London-based Humaniq, which seeks to provide financial services to those underserved by the existing system, announced on Tuesday the release of its hybrid-blockchain solution, alongside version 2.0 of its mobile application – already downloaded over 100,000 times from Google Play. The new hybrid chain system aims to make Humaniq data accessible via the Ethereum mainnet, while leveraging multiple sidechains to process more transactions and expand the platform.
Humaniq CTO Anton Mozgovoy said, in a statement, “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 miners or traditional banks.”
Providing next generation financial services to the unbanked and underprivileged in emerging economies globally, via its blockchain-based mobile application, Humaniq also offers startups and other small to medium-sized businesses a platform to reach millions of new users seeking simplicity and cost savings.
The hybrid solution employed by Humaniq will allow the platform to scale indefinitely, all over the world, said the statement. It utilizes regional sidechains in countries like Uganda, Senegal, Zimbabwe, Tanzania, and Rwanda. When capacity on these chains is filled, transactions are sent to the Ethereum blockchain to be filled, in a preorganized pattern, to increase speed and scalability across additional locations. This system allows transactions to remain transparent and verifiable while overcoming cost barriers that plague existing blockchain solutions – Humaniq research indicates that the current cost of securing a single transaction on the Ethereum blockchain can exceed USD 84.
The company has also been working hard on regulatory compliance across, potentially, hundreds of different jurisdictions throughout Africa, including Uganda, Zimbabwe, Rwanda, Senegal, and Tanzania. It has also partnered with RegTech start-up Securrency to streamline compliance.
To learn more about Humaniq, visit https://humaniq.com/.