whether individuals or businesses – establishes an unprecedented level of trust and compliant business opportunities in the crypto space."

The platform's novel approach combines accessibility with security through required identity verification protocols. Individual users must complete Know Your Customer (KYC) verification, while businesses must undergo Know Your Business (KYB) verification. This secure foundation supports a thriving ecosystem that includes a community of over 19 million KYC-verified users, over 10 million Mainnet users, more than 200,000 decentralized nodes worldwide, over 100 Mainnet-ready applications, and a growing network of KYB-verified businesses.

Dr. Chengdiao Fan, Pi Network Founder and Head of Product, explains the importance of security and compliance: "By requiring identity verification for all participants, we’re creating a safer Web3 environment where users can more confidently engage in transactions knowing their counterparts are verified entities."

For businesses seeking to integrate with Pi Network’s ecosystem, particularly those in crypto services, exchanges, or wallet solutions, KYB verification is now available through the official Pi Network platform. This verification process ensures regulatory compliance while maintaining the network’s high-security standards.

Pi Network, founded in 2018 by a team of early innovators in blockchain and social computing, is a community of tens of millions of humans mining Pi cryptocurrency to use and build the Web3 app ecosystem. The blockchain platform offers a mobile-first mining approach, with low financial cost and a light environmental footprint within the crypto space.