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Humaniq

Ended
Ended: Apr 27, 2017

Blockchain, mobile devices and biometric identification system

Decentralized Banking

A next generation financial service for unbanked people based on Blockchain as a platform

A blockchain fintech service that aims to expand financial inclusion with bio-identification and mobile technology. Note: The totals listed here do not include roughly $300,000 in fiat currency raised during a brief pre-sale.

Website

humaniq.co

Not Verified

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Intro Video

ICO Details

Ticker Symbol:
HMQ
Platform
Ethereum (ERC20)
Accepts:
ETH, BTC
Country:
UK

Public Crowdsale

Ended
Date Sale:
Apr 6, 2017 — Apr 27, 2017 @ 21 days
Price:
1 HMQ = 0.06 USD

ICO Overview

Humaniq is a financial ecosystem built on blockchain, focused on simply and quickly connecting unbanked people to the global economy. It combines blockchain bank as a core platform for financial services and technology start-ups, biometrics that replaces passports and signatures, ICO and distributed ownership instead of shareholders, and an investment fund for third-party start-up acquisition and acceleration.

About Humaniq Money Transfers Introduction Humaniq harnesses the power of Blockchain and AI technologies to break down barriers to earning, spending, and accessing finance. We put you in total control of all your transactions. Payments are entirely transparent and accessible at all times, and with our Blockchain-based app you can track all your funds. Humaniq Solution Our project uses Blockchain technology that frees people to make direct payments that bypass go-betweens. To send money, you simply log-in to our app, which uses facial recognition technology to ensure that transactions are secure. You can then replenish your Humaniq balance, and transfer Humaniq tokens to other users anywhere on Earth. With Humaniq’s almost zero-cost transactions, micropayments become easy-to-make and affordable. You also avoid the cost of transferring funds from one currency to another - another reason to take control of your money with Humaniq. Remote work Introduction How to access labour markets where there are more jobs, without leaving the home and people you love? Millions of people in under-developed regions are working for $2 or less per day. Living there, you have few opportunities for better prospects and a better life. But the alternative of emigrating to a country with more jobs can be a difficult choice, and hard to achieve. Humaniq Solution With the Humaniq app, everyone can now work and earn decent amounts of money online. Our app collects simple tasks companies need people to execute from partners such as Amazon Mechanical Turk. After you log-in and your identity is confirmed, you can access these tasks in a special ‘Earn’ tab. They are tasks that require no special skills, and help companies’ research in image and speech recognition technologies. Some people have this way earned up to $30 a day, giving people using our app a new route out of poverty. Aid without corruption Introduction Every year developing countries receive billions of dollars of financial aid from wealthier nations, but unfortunately, a significant portion of this funding is spent inappropriately — essentially wasted. According to the UN, the share of the funding that is lost reaches as much as 30% in some regions. Most often this happens when transferring money to the victims of natural disasters. Humaniq Solution Making sure that aid payments reach those who need them is another essential, life-changing task Humaniq can perform. Using the Blockchain technology, funds can be easily transferred to intended recipients in a way that can be confirmed. After requested assistance is provided, a special mark appears both in the Blockchain and in the Humaniq app, to prevent double spending. Thanks to the complete transparency of Humaniq Blockchain, tracking the flow of funds has never been such an easy task. And by making payments transparent, we can give people new confidence that aid organisations can effectively distribute emergency aid. Direct lending to entrepreneurs Introduction Low-income people are often unable to access finance needed to start up a business. Relatively small sums would give them a route to earn their way out of poverty. But while micro-finance can tackle this, such lenders rely on field partners to distribute the funds. This makes accessing micro-finance harder, and the field partners charge interest of up to 35%, making it needlessly more expensive. Humaniq Solution We truly believe to help unbanked people improve their life, they need a way to invest in their future so they can achieve a higher standard of living. We can support lending by cutting out the middle-men and bringing lenders and borrowers together. To do this, we are developing a Business in-app feature to let Humaniq’s partners lend and donate and app users to apply for funds. This will widen access to microfinance faster than can be achieved through branches and field partners. And it will make lending quicker and cheaper - with interest less than 10%, and transfers of funds at almost zero-cost. Finance for everyone Introduction The World Bank estimates that some 1.5 billion people in the world cannot benefit effectively from society the way they should be able to. In African states, more than 55% of the population have no formaI IDs and, in many cases, these people effectively do not exist for targeted social programs. Women in such regions used to have even less access to financial services such as credit lines and formal salaries. Humaniq Solution Humaniq plans to help сreate gender equality by connecting the female population to 4.0 banking services. Anyone — young, old, male or female — can receive loans or donations in Humaniq This will improve healthcare, income, and education. It will also remove the barriers to women registering bank account. Women will have more control over their finances and business. For oppressed women and for others without any access to banks, the barriers to financial account registration will disappear. People will gain control over their funds and their businesses. Smartphones affordable for everyone Introduction Humaniq’s aim is to bring cutting-edge Blockchain technologies to the 2 billion unbanked people in the world. Many do not even have access to a smartphone. They are shut out from the 21st Century economy, and from all the opportunities for learning, connecting and earning that smartphones provide. While costs are coming down, a smartphone that can perform mobile wallet functions still cost as much as $20, often out of the reach of the unbanked, who earn $2.50 or less a day. Humaniq Solution Humaniq will reward those downloading our app and completing the biometric ID process to confirm their identity with cryptocurrency. Now, everyone can purchase an affordable smartphone, install the Humaniq app and then potentially cover the cost of the phone within a matter of days, simply by engaging with our app, providing personal data and learning. We want to go further. We are working on a partnership that could see free phones provided, in return for the user performing future services or providing data. Boosting the Chinese economy Introduction Nowadays, nearly 95% of trade volume comes from China. Africa is seen by Chinese businessmen as 900 million potential customers in a fast-growing market. Perhaps more importantly, African societies are far from market saturation, unlike their Western counterparts. Thus, in Africa, China finds not only an ample supply of potential new customers but far less competition from other nations. The Humaniq project is really good news for China. Humaniq Solution Humaniq app will not be just another crypto-wallet. We will provide 4.0 banking which gives an opportunity for users to earn money by interacting within the app as well as attracting microloans. This means unbanked people will be able to improve their lives and to afford purchasing more goods for their families and themselves. And the more wealth is created in emerging economies in Africa, Asia and South America, the better for the manufacturing sector and export economy of China. By helping these millions of people to raise some money, Humaniq will therefore give an impulse for growing purchasing-power.

Update: Due to Chinese exchanges freezing withdrawals, Humaniq has postponed its ICO to April 6th, 2017.

The World Bank estimates that there are 1.5 billion people globally who don’t have a government issued ID. This makes it impossible for these individuals to meet Know Your Customer (KYC) guidelines and open up a traditional bank account. Humaniq proposes to solve this problem by using bio-identification to create personal identities on a blockchain.

A recent World Bank study found that more than 50% of adults in the poorest nations are unbanked. This lack of financial inclusion is a major obstacle to global poverty reduction. It is a relatively untapped market that banks have been trying to enter, but the lack of consistent, reliable identification has been a barrier to offering services.

Recently, Smith + Crown published original research about another blockchain project trying to increase financial inclusion–WeTrust. WeTrust wants to provide people without credit histories with access to short term personal loans sourced through community lending circles. While the lack of credit history is a significant hurdle to gaining access to basic financial services for some, Humaniq aims to tackle an even more fundamental barrier facing many of the unbanked–a lack of official identification.

What is the project?

Humaniq is a mobile wallet for transacting and storing Humaniq Coins (HMQ). The app will use universally recognizable symbols instead of words, in order to make it accessible to a diverse group of end users. The app will be designed with the cheapest Android smartphones in mind, making it affordable to the users who need it most.

The Humaniq app will use biometric identification technology, such as face and voice recognition, to verify user accounts in lieu of government issued ID. Bio-identification will require a smartphone with a front facing camera and a microphone. The most affordable android phone on the market that meets these specifications costs about $20. Users will be rewarded with free coins for verifying their account with bio-identification. Humaniq hopes that bio-identification will help them bring crypto-finance services to previously unbanked individuals.

Bio-Identification

Bio-identification will serve two functions on the Humaniq network–a form of identification that simulates an official government issued ID, and as a method of accessing user wallets that replaces passwords and cryptographic keys. When a new user joins Humaniq, they will be required to set up a biometric-ID that will later be used to sign them into their account. Once the biometric-ID process is complete, the user is eligible to begin minting Humaniq Coins and transacting across the network. Presumably, the biometric-ID is linked with a cryptographic hash that serves as their permanent address for sending and receiving payments.

Storing bio-identification on a blockchain is challenging–biometric-ID markers have to be linked to hash keys such that the hash key is immutable even when a person’s voice and facial features may change. biometric-IDs also have to be stored securely and accurately. A digital library of even 1 million biometric IDs (Humaniq is looking to have upwards to 2 billion users on their network) would require a significant amount of storage space and computing power to manage. A decentralized network of low-end smart phones would probably not be able to provide the resources needed. It is not clear how Humaniq plans to overcome these technical challenges. Humaniq will partner with a biometric–ID technology firm rather than creating those technologies from scratch. They have yet to announce an official partnership.

What is its role on the platform?

The Humaniq coin is intended to be used as a store of value and a means of payment. It doesn’t have any other roll on the network. In order to make the Humaniq Coin intuitive and to simplify the math involved in transactions, the coin will not be divisible. All transactions over the network will require whole integer amounts.

Ethical Token Emission

Cryptocurrency distribution globally has been concentrated in regions with the greatest access to capital and infrastructure resources. This has partly been a function of mining rewards, which distributed the majority of cryptocurrency rewards in the United States, Europe, and SE Asia.

Humaniq proposes an emission schedule that rewards users for creating identities on the blockchain and transacting over the network. In this scheme, the number of coins that a user can earn through minting is limited. Early adopters earn the largest rewards, starting at 860 coins for the first user who signs up and decreasing incrementally until it drops to 140 coins for the 2 billionth person to sign up. Coins are rewarded to users over time depending on how often they use the network, rather than all at once as a lump sum.

The emission rate will respond to the market price of the Humaniq coin, pausing when the price is falling, and resuming when the price rises. The price will be considered “falling” when the current price is less than the average price for the previous week.

Humaniq Pre-Sale

In December 2016, Humaniq raised 133 Bitcoin in their presale, worth $110,000 at the sale’s close. Since the pre-ICO, Humaniq has made significant improvements to their websites and sought out advice from experts.

What is the price?

The Humaniq ICO runs from April 6th, 2017 to April 27th, 2017. The sale will accept Bitcoin and Ethereum. 1 ETH will buy 1000 HMQ. ICO participants can earn bonuses by contributing early on in the sale, but at time of writing, the bonus schedule for the new ICO dates hasn’t been released.

Because HMQ are non-divisible, bonuses will be rounded down to the nearest whole number. The fractional bonuses that aren’t distributed will be summed together and placed in a pot. At the end of the ICO, one participant will be rewarded the pot, rounded up to the nearest whole number. The winner will be selected pseudo randomly with an edge given to users who contribute the most heavily. This will discourage users from contributing multiple times using different addresses.

How will HMQ be distributed?

The white paper says that 20% of the total supply of HMQ will be distributed in the pre-sale and the ICO. The total supply of HMQ will be five times greater than the amount sold. The white paper does not specify what will happen to 80% of the supply not sold off in the crowdsale. Presumably it will be distributed to users through the emission mechanism outlined above.

Escrow

Escrow services are being provided by three top members of the Humaniq team and two third parties. This is somewhat unusual. Generally, the purpose of an escrow is to prevent team members from accessing funds until after token distribution.

Humaniq has already has a prototype version of its application for iOS and Android. The apps aren’t publicly available, but the Huamaniq team promises to send the prototype person of the app to anyone who requests access through their website. A The full product launch is scheduled by the end of April 2017.

The Humaniq team consists of blockchain evangelists from all over the world including Botswana, Australia, Zimbabwe, Sierra leone, Ghana, Lesotho, and South Africa. They do not seem to have any developers listed on their website.

Founder Alex Fork

Cheif Marketing Officer Richard Kastelein

Bitcoin Evangelist Alakanani Itireleng

February 09, 2017 at 3:49 am, Al said:

From this article I was expecting a critic review of the Humanq project and not just a summary of their paper. Can you say something more about Humanq. Could it be a good investiment ?

Reply

April 06, 2017 at 9:41 pm, Pissent said:

Potential scam. Those 2 billion people that they went to reach don’t have any smartphone or a not familiar with crypto currency and they are not familiar how to use a smartphone.Most of the leads of this project claim to be evangelist this the title used by scammer in the developing country specially in Africa where I’m from to steal money of power and hard worker people. I see in this Ico a total and big scam. Contributing to will the a participation to a scam.you will be scammed and you will contribute to the scamming of power and hardworking people in the 3rd world.

Reply

February 14, 2017 at 11:52 pm, philip jones said:

Email me with more details,

Reply

March 17, 2017 at 2:08 am, Bronson Tang said:

Hello please send me information

Reply

April 03, 2017 at 9:08 am, Dan said:

Not much information available for Alex Fork. Very shady character. Potential scammer. be aware!! bio-identification he claim is questionable technology for this application at this point. Be very careful. there are a lot of scammers…….

Reply

April 06, 2017 at 9:42 pm, Pissent said:

Potential scam. Those 2 billion people that they went to reach don’t have any smartphone or a not familiar with crypto currency and they are not familiar how to use a smartphone.Most of the leads of this project claim to be evangelist this the title used by scammer in the developing country specially in Africa where I’m from to steal money of power and hard worker people. I see in this Ico a total and big scam. Contributing to will the a participation to a scam.you will be scammed and you will contribute to the scamming of power and hardworking people in the 3rd world.

Reply

May 16, 2017 at 10:29 pm, Gapur said:

They want to solve the problem still can’t solve the state. They claim a very loud ambitious words, but resources for this are seen clearly. Team Humaniq did one sensible thing that has not announced the timing of implementation of this project. Investors, of course with caution should embrace it.

Reply

June 24, 2017 at 8:58 pm, Raja Imran said:

how low will be the interest rate on lending money in contrast to convential banking system

Reply

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Hype ICO Stats

Team

Danny Kass
SMM, CSS
Iggy Bassi
Adviser
Alex Fork
Head of Humaniq
Segrey Blinov
SMM, CSS
Dmitry Kaminskiy
Adviser
Dickson Nsofor
Head of Global Institution
Zeeshan Mallick
CMO
Lee Baker
Writer
Javed Khattak
CFO
Anton Mozgovoy
Product Manager
David Applefield
Adviser
Kherel Kechil
Lead Frontend Developer
Ron Morris
Adviser
Rayane Hochine
SMM, PR, CSS, Operations
Matt Mckibbin
Adviser
Chami Akmeemana
Adviser
Kareem Hepburn
Developer
Michael Terpin
Adviser
Georgii Oleinikov
Developer
Serafima Semkina
CAO
Alex Bausch
Adviser
Derin Cag
CDO
Andriy Schechenko
Forum Administrator
Nick Ayton
Adviser
Peyman Irani
SMM, CSS
Olga Derbio
Graphic Designer
Tim Campbell
Adviser
Paolo Tasca
Humaniq
Dinis Guarda
Adviser

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