Humaniq – What is it?

Humaniq – What is it?

Latest on Humaniq

The Humaniq Team has been busy lately. Currently, they are at the GSMA - Mobile World Congress in Barcelona where Grigoriy Adagamov, the head of digital marketing spoke with representatives from Fido Alliance about trends in biometric identification systems and explained their own solution. This was alongside Electroneum which we reported would be participating at the summit also. Earlier in the month they were at the Africa Tech Summit when they tweeted:

They also reported a partnership with the Biometrics Institute where they will network with other members on security, technology and ethics issues. The mission of the Biometrics Institute is to promote the responsible use of biometrics in an independent and impartial international forum for organizations using biometrics and other interested parties. The Biometrics Institute has over 230 organizational members (representing close to 900 individuals) from around the world including governments, private sector users, suppliers and academia such as Barclays Bank, the Dutch Police, Facebook, The FBI, Heathrow Airport, The Irish Passport Service, Mastercard, Norwegian ID Centre and others.

Humaniq isn't currently sitting in the Top 100, however, they are trying to solve a real problem which is bringing banking to the unbanked.

 

What is Humaniq?

Humaniq aims to build a banking solution for the third world. There are billions of people without access to banking services, yet, they have access to a mobile phone. Humaniq will implement biometric identifiaction into an app to build a secure transaction platform.

Fundamentally, Humaniq is a mobile wallet for transacting and storing Humaniq Coins (HMQ). The Humaniq smartphone app will use universally recognizable symbols designed to work on the cheapest Android smartphones. The barriers for use are low, with voice and face recognition technologies used so that the uneducated and the undocumented can access the app and open an account. HMQ tokens will be designed as non divisible and are solely meant to be a store of value and an instrument for payments. 

Per their FAQ Sheet:

Why use the Blockchain to make payments?

The Blockchain is a decentralised way of confirming transactions that steps into the breach that has been created by centralized banks not serving 2 billion people around the world. The Blockchain allows payments to be checked and confirmed so there can be no double payments or lost payments, without there being a centralized authority. This technology therefore underpins an expansion of banking services to those currently shut out from the digital economy because of the existing banking infrastructure.

Why the Ethereum Blockchain?

The Humaniq app runs on the Ethereum platform, which is a way of running Blockchain-based, decentralized apps without unnecessary complexity and risk entailed in deploying a new Blockchain. The Ethereum Blockchain, which was first launched in the summer of 2015, is a well-established platform to provide secure banking without a central server. Using a ready and operating Blockchain allowed us to create a solution to the need for security for transactions quickly, without needless expenditure or loss of quality. This allows us to put more time and energy into concentrating on what matters most: our people-focused business model.

ICO Launch and 2017 Successes

Humaniq’s first year, 2017, saw the launch of their successful ICO which raised over $5m USD in three short weeks. They went global, launching the Humaniq App for the unbanked in a score of countries, from Senegal to Tanzania, in the autumn and reaching tens of thousands of downloads in the Play Store in a few short weeks in November. To cap the year off, they forged new partnerships with the companies Coinfirm, Deloitte and Manigo and new promising startups with the Humaniq Global Challenge.

Roadmap for 2018 and beyond....

Through their 'Humaniq Global Challenge' they will work with innovative startups to explore the needs of the global unbanked and pinpoint the possibilities. They saw great success in Q1 during an expedition to Kenya which attracted 450 competition entrants. This led to both engaging potential users across the East African nation, including scores of organisations of thousands of people, and to three promising future partners refining their business plans as they move towards their own ICOs.

They plan to continue the competition as an annual project, with a second challenge in late 2018. This will allow them to continue the engagement with their new and prospective community of users, and growing family of partners.

Currently, it is a top five app in the sub-saharan Africa region which has motivated their team of top developers from around the world as they work to refine the Humaniq App.

Their team have released upgrades, including a new data-light chat system that can also be used to make transactions, and a referral system that reimburses users transacting who have referred new active community members. The team will continue to add to the app’s functionality in 2018 to ensure it is easy-to-use and fits with the grain of the lives of those joining their community.

They are currently exploring creating QR codes that will allow easy peer-to-peer transactions between users when they are offline, such as in the street-market, in situations when they have no data. And in another major update they will add the capability to make calls within the app, to further strengthen the ability of users to connect and for the community to grow.

This team is ambitious and they plan to reach one million app users before 2019.

 

 

 

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