Humaniq Creates Hybrid Blockchain and 100,000-Strong Community
London-based Fintech firm Humaniq, which provides next generation financial services to the unbanked and underprivileged in emerging economies using its blockchain-based mobile application, has achieved a technological milestone with its working hybrid blockchain on the 2.0 version of its app, to retain the benefits of the Ethereum main-net while expanding faster, achieving greater scalability. The new app sits on the Ethereum Blockchain with the unique combination of sidechain solutions in individual African countries such as Uganda, Senegal, Zimbabwe, Tanzania and Rwanda. It has also recently reached a total of 100,000 downloads.
Previously, all Humaniq coin transactions were made on the Ethereum main-net. However, the security of a transaction in the main Ethereum network is provided at a huge cost. This barrier to the App’s expansion and to emerging economies entering the 21st Century economy resulted in the work on a new architecture that would both allow for HMQ tokens to remain open and accessible on the Ethereum main-net, and also provide an inexpensive method to secure the network that will prove vital to allow its users to make small transactions with transaction fees close to zero.
The solution consists of one main HMQ blockchain and a number of internal blockchains where user wallets from different countries are stored and operated together whilst remaining identifiable and personalized, based on the user’s country location. When the capacity of the existing blockchain due to the volume of transactions gets fulfilled, the system unpacks and starts up the next blockchain to scale the system horizontally.
This development means that transactions can continue to be made in a decentralised and transparent manner, necessary to overcoming the cost barriers to expanding financial services to the many regions that banks do not serve. It also means the company remains open to any regulatory rules that individual nations may adopt.
Anton Mozgovoy, CTO Humaniq, said: “Our development team’s proud of this technological first, which brings together the benefits of the Ethereum Blockchain and of individual Blockchains. Our unique solution allows us to serve ever more of the global unbanked population, building on the 100,000 downloads already made – without the costs of providing services of either the miners or the traditional banks,”