Humaniq is a blockchain banking 4.0 application for mobile devices that runs on the iOS or Android operating systems. Humaniq is based on the Ethereum Blockchain protocol and along with the core banking operations, will also allow 3rd party companies to plug into the app and offer services such as P2P lending, business loans, personal loans, insurance, and data security.
The company was founded by Alex Fork in 2016, with testing and global rollout of the application planned for 2017. Humaniq will be generating their own Blockchain toumaniq’s target audience is the over two billion unbanked people around the world, who are currently denied access to the global economy and financial services. By using a simplified user interface with biometric identification rather than passwords and email, that only requires the simplest of Android smartphones to use, Humaniq is bringing accessibility to this audience for the first time.
On April 26th 2017 3-weekICO of Humaniq was finished. With the help of 11,600 participants this crowdsale raised $5.1 mln. After funding is secured, the long-term roadmap will come into play. A prototype of the app should be ready by late May, with initial rollout and live beta testing in July in select communities in Africa and India. Full global rollout is expected to happen by October.
Humaniq (HMQ) - Decentralized Banking.
ICO start date: 2017-04-27
Humaniq is a financial ecosystem built on blockchain, focused on simply and quickly connecting unbanked people to the global economy. It combines blockchain bank as a core platform for financial services and technology start-ups, biometrics that replaces passports and signatures, ICO and distributed ownership instead of shareholders, and an investment fund for third-party start-up acquisition and acceleration.
More information in the project whitepaper: https://docs.google.com/document/d/1VNaQeKScFIX5YN2DoIofpgwx2Hen6Cksycwvilk8g9k/edit
HMQ market cap on 12 OCT 2017: $15,209,472
HMQ price on 12 OCT 2017: $0.093391
Biometric ID will replace traditional passwords and ledger verification needed to set up a user account. A user’s face and voice are their login and password rolled into one. Face and voice recognition algorithms have become extremely accurate, and are incredibly difficult to hack. The full process is three steps: face recognition, voice recognition, and device recognition. Users will be able to use multiple devices, but may be required to submit full voice and video recognition for each device. An additional benefit of the voice and face recognition technology is that it will act as a strong deterrent to criminals and extremists from utilizing the Humaniq financial ecosystem for illicit activities.
HMQ tokens and usable currencies
For beginners with no capital to start with, Humaniq will issue tokens for completing actions within the app. Once they’ve gained enough tokens, they can exchange them with a mobile cashier for local currency, or trade Humaniq tokens directly for ether, bitcoin, etc., and begin making purchases from the third party services that will be available through the Ethereum platform.
Why give away free tokens that can be traded for real cash? Humaniq is modeling this off of PayPal’s growth model, brilliantly executed by Elon Musk. At the beginning of PayPal, they were offering new users $20 to sign up and complete full registration, and then another $20 if they referred a friend who also completed registration. We have to encourage the growth of the network until it reaches critical mass and the network itself becomes valuable, and the easiest way to do this is to offer them a small amount of money to seed the economy with. Once one person is able to trade tokens for “real” money, their friends will see the true value and there will be a competition among users, encouraged by us, to add as many people to the network as possible.
Humaniq process flow
- User-facing mobile Wallet
- Humaniq servers
- Contracts on Ethereum Blockchain
Mobile Wallet will be an interface for mobile (iOS, Android) users that provides them with quick access to their balances and lets them transact with other users/merchants. Mobile Wallet manages private and public keys for the user, which are used to sign transactions locally.
Privately hosted servers that are responsible for providing extended functionality on top of the standard token contract. Main responsibility of the servers is to relay signed transactions from Mobile Wallet to Ethereum blockchain. Service comes with Biometric ID API. Contracts on Ethereum blockchain
We plan on using the Standard Token' (ERC20) contract that keeps track of user balances and allows them to transfer tokens between each other.
Principles of Operation
Our guiding philosophy is to be as transparent as possible with users, investors, and contributors. We don’t want any of these groups feeling left out of the process. Having an engaged community of developers, users, testers, and stakeholders has a multiplicative effect on our ability to build a valuable product.