Today, Pi coreteam announced on the app’s screen the extension of the 6-month period. Today, I am making this post to summarize some key points from the current app screen announcement regarding the 6-month extension.
The main content of this article is about people who have never received a KYC invitation, those who are stuck in KYC, and those who are in the expected KYC state. It does not address those who have passed KYC and have their Pi in the wallet. The responsibility of those who have passed KYC is to encourage their referral group to complete their KYC immediately.
Here, I will summarize the entire content of the current announcement on the app screen:
The 6-month grace and extension period: For those who have never received a KYC invitation, you must complete KYC within the first 3 months, meaning from now until September 30, 2024. In the 6-month period, you must complete the steps in the mainnet checklist to move to the mainnet. These are the two main points: KYC must be completed within the first 3 months, and moving to the mainnet must be completed within 6 months.
Upcoming changes to the main screen interface and the checklist will include a countdown clock or a pop-up notification window for each specific user. The countdown clock will show how much time you have left for KYC and how much time you have left to move to the mainnet. This will help remind pioneers of their respective deadlines to submit and complete the migration process, urging them to act as soon as possible.
The Pi Core Team has stated that in the upcoming KYC process, most pioneers will be able to complete their KYC and migrate to the mainnet within the 6-month period. For those who have not yet completed their KYC, be ready to complete your KYC from now until September 30. You must complete KYC within the first 3 months, and complete the mainnet checklist within 6 months, from now until December 31, 2024.
The announcement stresses that if accounts do not complete KYC within the first 3 months or do not move to the mainnet within 6 months, there will be a repeated process. This is why the Core Team mentioned the 6-month grace period. For example, if someone does not complete KYC within the first 3 months starting from July 1, 2024, they will lose the Pi mined before that date. The Pi mined from July 1 to the next 6 months will be retained, and the process will continue in this manner.
For those who have not submitted their initial KYC application, the first deadline is 3 months, not 6 months, to ensure enough time to complete the remaining steps and migrate their Pi within 6 months. The 3-month initial period for current pioneers will be shown in their timer feature and interface.
The article outlines that if a pioneer misses either of the grace periods, they will only retain the Pi they have mined in the past 6 months before their Pi is first migrated. This means that if you do not complete KYC within the first 3 months or do not move to the mainnet within 6 months, you will only retain the Pi mined in the past 6 months.
Regarding those who are not eligible to submit a KYC application, the article suggests this includes children under 18 years old. The Core Team will likely include options in the new interface to identify those who are not eligible. The timer will be paused for these individuals and will resume once they become eligible.
For pioneers with an expected KYC status (orange KYC), the 6-month timer will be paused and will resume once the issue is resolved. The same applies to those whose KYC application is stuck for more than a month.
For new pioneers, the timer will start after 30 mining sessions, and the extension period will apply accordingly for new joiners after 2024.
These are the key points I wanted to share in today’s post. Thank you for reading. Please follow and upload the next post. Goodbye, everyone!
