Humaniq is a blockchain-based project aimed at giving the 1 billion unbanked people around the world access to banking. One of the major problems for people in developing countries is the lack of methods of identification, which in terms restricts their access to banking services. These people are excluded from the global economy, having no reach to the worldwide financial infrastructure whatsoever.
The Humaniq Crowdsale managed to raise $5 163 000 worth of ETH at the time. The Humaniq token is used for payments and available for purchase within the platform. There are currently 185 286 753 HMQ in circulation, with a total supply of 206 618 753 HMQ
Biometric Identification:
Humaniq uses a combination of biometric identification and blockchain, acting as a decentralized bank. To start using Humaniq, one would need a simple smartphone, the Humaniq app and internet connection. Humaniq does not require any formal ID such as a passport or a driver’s license to use. Simply perform a quick face-scan and you’re good to go.
Thanks to Humaniq’s blockchain, it is possible for anyone to track where the currency’s coming from and where it’s heading, making for a clear, transparent payment ecosystem.
Sending and receiving money in the Humaniq platform is instant and almost zero-cost which makes it perfect for micropayments. It involves no middlemen whatsoever and excludes the hassle of having to convert one currency to another.
Humaniq’s user base and platform can be utilized by companies to perform tasks like translation, geotag location and many more, in return for financial compensation.
While Humaniq’s concept seems amazing at first glance, its execution is far from perfect. Biometric ID technology on smartphones is far from advanced, and multiple tests with Humaniq’s facial recognition resulted in being logged with another user’s account accidentally. Not to mention, facial recognition systems are extremely prone to being hacked as it’s very easy to get a hold of person’s photo and use that as a method to maliciously gain access to their account.
Humaniq’s goal isn’t only commercial, it’s also broadly humanitarian by nature. Despite the growing user base and development of the platform, the obstacle of poorly advanced biometric recognition in smartphones remains. However, the sector is sure to improve, with companies like Google and Amazon investing millions into biometric research and development each year. It’s only up to Humaniq if it can withstand the test of time.
