Pioneers still want to know the difference and meaning related to these terms in their Pi network dashboard.
Yes, it is also important to know as it leads to more clarity and understanding of the network's core objectives. The pi network is a transparent and innovative Cryptocurrency built with a proof of stake (PoS) algorithm to ensure people from all over the world mine the Cryptocurrency without draining their batteries.
So, for you that have been mining all this while, it is expected that you know the meaning of the network core of objectives as this will help you understand what you're mining.
This question, what is Unverified balance and Transferable balance, still confuses many pioneers today, so we've created this guide to explain both terms.
They related to how your mined coin will be distributed when you passed KYC, completed the network checklists, and you're ready to migrate to Mainnet.
What is an Unverified Balance?
Unverified balance means the bonus coins that you've mined with your team; those who you refer or refer you. It is difficult to move them at once to Mainnet because everyone in your circle must pass KYC.
You will notice that the Unverified balance is more than the Transferable balance, you must be asking, why is this so? Some people in the circle must have had enough mining power than you, resulting in them accumulating more coins because they also have a lot of people in their circle.
The worst-case scenario is seeing a member of your circle with massive mining power stop mining. In this case, it will be difficult to migrate those coins except if they begin mining again.
How do you get them to start mining again? There are a few ways to get them notified, examples are:
1: Send them a message telling them to keep mining to receive a KYC invite.
2: Notify them through the app. The Pi app will keep notifying them and if they still want to mine, they will be logged in and mine.
3: If you have some of their contacts, you can reach out and remind them to mine. Helping them understand the possibility of getting a KYC invite.
Employ these steps and hopefully, they may resume mining again and your Unverified balance will become Transferable if they pass KYC.
Read: How to Recover Pi Network Account
NOTE: Always invite people you know and can get in touch with them if you want to contact them. Don't use random invitation codes on the internet. Avoid this mistake at all costs, especially if you're a new miner.
Lastly, the Unverified balance is the estimated bonus of coins you've mined with the help of your security circle team, otherwise known as the referral team. They will be calculated and becomes transferable as members in the circle pass KYC.
What is Transferable Balance?
The approximate amount of Pi coins you've mined alone during every mining session.
It is the only amount of Pi coins that can be migrated to Pi Mainnet when you passed through KYC. Immediately you pass KYC and have completed the checklists, the transferable balance will be migrated to your Mainnet wallet.
If you've completed the Mainnet checklist, the accurate amount of coins will be moved automatically based on the lock-up settings.
Note: Your Transferable Balance will initially contain the Pi coins you mined alone, excluding the bonus in the Unverified Balance as they will automatically be transferable once everyone in your team passes KYC.
Read: How to Complete Pi Network Mainnet Checklists
What is Lock up Settings?
Lock-up settings mean the possibility of boosting and increasing individual mining rates in every session and the countdown begins after the transfer to Mainnet is completed, including any pending period.
You can adjust the lock-up rate and duration, but any changes you made will reflect during the next mining session.
Why should I Lockup?
It is important to lock up because it increases your mining rates and automatically locks up a portion of the Transferable balance to Mainnet upon commitment.
Pi coins continue to lock up at the rate you've set up for future Mainnet transfers unless you make adjustments.
So, now that you know what both terms (Transfer and Unverified) mean, it is also important to understand how the lock-up rate is calculated. If you have more questions about these terms, their calculations, and formulas, don't forget to ask.
I will be able to provide answers as much as I can within my knowledge.
Pi Network Mainnet Update
Pioneers are seriously desperate to know when the Core Team will release Open Mainnet and allow the users to purchase goods and services with their mined coins.
You must know that before the issue of Open Mainnet is elaborate to maximum satisfaction, issues like KYC, checklist, and migration must be addressed as there won't be Open Mainnet when all of these problems still linger.
Pi network has over 45 million active users and only 2.7 million have migrated to Mainnet, the rest are either waiting for KYC invites or applications. It is a known figure that the number of pioneers waiting for their KYC application far outweighs the ones waiting for KYC invite.
These issues must be addressed. The Core Team is the best option for reliable news, don't lean on what Facebook admins are saying.
Read: Forbes Listed Pi Coins to its List of Digital Assets
To understand, about 85% of pioneers must pass KYC before Open Mainnet and that is expected to happen next year or two. This is not from the Core Team, but our predictions.
Pi Network News
Always stay with relevant information and news coming from the official Core Team through their Twitter, which is what you should follow as every piece of information will appear in the dashboard of your Pi app.
Disregard every information about Mainnet, Pi listing, and most importantly, don't sell your Pi as we're still in the Enclosed Mainnet.
Remember selling, buying, and exchanging Pi coins for other Cryptocurrencies is prohibited at this stage. If you are caught, you risk losing everything. Staying safe during this period should be the ultimate goal of every pioneer, as there will be a lot of people who will want to take away all you've mined.
I hope you understand why these terms (Transferable and Unverified Balance) are important in this Mainnet stage. Always remember their nature so you don't miss calculating.
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