Pi Network - What is KYC verification ?

 Pi Network KYC verification 

KYC process within the PI network just stands for know your customer. And it's a way to comply with legal regulations to actually verify the identity of a customer or a user. Currently, you can only use the YOTI app to verify your identity. And only once you have been asked within the PI application to proceed with the KYC process.

Welcome to another blog, I want to talk with you about KYC in the Pi network, what it means, why it's needed and what you need to complete it.Now, the reason why I want to talk about this is because since I joined the Pinetwork, initially, roughly two months ago in August, 2020, Ive seen a lot of people asking what is KYC and so on.

And I figured Im going to make a blog about it.So everybody has the answers at hand and there is no confusion anymore.Lets start with what is KYC?

KYC stands for know your customer, and its a requirement in most countries when it comes to financial instruments.

So for example, when you want to go and open a bank account, the bank has to do a KYC process, means they have to verify your identity and so on.

And this applies to trading platforms, bank accounts, and a lotof other things in your daily life.

So its just an acronym for know your customer.Now, how does KYC work within the PI network?PI itself doesnt do the KYC process, but they currently relyon a third-party app called YOTI.

So instead of PI, asking you to send them your passport or another ID and so on.

They basically use third party verification.So what you will need to do, you will need to download the YOTI app and there, follow the process to provide your identity.Usually, this will mean that you need to upload a passport.

Now dont worry.If you dont have a passport, you may also be able to get YOTI verified with a national ID.But even if that doesnt work, dont worry because along the way,

 the PI developers will also add possibilities for you to verify your identity,so to complete your KYC process with other options other than yoti

Now once you've set up your YOTI app, you cannot initiatethe KYC process by yourself.But currently PI has a couple ofverification slots and randomly assigned them to you.

So eventually you will see a popup in your Pi app that tells you that you are now chosen and that you can complete the process.

And then you just have to follow along.

If youre not sure if youve already completed the KYC process or not.All you have to do is in your Pi app in the top left, go to the menu.

And then from the menu, go to profile and in your profile, you willthen see the checkboxes for phones verification, Facebook verification,and KYC identity verification.

If it looks like on my phone here where you have three greencheckboxes, you are fully verified.Dont worry.

If you sign up with Facebook, you will not have the optionto verify your phone number.Only in my case because I signed up with the phone number first,then linked the Facebook account.

I was able to verify both, but its not needed.You only need to verify one.So either your phone number or your Facebook account, and if you signed up for Facebook, youre automatically verified for Facebook.

And the green check mark when it comes to the identity, verification will only be there once you completed it.Now again, you cannot start the verification manually.

All you can do right now is download the YOTI app.Im going to put a link to it in the description down below and prepare your YOTI account so that your identity that is verified in there.

And once PI asks you to verify your identity, you will basicallybe able to complete the process in less than 30 seconds.

So to sum things up the You cannot trigger the process on your own.Youll have to wait for it to show up.And if you cannot verify your identity with YOTI, 

all you have to do iswait because the PI developers will eventually introduce alternate ifmethods to complete that process.

Now before I let you go, I want to quickly point out that you might also want to watch, I published recently.Im going to put a card up here where Im talking about other common questions when it comes to Pi.

So you may also learn a bit more about PI, how it works, and a lot ofother things thats pretty much it.Thanks for watching.See you in one of my other until then.Bye bye.

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