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.
The Ethereum Blockchain provided a ready and operating blockchain for Humaniq to effectively provide banking to the unbanked with a new, decentralised app. In addition, it also offers smart contract functionality that facilitate online contractual agreements within the Humaniq app, making peer-to-peer lending and other collaborations between Humaniq users easy. They are smart because repayments and other transactions that Humaniq users commit to are automatically executed. This allows the expansion of microfinance, which to date has relied on intermediaries charging fees. The Ethereum Blockchain also underpins an encrypted messaging system between Humaniq app users, which provides privacy and security.