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Pi Network KYC Verification - What You Need To Know About It - YouTube
Channel: Christian Rauchenwald
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Welcome to another video with
me Christian Rauchenwald.
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Now in today's video, I want to talk
with you about KYC in the Pi network,
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what it means, why it's needed
and what you need to complete it.
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Now, the reason why I want to talk about
this is because since I joined the Pi
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network, initially, roughly two months
ago in August, 2020, I've seen a lot
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of people asking what is KYC and so on.
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And I figured I'm going
to make a video about it.
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So everybody has the answers at hand
and there is no confusion anymore.
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Let's start with what is KYC?
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KYC stands for know your customer, and
it's a requirement in most countries
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when it comes to financial instruments.
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So for example, when you want to go
and open a bank account, the bank has
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to do a KYC process, means they have
to verify your identity and so on.
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And this applies to trading
platforms, bank accounts, and a lot
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of other things in your daily life.
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So it's just an acronym
for know your customer.
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Now, how does KYC work
within the PI network.
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PI itself doesn't do the KYC
process, but they currently rely
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on a third-party app called YOTI.
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So instead of PI, asking you to send them
your passport or another ID and so on.
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They basically use third
party verification.
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So what you will need to do, you will need
to download the YOTI app and there, follow
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the process to provide your identity.
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Usually, this will mean that
you need to upload a passport.
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Now don't worry.
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If you don't have a passport,
you may also be able to get YOTI
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verified with a national ID.
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But even if that doesn't work, don't
worry because along the way, the PI
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developers will also add possibilities
for you to verify your identity,
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so to complete your KYC process
with other options other than YOTI.
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Now once you've set up your
YOTI app, you cannot initiate
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the KYC process by yourself.
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But currently PI has a couple of
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verification slots and
randomly assigned them to you.
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So eventually you will see a
popup in your Pi app that tells
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you that you are now chosen and
that you can complete the process.
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And then you just have to follow along.
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If you're not sure if you've already
completed the KYC process or not.
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All you have to do is in your Pi
app in the top left, go to the menu.
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And then from the menu, go to
profile and in your profile, you will
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then see the checkboxes for phones
verification, Facebook verification,
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and KYC identity verification.
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If it looks like on my phone
here where you have three green
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checkboxes, you are fully verified.
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Don't worry.
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If you sign up with Facebook,
you will not have the option
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to verify your phone number.
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Only in my case because I signed
up with the phone number first,
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then linked the Facebook account.
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I was able to verify
both, but it's not needed.
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You only need to verify one.
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So either your phone number or
your Facebook account, and if you
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signed up for Facebook, you're
automatically verified for Facebook.
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And the green check mark when it comes
to the identity, verification will
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only be there once you completed it.
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Now again, you cannot start
the verification manually.
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All you can do right now
is download the YOTI app.
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I'm going to put a link to it in the
description down below and prepare
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your YOTI account so that your
identity that is verified in there.
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And once PI asks you to verify
your identity, you will basically
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be able to complete the process
in less than 30 seconds.
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So to sum things up the KYC
process within the PI network just
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stands for know your customer.
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And it's a way to comply with legal
regulations to actually verify the
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identity of a customer or a user.
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Currently, you can only use the
YOTI app to verify your identity.
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And only once you have been
asked within the PI application
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to proceed with the KYC process.
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You cannot trigger the
process on your own.
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You'll have to wait for it to show up.
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And if you cannot verify your identity
with YOTI, all you have to do is
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wait because the PI developers will
eventually introduce alternate if
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methods to complete that process.
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Now before I let you go, I want to quickly
point out that you might also want to
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watch the video I published recently.
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I'm going to put a card up here
where I'm talking about other common
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questions when it comes to Pi.
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So you may also learn a bit more
about PI, how it works, and a lot of
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other things that's pretty much it.
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Thanks for watching.
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See you in one of my
other videos until then.
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Bye bye.
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