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.
Blockchains offer a way to confirm that transactions have taken place without any go-between, such as a traditional bank, needed to carry out, check, and record everything. This allows banking services to be offered everywhere, including to people and in areas that are not served by banks, and so are shut out of the 21st Century economy’s opportunities. It also opens up the possibility of a new, peer-to-peer, sharing economy, where people can directly send and receive, lend and borrow money to and from each other, rather than relying on financial industry and its fee-charging field representatives. This way of providing financial services is not only more democratic and accessible, it also offers better security, because there is no central server for hackers to attack, and the information on transactions cannot be tampered with.