Humaniq takes an innovative approach to the blockchain, using it to do good. It provides self-deploying financial infrastructure for those who do not otherwise have access to banks or have extremely limited access. This project has support from more than 10,000 investors, along with the United Nations, due to the good it can do for the world as a whole. So far, 12,341 people have joined Humaniq, and this figure continues to grow. This mobile bank is now in its fourth generation, with plenty of experience to back up its network, development, and more.
Who Does Humaniq Help?
The team behind Humaniq created the project to bring millions of people who are unbanked into a single financial network. It allows everyone around the world to experience the benefits associated with financial inclusion, regardless of access to a physical bank near them. It also provides these groups with more than just the basics of banking; they get an inclusive list of financial services.
The number of people without access to any official financial services is more than the average person in developed countries assumes. Data from the Global Financial Inclusion Database of the World Bank show that about 2.455 billion adults on Earth are without access to banks. To put it in perspective, this is 53 percent of the adults in the world.
Humaniq can also help startups and other related projects by making it possible for them to bring their services to billions of people around the world.
How Humaniq Thinks Big
There are other online banks that use the blockchain, but Humaniq takes a much larger-scale approach. The team has the goal of connecting the billions of people worldwide without the ability to bank. The team has looked at the 10 years of research by those who wrote Portfolios of the Poor, which focuses on Asia and Africa. That research shows that not only is poverty rampant in these areas, but there is no access to banks. There is a theory that the lack of access to financial services is directly related to poverty. Humaniq is on its way to becoming the most efficient and straightforward method of bringing financial institutions to these people.
To further help solve the problem, Humaniq is taking a careful look at Metcalfe’s law, which states that a network’s value is proportional to the square of the total users. That rule means that as more unbanked people join Humaniq and get access to financial institutions, the network will grow, and others will become more motivated to join, as well.
How Does Humaniq Provide Security and Simplicity?
To effectively reach the billions of unbanked around the world, Humaniq needs a simple method, but to protect their banking information and money, it also requires security. The blockchain and overall structure of Humaniq provide the solution to both potential issues.
The system uses biometric authentication, verifying users with their voice and face, so there isn’t any need to waste time or resources on formal documentation. When signing up, each new user receives the equivalent of $20 in HMQ, and its value has no relation to the local currency of the user, ensuring equality for all users. The team also designed the interface with simplicity in mind, making it possible for even those with no technological background or familiarity with smartphones and tablets to use Humaniq.
How Does Humaniq Help Businesses?
The great thing about Humaniq is that in addition to helping those without access to banks, it also helps businesses. Companies who use it will get the security associated with the Ethereum blockchain protocol. In other words, the complete decentralization ensures security against loss of information, corruption, and hacking. To make it even better, external projects and any promising ideas will receive support from experts, along with an investment in their launch to enter the Humaniq system. Because of the system’s open API, any project can merge, creating an opportunity for all businesses.
How Else Does Humaniq Stand Out?
In addition to the specific benefits for the unbanked and businesses, Humaniq allows for remote work, as companies can rely on the user base to complete tasks related to information processing. These can include locating geotags, translating texts, identifying photos, and more, all in return for some remuneration.
Humaniq will also manage to help others without falling into the risk of corruption associated with other charities. Between the Humaniq infrastructure and blockchain transparency, stakeholders can clearly see how each cent is spent, ensuring that it all goes to help others.
With the system in Humaniq, everyone on the planet can get a commission-free loan with just the app and a smartphone. Humaniq will also turn into a platform for donations and loans, helping entrepreneurs with low income. Blockchain technology makes it straightforward to give money to a company you support, whether as a direct grant or as a loan. Best of all, there are no fees for money transfers due to the use of HMQ cryptocurrency. Users can even choose which point to exchange at, taking advantage of the best rate.
What Are Humaniq’s Plans and Hopes for the Future?
Humaniq plans to continue growing its user base and hopes to get at least a billion new users within the coming years. That figure is around 40 percent of the current population of unbanked adults in the world. With this figure in mind, there is the potential of $4 trillion in user accounts. There are also more than 200 startups with plans to enter the Humaniq platform.
Humaniq carried out an ICO in December 2016 and raised over $5million towards the project :
Our ICO (Initial Coin Offering) was the first major opportunity to obtain Humaniq tokens and join the global community that uses HMQ and believes in HMQ as the digital currency for the many. It followed a pre-ICO in December 2016 which raised $110,000.
The opportunity to be part of Humaniq was widened to many more people in the ICO from the 6th April to the 27th April. There were in total 11,600 participants who made an average contribution of $430, raising $5.1m for the project.
How to Buy Humaniq
Purchasing Humaniq with “Fiat” currency is not currently possible, so the easiest way to purchase it at the moment is by buying either Bitcoin or Ethereum and then swapping these for it on an exchange. In this section we will show you how you can purchase Humaniq with a Credit or Debit card using the Coinbase website and then swapping it for HMQ at Changelly.
Register at Coinbase
For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.
You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines. Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.
To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.
Coinbase will then send you a link via email to verify your email account, once you click the link in the email you will be taken to a verification page. You must then add your phone number and upload a photo of your ID – this can be a passport, driving license etc. You also have to add your payment details, so you can add your bank account or a debit or credit card as required – after a short period your account will then be verified and you can then make your first purchase.
Purchase Ethereum or Bitcoin
For this guide, we will be purchasing Ethereum to swap for our target cryptocurrency. The reason for this is that it has far cheaper fees than bitcoin for sending and the transaction also happens a lot faster. So in Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.
You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.
The next stage, is to use the Changelly website to swap your Ether for HMQ. Use this link and enter how many Eth you will like to convert and it will show you how many HMQ you will receive in return, if you are happy then go ahead and click the green “Exchange” Button.
On the next screen you will be prompted to register an account which you can do so by using a social media account or entering your email address.
Once that’s done, you will be taken to a page showing the transaction details – check it over and make sure the amounts are correct. Once you are happy click the green “Next” button.
On the next screen, you will be prompted for your HMQ wallet address where you will receive the coins. Paste this into the box and click the green “Next” button.
You will then be shown a final confirmation screen, again, make sure all details are correct before proceeding.
Changelly will then provide you will an address to which you mush send your Ether, so copy the address that they give you and then head back to your coinbase account.
Send Your Ethereum or Bitcoin
In Coinbase, click the “Accounts” and Select your Ethereum Wallet on the left and then click “Send”.
Enter the address that Changelly gave you before.
Click “Continue” and then you may have to confirm the transaction with your email or phone if you have 2 factor authentication enabled.
The transaction will now be sent over the Ethereum network and will take a short while to arrive – you can check in your Changelly account where it will notifiy you of the following steps :
- Waiting for payment
- Sending to your wallet
Once it’s complete a confirmation message will appear on the screen saying “Transaction Complete”. You can now check your Humaniq Wallet where you can confirm you now own your HMQ.
In the ever-expanding world of blockchain technologies and cryptocurrencies, the approach of Humaniq is refreshing due to its focus on doing good and helping those around the planet. This innovative use of the blockchain can make a significant positive impact on the lives of those who currently do not have access to banking. Its status as a worldwide mission providing life-changing technology shows how people can use the blockchain for good. Based on the whitepaper and sponsors, the goals seem very feasible and worthy of support.