There are multiple blockchain projects looking to "bank the unbanked", but this one presents an interesting twist on a familiar cryptocurrency concept. While projects like Ethereum and Bitcoin are sucking up vast amounts of electricity in order to perform proof of work and issue new coins, this platform is taking another approach.
They have an alternative that they call "proof of face". You can think of this as a sort of reward programs for the true users of the application, which is not a bad idea. This way only people who want to actually use the currency, and not those just interested in mining for profit are rewarded with it. Users will acquire tokens for everyday actions like creating accounts, inviting friends and other actions.
In many countries, users may not have the appropriate documents required to open a bank account traditionally. That's where this application really gets interesting. Your Humaniq investment is actually a blockchain experiment in biometrics, and the application uses this data to verify transactions, login users and even track identities.
It's likely that in the future more and more processes will require biometrics in an attempt to stop illegal activity and protect user's funds. Could it also be more efficient at providing identity verification services for financial institutions? Only time will tell but this project is definitely on the cusp of something great.
Investors can only buy Humaniq on a handful of exchanges, but they do have some pretty good listings. The team has acquired at least two high profile options, which is good news for investors. Having these high volume exchanges under their belt gives them access to a larger pool of investors and more trading volume, which often has a positive impact on price. The trading volume is healthy, but it's not very well spread out. This means that you may need to use a particular exchange to get the best price, and its likely Bitcoin will be the only option for you to use for a trade as well.
This ERC20 token can be kept in a variety of wallets such as Coinomi, Jaxx, My Ether Wallet or Meta Mask. This decision will largely be based on your personal preference, but no matter what style wallet you prefer, there's likely one available. Given the popularity of ERC20 tokens, there's wallets for desktop, mobile and even browsers which you can come by easily. Just make sure you backup your recovery phrase in a safe place. This is the only way to reclaim your funds when disaster strikes!