How can Humaniq liberate people from a reliance on the old,centralised banks, and how can we help make a more collaborative, peer-to-peer economy happen? How can we maintain a record of all transactions without banks, and offer financial services everywhere? Whether you want to know about the Blockchain or smart contracts, decentralised apps or gas, here we share the technical underpinnings of the Humaniq app and the HMQ cryptocurrency.
A blockchain, as a decentralised network, liberates people from a reliance on the old, centralised banks, opening up banking services to those currently able to access them. To make this possible, however, there is a challenge that needs to be overcome. The shared, distributed record of the fact that all the transactions have been made requires some of the computing power of those providing the computers, or nodes, to run the system. In order to achieve this, each person who offers their hardware and storage space for the purpose of sustaining the blockchain is rewarded with cryptocurrency. The amount that they are paid is calculated by an internal, virtual machine called gas, which efficiently and fairly identifies the relative cost of different computing operations, in order to incentivise contributions.