Introducing a Cutting-Edge Human-Based Blockchain Network Powered by Crypto-Biometrics and Substrate Framework
Blockchain technology has been revolutionary in many ways, but it has also been plagued by complexity, inaccessibility, and the risk of centralization. Humanode aims to change this paradigm by producing a cutting-edge human-based blockchain network that leverages biometric authentication and the Substrate framework to create a fair, accessible, and egalitarian platform for decentralized applications and collaborative organizations.
About Humanode
Humanode is a new-age financial system that utilizes a unique crypto-biometric network and powerful underlying blockchain technology to create a stable financial network reliant on human life itself. By using private biometric search and matching operations and liveness detection algorithms, Humanode enables a decentralized, auditable, yet private consensus mechanism that allows any real, live person to participate and earn rewards for securing the network.
The project was conceptualized by Dato Kavazi and Victor Smirnov, the two co-founders of Paradigm, a deep tech research institute. They are veterans of the blockchain space with a decade of experience and have previously worked on various projects, such as Citadel.one. Humanode recently closed its 3rd strategic private funding round, led by Republic Capital and featuring prominent investors like Shima Capital, BigBrain Holdings, and Polygon Founders Jaynti Kanani and Sandeep Nailwal.
How Does Humanode Work?
Humanode is built on Parity's Substrate framework, which allows for the creation and deployment of general-purpose or highly specialized blockchains with variable operating parameters and capabilities. Substrate-based chains benefit from interoperability within the Polkadot ecosystem, high throughput and scalability, and support for both WebAssembly and solidity smart contracts.
Humanode's token, HMND, is built around the principles of 'Fath,' a monetary system that grows proportional to the value added to the system. The monetary system uses a reactive monetary algorithm that assesses the difference between the value network offered between two time periods to determine the growth of the token supply. This system aims to ensure that growth aligns with the production of value, rather than allowing for an imbalance in the supply of value vs. cryptocurrency units that could lead to inflation.
What Problems Does Humanode Solve?
Humanode addresses a common problem faced by most decentralized networks— the tendency towards plutocracy. In most modern blockchain platforms, Sybil attacks are prevented by leveraging either a large decentralized network of decision-making nodes (Proof-of-Stake networks) or the combined work of a mining array (Proof-of-Work networks). However, both these methods tend to favor the wealthy, leading to centralization of voting power and allocation of rewards.
Humanode aims to ensure that the network stays completely decentralized, preventing the centralization of voting power and the allocation of rewards. By using biometric nodes, Humanode simplifies the process of creating and operating a node, creating an intuitive experience that requires no technical expertise or capital to participate in.
How it works: Biometric Data at the Core
Users create an account on Humanode by providing biometric data, which serves as their unique identifier. The biometric data is stored securely in an encrypted format and is used solely for identity validation during network participation.
Users validate their identity with their biometric data when participating as a node in the network, ensuring that only real people contribute to the consensus process.
The Proof-of-Person consensus mechanism validates transactions and secures the network, taking into account each participant's unique biometric data. This prevents Sybil attacks and ensures a fair distribution of power.
The Humanode Token
As a layer-1 blockchain, Humanode includes its native gas coin, HMND. This will primarily be used for paying gas fees, biometric authentication, and smart contract operations on the Humanode blockchain. The token will inflate based on the Fath hypothesis, which ties HMND token emission directly to the platform's activity. This system ensures that all tokens in existence are allocated to users, and the HMND supply will be rebalanced if the activity of the network decreases.
Use Cases: Empowering Decentralization
Decentralized Identity: Humanode enables users to establish a secure, decentralized, and self-sovereign identity. This digital identity can be used across multiple platforms and applications without the need for centralized authorities.
Secure Voting: Biometric-based identification facilitates tamper-proof voting systems for both private organizations and public institutions, ensuring secure and accurate results.
Transparent Governance: Humanode's unique consensus mechanism paves the way for transparent and democratic decision-making processes, applicable to the governance of DAOs, corporations, and even governments.
Fraud Prevention: The platform's reliance on unique biometric data helps prevent fraud and identity theft across various industries, including finance and insurance.
Supply Chain Management: Humanode's biometric consensus mechanism can be employed to track and verify the origin and authenticity of goods throughout the supply chain, ensuring transparency and trust.
Unique Features: A Novel Approach to Consensus
Proof-of-Person Consensus: Unlike traditional consensus mechanisms, such as Proof-of-Work or Proof-of-Stake, Humanode utilizes Proof-of-Person (PoP) consensus. This mechanism relies on biometric data to validate nodes and transactions, ensuring the participation of real people in the network.
Biometric Data: By leveraging biometric data (e.g., facial recognition), Humanode uniquely identifies each user and prevents Sybil attacks. This approach guarantees power distribution among real users instead of concentrating it in the hands of a few powerful entities.
Interoperability: Humanode aims to integrate with other blockchain networks, such as Polkadot and Kusama, allowing for seamless cross-chain communication and collaboration between various platforms.
Egalitarian Network: The PoP consensus mechanism ensures that every participant has an equal say in the network, fostering a truly democratic and decentralized system.
The Humanode Roadmap
With the mainnet launched in Q4 of 2022, Humanode made a significant impact on the blockchain landscape. The team has laid out a comprehensive roadmap detailing the critical milestones they aim to achieve in the coming years. Some of these milestones include:
Q1 2023: Ecosystem Growth – As the network goes live, Humanode will focus on growing its ecosystem by attracting developers, users, and organizations. They will work on integrating Humanode with various decentralized applications (dApps) and protocols.
Q2 2023: Integration with Polkadot and Kusama – Humanode plans to integrate its platform with the Polkadot and Kusama ecosystems, which will enable seamless interoperability between multiple blockchain networks.
Q3 2023: SDK and API Development – The team will work on developing software development kits (SDKs) and application programming interfaces (APIs) to make it easier for developers to build and deploy applications on the Humanode platform.
Q4 2023: Expansion of Use Cases – With the SDKs and APIs in place, Humanode will explore additional use cases and industries where their unique biometric identification and consensus mechanism can be utilized.
Q1 2024: Governance and DAO Upgrades – Humanode will continue refining its governance model and Decentralized Autonomous Organization (DAO) structure to ensure that the platform remains fair, accessible, and egalitarian for all users.
Q2 2024 and beyond: Continuous Improvement and Research – The team will constantly work on improving the platform, conducting research on new technologies, and staying ahead of the curve in the rapidly evolving blockchain space.
Conclusion
Humanode's groundbreaking approach to blockchain technology has the potential to reshape the industry by providing a truly democratic and accessible platform. By leveraging biometric data and a unique consensus mechanism, Humanode ensures that power and control remain decentralized and distributed among real users.
As the platform continues to develop and attract attention from various industries and use cases, Humanode has the potential to revolutionize not just the blockchain space, but also the way we interact with digital assets and decentralized applications in general.
With an experienced team, strong backing from reputable investors, and a clear vision, Humanode is well-positioned to make its mark on the future of blockchain technology.
Disclosure:
The above article is intended for informational purposes only and should not be construed as financial advice. The information contained in this article is not intended to be a comprehensive analysis of the Trident project, nor should it be relied upon as such. This article is not a recommendation to buy, hold, or sell any investment or financial product. The information contained in this article is based on publicly available information and is subject to change without notice.
The author of this article makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this article, and accepts no liability for any loss or damage arising from any reliance on or use of this information.