The blockchain that is entirely managed by humans


By CNBCTV18.com IST (Released)

Humanode is the first blockchain network to use a consensus mechanism based on crypto-biometric identification, where one human = one node = one vote.

Blockchain networks offer a viable alternative to traditional systems. They can operate without the oversight of central authorities and their underlying distributed ledger technology enables transparent and tamper-proof data storage. However, blockchains today still suffer from two key problems, the lack of true decentralization and vulnerability to Sybil attacks.

One project that aims to address these issues is Humanode, a human-powered cryptobiometric blockchain. Follow us as we tell you more about this network and how it works.

So what is Humanode?

Humanode is the first blockchain network to use a consensus mechanism based on crypto-biometric identification, where one human = one node = one vote. The project is the brainchild of Dato Kavazi and Victor Smirnov, who have been working on the concept since 2020. Kavazi and Smirnov were optimistic about web3 but concerned about some of its flaws.

For example, most blockchains today boast of being fully decentralized, but are run by mining cartels. Others have whale investors who can control the direction of a project by using their huge holdings to outcompete other investors. Finally, several blockchains are also susceptible to Sybil attacks, where a single entity can hijack a crypto network by controlling the majority of the network’s computing power.

How it works?

Simply put, each node in the Humanode network is added only after biometric verification of uniqueness. Thanks to its “1 human = 1 node = 1 vote” philosophy, all nodes have the same validation and voting powers. This creates real equality between peers in the network. If a node acts maliciously, it is blocked and banned from the network. Thus, the identity of each node serves as a stake in the network.

Instead of PoS or PoW, the Humanode network combines proof of uniqueness and proof of existence. Users must prove they are real humans through video-based 3D face scans and liveness detection. After completing this process, the user’s public and private keys are created and they can launch their nodes.

The Humanode network is built on Parity’s Substrate framework. This enables interoperability with the Polkadot ecosystem and improved throughput and scalability. The platform is also EVM-enabled, enabling support for developing smart contracts in several popular coding languages. Finally, the tokenomics of the project is based on a mathematical concept known as Fath.

It uses a responsive algorithm that pumps coins into circulation based on network growth. For example, if the total network transaction fees collected increase by 5%, the coin supply also increases. These new coins are distributed proportionally to all current holders.

Project support and roadmap

Humanode is backed by several crypto industry bigwigs including Crypto.com, Tenzor Capital, Nine 2 Five Ventures, Genblock Capital, and more. The project also raised $2 million in its third round of funding in February this year. The round was led by companies including Wintermute, Republic Capital, Blizzard and Polygon co-founders Jaynti Kanani and Sandeep Nailwal. The project has also partnered with leading blockchain networks including Avalanche, Polygon ID, Gitcoin, Ore Protocol, and more.

The project launched its first testnet in January 2021, and months later, in September 2021, the second testnet using liveness detection was launched. Subsequently, two more testnets were launched and over 10,000 people signed up to become human nodes. Interestingly, none of the testnets had node incentives; people signed up just to see the change a biometric-based Sybil coil can bring.

According to the project website, the Humanode mainnet is expected to launch in three days, i.e. November 15. The project plans to fix all bugs by the end of 2022 and launch its Fath-based tokenomics system by Q1 2023, followed by zero-knowledge biometric testing by Q3. In 2024, the project aims to establish its DAO Vortex with a proposal pool system, Humanode application, development frameworks and more.

Conclusion

Humanode is a one-of-a-kind project and aims to address issues that have plagued the blockchain industry for years. With the backing of some of the biggest tech and financial companies in the crypto space, the network is well on its way, development-wise. However, with the current market conditions, starting a new crypto project can be risky.


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