Hey guys - TenaciousJ here.
This is my first foray into the bitcoin pub, so greetings to everyone.
I picked up some Humaniq yesterday, and wanted to get the communities feedback on my analysis of what appears to be a coming breakout.
Humaniq essentially wants to leverage the cryptocurrency investment market to provide sources of liquidity in developing regions that are underserved by traditional institutions. They’re using blockchain tech and biometrics to provide cheap, accessible, transactional banking to unbanked regions of the world based on a coin that is not dependent on access to bitcoin, since bitcoin is a scarce and relatively complex currency to deal with, and there is a fear that using bitcoin would hinder the broad adoption that is required to serve large regions in a sustainable manner because of its difficult and expensive mining process and high transaction fees.
Humaniq’s solution is to use a ‘proof-of-face’ cryptocurrency that is limited to a set number of coins per person, rather than the traditional proof-of-work minting process, which would facilitate broad adoption and prevent consolidation among a few holders before that adoption can really seat itself in the daily transactions of the regions.
I really like the idea behind the project, bringing access to decentralized finance to those who don’t have access to traditional banking institutions, either because they don’t have local banks, reliable transportation, or because they don’t have the resources to pay the fees that banks normally charge is a fantastic concept. I think this is the crux of why blockchain technology is such a powerful impetus for global change.
It’s also a massive potential marketplace of 2.5 billion people that are currently unbanked.
There are other projects working toward similar goals, with considerable success, but the need is massive with lots of room for other groups to fill the gaps.