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Over 2 billion people do not have access to traditional financial institutions that can provide them with modern financial services. These institutions simply cannot reach them, and that forces these people to transact only using notes and coins. Moreover, according to a World Bank estimate, there were over 1.5 billion people in the world with no identification documents in 2016 – so even if there are financial institutions in their area, they are unable to use their services.
Enter the Humaniq project. Humaniq is a blockchain-based project that will allow the unbanked to have access to modern financial services, as long as they have a smartphone with a built-in camera in it and internet access. Humaniq’s goal, according to their white paper, is to integrate 2.5 billion people into the global economy, empowering them and giving them a chance to emerge from poverty.
The goal will be achieved through an egalitarian emission mechanism in which the amount of coins one user can mint is limited. In order to mint coins, however, there is no need for specialized hardware, electricity costs, or a wallet already filled with coins. The project’s GUI is also based on easily understood symbols, not text.
Humaniq describes it as proof-of-face and believes it to be the fairest possible system. Essentially, every user has to go through a biometric identification process that takes less than 20 seconds to pass, and requires no e-mail or identification documents. One’s identity is accurately verified with a modern facial recognition algorithm, so the process consists of taking photos, recording videos and speech, and making facial gestures.
After passing the biometric identification process, every user then gets a Humaniq wallet that requires gestures similar to those used in the bio-identification procedure to unlock and use. The wallet comes with free coins, and it is also possible for users to earn additional coins by either inviting friends or making transactions.
Creating new possibilities
Since Humaniq works with a biometric identification process, all a user really needs to be awarded free coins is a smartphone with a microphone and a front-facing camera. This piece of hardware costs around $10-$15, an investment users can quickly regain after getting their coins.
Humaniq is then going to give users access to financial services such as loans, credit, and insurance. Giving over 2 billion people access to small cash supplies and these financial services is going to significantly improve living standards throughout the world, especially in emerging economies.
Getting to such a huge amount of people is certainly a challenge. In order to do succeed, Humaniq will work with local companies and brands, ultimately becoming the de facto currency in emerging economies.
As most currencies, Humaniq will reward early adopters with a little extra amount of money. The project’s creators assert they have enough money to take care of everything, but believe it is fair for everyone to invest in the project and help create a new de facto currency that can unite the world. The ambitious goal is similar to the one Facebook CEO Mark Zuckerberg has, that led him to buy the internet.org domain.
Instead of going with venture capital, the founders decided to go another way. Starting on the 6th of April 2017, there will be an Initial Coin Offering (ICO) that will last 20 days. During the ICO, payment options are limited to the two biggest cryptocurrencies: bitcoin and Ethereum. One ether will buy 1,000 HMQ, plus bonuses.
Up until the 22nd of April, early adopters get bonuses that range from 49.9 to 12.5 percent. If you believe in the project, and in what connecting 2 billion people to the world economy with the use of blockchain-based financial services can do, we encourage you to become an early adopter. The Pre-ICO received 99 BTC and over 3100 ETH, leading to the distribution of 31824818 HMQ tokens.
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