The Ethereum-based startup sets an ambitious goal – to connect a billion people to the global economy using cryptocurrencies and smart contracts.
The new service will reward joining customers with tokens that can be exchanged for virtual currencies bypassing major bank systems.
The most important component of the distributed platform – transaction settlement – will operate on the Ethereum blockchain using the Standard Token (ERC20) contract. New tokens will be emitted for every authenticated user and the rules of emission will be controlled by the “Emission smart contract”.
The key element of Humaniq is the mobile bitcoin wallet. To identify users, the system will employ facial and vocal biometric recognition algorithms as new accounts are created. The identification will work even on the cheapest smartphones, Humaniq assures.
The ultimate goal of Humaniq is to bring a billion of people currently cut off from financial services into the digital economy. To do this, the new crypto wallet service will reward each new customer with special tokens.
“Unbanked users set up an account, after which they can perform various tasks that reward them with tokens, which can then be exchanged with third parties for their local currency. They can then use their local currency to make online purchases as they see fit,” the company states.
In their press release, Humaniq highlights the importance of Ethereum for their project:
“Using Ethereum blockchain as the foundation of the service gives Humaniq the reliability and security of transactions that users demand, while also providing an easy to use platform for 3rd party developers to build apps into.”
The company ITO starts on 15 December. CoinFox will follow the process and publish an interview with Humaniq founder Alex Fork soon.