Humaniq describes itself as “a simple and secure 4th generation mobile bank.” The company is creating a new type of banking platform for a digital world. Here’s our Humaniq review.
What Is Humaniq?
Humaniq is a fourth-generation banking app that recently completed its token sale. The sale took place between April 6 and April 27, 2017. Today, the HMQ cryptocurrency is tradeable on major exchanges like SpaceBTC, LiveCoin, Bitlish, and Dabtc, among others.v
The core Humaniq product is the banking app, which is targeted towards the 2 billion people worldwide who don’t have a bank account. Many people in developing countries cannot access financial services. They’re either underserved by banks, or there are no banks in the region.
Traditional banking systems are archaic and not suited for the digital age. The official Humaniq website describes how the company is “dissolving all the barriers of archaic banks such as the need to come to a branch, doing endless paperwork, dealing with hard-to-use, buggy mobile apps, and protecting data with hard-to-remember, complex passwords.
With that in mind, they developed a strong, safe financial tool “specifically designed to be used by people who are under-educated or who don’t possess identification.”
Humaniq was founded by Alex Fork. The company is targeting emerging markets in Africa, Latin America, and parts of Asia. It’s built to be the world’s first humanitarian bank.
How Does Humaniq Work?
How can Humaniq provide banking 4.0 services to people who make less than $2 per day and lack ID? The company uses a reputation system based on “proof of face” for identity management.
The Humaniq system is based on the Ethereum platform. It also uses open APIs that can plug into services from other companies.
Right now, Humaniq is a simple banking service that allows for biometric authentication, simple account setup, and money transfers. In the future, Humaniq plans to add services like P2P lending, loans, and insurance services.
As mentioned above, the service is targeted towards emerging markets and poorer countries, including those in Africa, Latin America, and parts of Asia. The company claims there’s “unrivaled potential” in these markets.
The company repeatedly emphasizes the stat that over 2 billion people worldwide do not have a bank account. An additional 1.5 billion people have no identification documents. Based on Humaniq’s research, there’s a potential for $4.2 trillion in new deposits in these markets.
How To Use Humaniq
Using Humaniq is straightforward. The Humaniq UX and UI makes it easy to login. You open the mobile app, then use the app to work, borrow, lend, save, and pay. All of your financial data is protected by your biometric ID.
You use your face to login, for example, and speak a voice Captcha out loud.
The app is available to download for free from Google Play. It’s currently in pre-beta mode and is running on the Ethereum testnet. That means your tokens are not real. You cannot transfer tokens from your real world to your Humaniq account (if you do this, you’ll lose access to your money).
Right now, the app only supports biometric identification (you can register and authenticate with your face) and the ability to send and receive tokens (again, the tokens are not real, so you can send and receive them freely).
Humaniq has ambitious ideas for its app in the future. Some of the current and planned features of the Humaniq platform include:
- Facial ID: Smartphones have front-facing cameras. Humaniq’s facial ID recognition provides biometric-based identification.
- Voice ID: This is a more sophisticated version of the Captcha system. It reduces the chance that a user could unlock the device using a picture of an individual. Their voice needs to match as well.
- Device ID: Humaniq matches an account to a physical device for an additional layer of verification.
- Loans: You decide what currency and amount to give, and on what terms.
- Insurance: You can insure and receive insurance instantly on your phone.
- Work: Hire freelancers or find work for yourself without relying on middlemen or fees.
Humaniq categorizes itself as a humanitarian capitalist organization: it wants to make money, but it also wants to improve the world. With Humaniq, users in developing parts of the world can access conventional banking services – something they struggle to access.
Today, over 2 billion people worldwide don’t have a bank account. And, 1.5 billion people don’t have identification documents – which makes it virtually impossible to access conventional banks.
Humaniq has solved this problem with their Humaniq app. The app uses biometric identification (face and voice recognition) to authenticate each user – which means you can use the app without entering passport or identification details.
Future uses for the app include finding and giving out loans, providing insurance, and searching for work. Humaniq has open APIs and is encouraging financial tech startups to develop applications on their platform.
Humaniq is one of those apps that can change the world. Stay tuned for more information as the humanitarian bank continues to grow over the coming months.