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Humaniq Review- Brilliant idea, poor execution

What is Humaniq

Humaniq is an attempt to give the 2 billion people on the planet without access to banking. Banking is especially important in developing countries, as it allows people to buy crucial items such as seeds, stoves, solar panels and even food. Currently, the reason why 2 billion people don’t have access to banking is due to a lack of a way to identify the candidates. Without proper identification, the system is prone to scams. Humaniq tries to solve this problem using blockchain (bitcoin) technology in combination with a biometric ID system.

Humaniq Initial Coin Offering (ICO)

Currently, Humaniq is attempting to raise money for their project in the form of an initial coin offering (ICO). This is a crowdsourcing strategy where the public is asked to contribute Bitcoin or Ethereum to the project in return for Humaniq currency (HMQ).

Why is the concept of Humaniq Amazing

Humaniq solves a few crucial problems that are facing financial systems.

  • Easy of Account Creation – Currently to create bank accounts, banks require passports and other official documentation which might not be available everyone. Humaniq requires biometric ID and can bypass this issue.
  • Accountability – Blockchain technology allows us to track where the currency is being transferred with absolute transparency. This is a great for preventing scams – eg, users can verify if money load is indeed going for the purchase of seeds and not weapons.
  • Free international transfers – Anyone can instantly transfer currency – without fees or delay.

Major problems for Humaniq

There is one major kink in Humaniq’s plan – the technology required achieve accurate biometric ID using smartphones don’t exist yet. The current Humaniq app uses Photo ID which is vulnerable to hacks using photos of the account owner.

We tried the Humaniq app and managed to access other user’s accounts accidentally when login in via facial recognition.

An argument could be made that the Humaniq white paper details a much better method for Biometric ID, using a combination of voice and facial movement to add layers of security. Whilst this sounds good, such a system has never been successfully built.

Companies such as Intel, Microsoft, Samsung, and Apple have all thrown millions at solving the identity verification system with no perfect solution. This problem is beyond the scope of a small team of engineers with small amounts of funding from an ICO.

Conclusion

Whilst the concept behind Humaniq is amazing, without proof that they can solve the biometric ID problem the project cannot work. Biometric ID a primary pillar of the project and without a 100% accurate system, users’ accounts can be hacked and their currency stolen. Humaniq must establish a perfect Biometric ID system as part of a minimum viable model and before releasing the idea to the public.

Review Rating

Rating – 2/5 – Amazing concept, poor execution.

Resources

Icorating review of Humaniq

Reddit – Humaniq is a Scam

The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur. 
Disclosure: Authors are invested in cryptocurrency projects and have cryptocurrency holdings - including those covered on this website. 

Michael
Michael
I’m Michael Gu, Creator of Boxmining. I’ve been involved in the digital asset and Blockchain space since 2012. Something I immediately noticed was that accurate information is hard to come by in this space. More often than not, we find extremely biased information that exploits the complexity of blockchain to obscure facts. Having been around before bitcoin or blockchain was even “cool” meant that I had to do a lot of discovery myself, and along the way, I had many successes, but also made mistakes. I started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share my experiences. Being based in Asia, I also found a huge discrepancy between digital asset trends and knowledge gap in the West and China. So I leveraged my knowledge and positioning to bridge that information gap and let people know what is truly happening. This journey has been nothing short of exhilarating for me, starting from when I mined Bitcoin in grad school to appearing on China’s national television as an overseas expert on blockchain technology, and having the honour of interviewing leading crypto entrepreneurs, including Binance CEO Changpeng Zhao and FTX founder Sam Bankman-Fried.

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