Humaniq, a revolutionary Blockchain-based project aimed at bringing banking services to the unbanked, is launching their Initial Coin Offering (ICO) on April 6, which is planned to run until April 26.

Previously, Humaniq received over 1000 inquiries from potential investors and is currently in the process of testing its second iteration of their mobile financial application. Pre-order reservations have totaled more than 600 BTC so far.

According to their press release, the ICO begins at 00:00 CET on April 6, 2017, and for the first 48 hours, there will be a bonus of 49.9 percent for early investors. From April 8-14, the bonus will be 25 percent, and finally 12 percent from April 15-21.

The ICO ends at 23:59 CET on April 26. Alex Fork, George Basiladze and Bitcointalk user BTCsec will be holding the keys for the ICO.

Revolutionizing banking services

Humaniq has developed a simple and secure financial tool, which is said to dissolve the barriers of the archaic banking system including the need to come to a bank branch, sorting out endless paperwork, figuring out how to use buggy mobile applications and protecting data with hard-to-remember complex passwords.

To provide a solution to global problems of exclusion from financial services and financial illiteracy that keeps approximately 2.5 billion people in poverty, Humaniq combined the latest biometric, Blockchain and mobile technologies.

Biometrics is used to replace passports and signatures, simplify the use of mobile applications and protect users’ information through ways of identification, which no one can steal or corrupt. Users will have a simple UX and UI to tap into the mobile application and will be given access to the global network to borrow, lend, save and make payments.

Bringing two big ideas into life

It is indeed a unique project aimed at creating a win-win situation for all stakeholders in the spectrum by improving the quality of life in emerging economies for some of the world’s poorest people. It also provides an opportunity for entrepreneurs to build innovative nonprofit or profitable services - e.g. a direct donation platform or a P2P lending platform. Thus, Humaniq is planning to make their open source stack and APIs available for startups and other businesses to allow them to build services on core technologies used to stimulate the ecosystem and circular economy even further.

The Humaniq mobile app is currently in alpha (proof of concept phase for testing and collecting user interface feedback), nevertheless it has already been downloaded more than 1,000 times, which demonstrates a huge interest in the product. The live version of the app is scheduled to be released in early summer with a global rollout expected toward the end of 2017.

A new approach to ICO

As noted by Humaniq, previous cryptocurrency projects have suffered from an unequal disbursement mechanism for distribution of tokens, leading to great inequality. Individual users who mined Bitcoins early were able to obtain a lot of tokens with personal computers, but proof-of-work mining is now dominated by collectives who command staggering computational power. Individuals who are late to the Bitcoin game cannot realistically generate their own tokens.

Humaniq attempts to solve this by limiting the number of coins that individual users can produce. Users can earn tokens by performing actions, but these actions are limited to what you can achieve by one person using the app, which is being referred to as proof-of-face since the app uses facial recognition technology.

To encourage adoption of the network, users will be educated by regional ambassadors in the methods of making money through the app. New users will be able to buy cheap Android phones for as little as $10 and then earn the money back within one or two weeks of performing tasks for outsourcing firms through the Humaniq app.

To know more about the revolutionary project and get details about the upcoming ICO, please visit the website.