Following the popularity of my last blog post on Humaniq I decided to do some more research on the project, this time gathering information on the technological innovation driving the project forward.
The aim of Humaniq is to bring banking to the unbanked. With 2 billion people worldwide without a bank account in places like sub saharan Africa and Latin America, the project is immense in scope. However, the team at Humaniq have identified why this is the case and have been working on a simple yet ingenious solution.
Alex Fork - President Founder of Humaniq
According to Alex Fork (President Founder of Humaniq) there are three main reasons so many people lack access to a bank account:
(1) Lack of minimum funds
(2) Lack of ID
(3) Geographical distance to the nearest branch
The Humaniq app aims to eliminate all three of these barriers with a simple phone app. The user simply has to take a photo of themselves, record a video of them smiling and grinning, and pronounce the randomly selected text shown on the screen to record their voices. According to Humaniq, the app utilises face recognition algorithms for neural networks to identify a user with incredible accuracy.
This registration process can be done within 20 seconds, after which the user is now able to use mobile banking technology.
Humaniq is also offering users an initial deposit of Humaniq tokens (HMQ) once they pass the bio-identification process. It will also support bitcoin and ether. The HMQ tokens will be used as a medium of exchange for users on the platform, where they can get paid for tasks by third party services that plug into Humaniq such as insurance, data security, small business loans and pensions.
Users will also have the possibility to earn more tokens by performing simple tasks using the app. This is going to be done through a variety of ways such as verifying information about geographic locations to improve google maps, going through websites and checking to see if the links work or moderating comments and videos on YouTube.
With money coming in from companies and individuals requesting work to be done, they offer a task and the currency they want to pay for it in such as HMQ, bitcoin or ether. Users then select the task they want to do, agree on a price with the requestor and once the task has been completed satisfactorily, they get paid.
The app could be described as a kind of Pokemon Go for the Third world (http://www.networkworld.com/article/3099092/mobile-wireless/the-cia-nsa-and-pokmon-go.html), except where the users get paid.
There are is still a lot that needs to be done before Humaniq can be successful, namely the provision of widespread internet access and an abundance of smartphones to the Third World, where even a supply of electricity is no sure thing.
However, the app can make fast progress in places where this technology does take hold, by bringing economic empowerment to communities and uplifting people out of poverty.
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