Posted in Cryptos on June 15th, 2017
A random number led me to this next random cryptocurrency. Humaniq posits that they will bring Banking 4.0 to the 2 billion people who are lacking access to a banking institution. The premise is that people who do not have access to these institutions have access to technology. Specifically, mobile phone technology. Let us continue this random walk with – Humaniq (HMQ).
In modern finance, one can walk into any bank and with proper identification, open a bank account. The bank can also provide financial services, either providing loans or credit, depending upon the person’s credit rating. This can also be done electronically. For many who live, having proper identification is hard enough. Also, local economy may not support a physical bank to provide financial services. Also, many times, the “un-banked” people live in rural areas. It may not be viable to offer physical banking services to the rural communities. Humaniq may provide be able to provide the platform that will allow people in these regions access to financial services through their mobile phones. However, the phones will require a front-facing camera. Smartphone technology may be accessible enough for a considerable amount of people in the third world, but I suspect it will be a lot less than the 2 billion target.
Micro-lending was a very popular topic many years ago. The effects of micro-lending has been reported to have positive effects in the rural community. Humaniq has noble intentions to service the people without banking services. Using facial recognition technology and voice identification, this will allow a person to open an account and earn HMQ. There will be a maximum of 860 HMQ can be earned per person.
Here are some stats on HMQ (as of 6/14/17) ------------------------------------------- HMQ is built on the Ethereum blockchain, using smart contracts. HMQ was started in December of 2016 HMQ pre- ICO - December 2016 : ~99 BTC and ~3122 ETH collected, ~28 million HMQ supply ICO April 6-26, 2017 : 11,860 participants, $5.163 million raised (?over 8000 BTC collected?) HMQ in circulation - 145 million HMQ total supply - 184 million (?max supply 921 million?) HMQ market cap of HMQ in circulation (@$0.18) - $26 million HMQ to limit the "amount of coins that one person can mint" using proof of face (POF) HMQ supported by Liqui and Bittrex exchange
These coins are integer based, cannot be subdivided below 1. This was done for simplification, but seems counter-intuitive. What if the economy is in hyperinflation? Sure, then HMQ becomes more valuable as the local currency inflates. Let us say 1 HMQ equals 10 “dollars” in local currency. Unless one buys a product in multiples of 10 “dollars”, how would a person purchase a product that is 25 “dollars” or less than 10 “dollars”?
Scale may be an issue. If the max supply is about 921 million and each person signed up with bio-identification will receive 100 HMQ. If more than 10 million people sign up, then more than 1 billion coins would have to be minted.
It would interesting to see which facial and voice recognition technology will be used and integrated. It would have to be simple for anyone to use, but how will it handle twins? Also, what is the usability of this biometrics in the field?
A very large team: 3 senior management, 16 advisory board, 8 team members, 9 ambassadors. It seems they are outsourcing all the development.
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