Case 1: Money transfers (remittance)

(Cases of How Humaniq can be used in the future)

We have lots of followers asking how exactly they can use Humaniq in the future. Here is the first one.

Blockchain technology provides the opportunity for people living in rich countries to send money to their loved ones who live in countries with lower per capita income. Last year, the volume of such transfers amounted to $440 billion; this exceeds the overall amount of annual aid to foreign countries.

At the same time, senders using traditional transfer services are subject to high fees. For example, a Western Union sender of $100 from the United States to India will pay another $11 in addition to the transferred amount. Our project uses blockchain technology to let people make direct payments bypassing the intermediary networks, just like Uber connects taxi drivers and passengers. To send money, you replenish your HMQ balance by means of other network users («cashiers»), giving them the corresponding amount of local currency. As any cryptocurrency, these HMQ can be easily sent abroad to any place on Earth.

The recipient finds another local cashier — another user or a business participating in the network — which converts digital money into the local currency. Cashiers of both parties establish their own rates for their assistance; it is reasonable to choose the cashier who currently offers the best rate. Most importantly, the use of the service does not require any technical knowledge about blockchain architecture. It took Western Union 150 years to build a network of 500,000 agents around the world. Humaniq is capable of achieving greater results faster.

Thanks to electronic finance, urban residents will no longer waste valuable working time on queues in banks. Villagers will have no more need to travel to the city rather than spend their time on income-generating activities. Needless to say, electronic money reduces costs greatly: countries with emerging economies could save $12 billion a year by switching to digital finance (electronic payments are up to 95% cheaper than non-electronic ones).

Learn more about Humaniq here.