Humanode

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Discover Humanode's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Humanode?

Humanode (HMND) is a cryptocurrency native to the Humanode blockchain, a decentralized, crypto-biometric network that integrates blockchain technology with private biometrics. It leverages the Substrate framework, ensuring high scalability and interoperability within the Polkadot ecosystem. The network is secured by "human nodes," which are verified through decentralized biometric authentication, ensuring that each node is owned and operated by a unique human being. The HMND token is used for transaction fees, smart contract execution, and private biometric computations, supporting a fair and egalitarian platform for decentralized applications.

How is Humanode used?

Humanode (HMND) is a cryptocurrency that powers a decentralized crypto-biometric network. It is used in various ways to ensure Sybil resistance, decentralized identity, and fair distribution of power within the network. Here are some key use cases:

  1. Biometric Authentication: HMND is used to create encrypted 3D face mapping vectors for users, which serve as their biometric identity. This identity is used to verify transactions and ensure that each user has a unique and equal stake in the network.

  2. Node Creation: Users can create nodes on the network by encrypting their biometric data, which becomes the stake that gives them access to verify transactions. This ensures that each node is owned and operated by a real, unique human being.

  3. Consensus Mechanism: Unlike traditional proof-of-stake (PoS) or proof-of-work (PoW) consensus mechanisms, Humanode uses biometric consensus, which is more efficient and ensures fair distribution of resources. Users do not need to stake tokens to prevent Sybil attacks, making it more accessible and democratic.

  1. Cost-Based Fees: HMND introduces a cost-based fee system that denominates transaction fees in USD terms, based on the actual usage of resources. This ensures that the volatility of HMND does not affect resource costs and provides a more intuitive user experience.

  2. Decentralized Applications: Humanode can provide private biometric processing and Sybil-resistance to various decentralized applications (DApps) and protocols based on other EVM-compatible chains, such as Ethereum.

  3. Use Cases: HMND can be used in various industries, including over-the-counter (OTC) markets, launchpads, airdrops, social networks, marketplaces, credit scoring, decentralized identifiers (DIDs), and non-fungible tokens (NFTs), ensuring fair and secure transactions in these domains.

Overall, HMND is the native gas coin of the Humanode network, facilitating secure, decentralized, and Sybil-resistant transactions across various applications.

How do I store Humanode?

To store Humanode (HMND) tokens securely, you can use cold wallets, which are offline storage solutions. There are two types of cold wallets:

  1. Paper Wallet: This method involves generating public and private keys offline and printing them on paper. The keys are in the form of QR codes, which you can scan for future transactions. This method is considered highly secure as it is not connected to the internet.

  2. Hardware Cold Wallet: These are physical devices that store your cryptocurrency. Your crypto addresses and keys are kept in a USB drive device, and only the person with the device can access the assets. Hardware wallets are preferred by many users, especially for storing large amounts of coins or tokens.

Additionally, you can use software wallets like Talisman Wallet, which offers multichain support and robust security features. This wallet allows you to store, transfer, receive, and manage your HMND tokens efficiently.

How to buy Humanode?

To buy Humanode (HMND) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable cryptocurrency exchange that supports HMND, such as KuCoin, CoinEx, or MEXC. Research the exchange to ensure it accepts customers from your country and offers the features you need.

  2. Create an Account: Register a free account on the chosen exchange. Provide the required personal information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Make a Deposit: Add funds to your exchange account using a supported payment method. This can include fiat currencies or other cryptocurrencies.

  1. Place a Buy Order: Decide whether to use a Market Order or Limit Order. A Market Order buys HMND at the current market price, while a Limit Order allows you to set a specific price at which you want to buy.

  2. Store Your HMND: After purchasing HMND, consider storing your tokens in a secure wallet. Options include paper wallets and hardware cold wallets, which offer better security than keeping your tokens on the exchange.

By following these steps, you can successfully buy and manage your Humanode (HMND) tokens.

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History of Humanode

The history of Humanode (HMND) dates back to 2017 when the project was conceived by the co-founders of the Paradigm Research Institute. They aimed to create a decentralized system that would not be dominated by mining cartels and validator oligopolies, which were prevalent in the crypto market at the time. The founders saw the potential of using human biometrics as a stake to create a truly decentralized network of equals.

Humanode is a layer-1 blockchain built on the Substrate open-source framework, which allows for the quick development of highly customized blockchains. This framework provides interoperability within the Polkadot and Kusama ecosystems, ensuring high throughput and scalability.

The project has undergone several funding rounds, including IDO and ICO phases. The total amount raised during these rounds is approximately $11.66 million, with the majority coming from public sales. The token price has varied across these funding rounds, ranging from $0.05 to $0.175.

Humanode's native token, HMND, is designed to support smart contracts on Ethereum and other EVM-compatible chains. Additionally, it enables private biometric computations, making it a unique offering in the blockchain space.

The project's main goal is to create a truly distributed, democratic, and Sybil-resistant blockchain Layer 1, owned by millions of human nodes in an equal share. This is achieved through private decentralized biometric verification of human existence and uniqueness, ensuring that each validator node has equal validation and voting power.

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How Humanode works

Humanode (HMND) is a cutting-edge decentralized crypto-biometric network that combines personal biometrics, blockchain technology, and advanced encryption. It is designed to create a decentralized ecosystem that is robust and durable, addressing issues of decentralization, Sybil resilience, and innovative governance models in the blockchain industry.

Key Components
  1. Biometric Verification:

    • Humanode uses facial recognition software and crypto-biometric verification to ensure that each validator is a unique individual. This process involves liveness recognition and cryptographically secure matching techniques to verify the presence and individuality of human nodes.
  2. Blockchain Platform:

    • Humanode is built on the Substrate framework, an open-source platform that allows for the creation of highly customizable blockchain networks. This framework provides interoperability within the Polkadot ecosystem, high throughput, and scalability.
  3. Consensus Mechanism:

  • Humanode is consensus agnostic, meaning it can change its consensus mechanism if approved by the Humanode DAO. This allows the system to evolve and adapt to different consensus methods, ensuring it is not limited by a single framework.
  1. Smart Contract Layer:
    • Humanode is Ethereum Virtual Machine (EVM) compatible, enabling the use of existing Ethereum development tools and supporting smart contract development in multiple languages like Solidity and WebAssembly. This compatibility allows Humanode to provide private biometric processing and Sybil-resistance to Ethereum-based decentralized applications (DApps).
Functionality
  • Node Creation:

    • Human nodes are created through crypto-biometric authentication, which combines cryptographically secure matching and liveness detection mechanisms to verify the uniqueness and existence of real human beings. This ensures that each node is controlled by a unique individual, preventing Sybil attacks.
  • Token Issuance:

    • The HMND token issuance is based on the principles of 'Fath,' a monetary system that grows proportionally to the value added to the system. The monetary supply reacts to real value growth, and emission is proportional, ensuring that growth is aligned with the production of value rather than allowing for an imbalance in the supply of value vs. cryptocurrency units.
  • Transaction Fees:

  • Humanode introduces a cost-based fee system that denominates transaction fees in USD terms based on the actual usage of resources. This ensures that the volatility of HMND does not impact resource costs and provides a more intuitive user experience.

  • Governance:
    • Humanode has a decentralized autonomous organization (DAO) called Vortex, which distributes equal voting power to all network participants. This ensures that every individual has the same level of electoral power and incentives, providing fairness and Sybil protection to the network.
Advantages
  • Decentralization:

    • Humanode ensures that anybody can become a node in the network, regardless of their race, wealth, religion, status, etc. This promotes true decentralization and prevents capital-based oligarchies and mining pools.
  • Security:

    • The use of biometric verification and Sybil-resistance mechanisms ensures that the network is secure and resistant to malicious attacks.
  • Inclusivity:

  • Humanode aims to bring accessibility, diversity, and creativity to the technology, cryptocurrency, and economics industries by providing a viable alternative to traditional blockchain platforms.

Overall, Humanode is a unique project that leverages advanced biometric technology to create a decentralized and secure blockchain network, addressing many of the issues plaguing traditional blockchain platforms.

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Humanode's strengths

The token Humanode (HMND) has several strengths that make it an attractive investment opportunity:

  1. Biometric Consensus: Humanode uses biometric consensus, which is considered the most efficient way to achieve consensus and ensure the fair distribution of resources. This method eliminates the need for token staking, making it more accessible and democratic.

  2. Private Biometric Processing: HMND supports private biometric computations, which can be used in various applications such as decentralized finance (DeFi) and gaming. This feature enhances the token's utility and potential for adoption.

  3. Smart Contract Compatibility: Humanode is built on Substrate and supports smart contracts run on Ethereum and other EVM-compatible chains. This compatibility allows for seamless integration with existing development tools and a broader ecosystem.

  1. Cost-Based Fee System: Humanode introduces a cost-based fee system that denominates transaction fees in USD terms, ensuring that the volatility of HMND does not impact resource costs. This system provides a more intuitive user experience and makes transactions more predictable.

  2. Reactive Monetary Algorithm: The token's issuance is based on the principles of 'Fath', which ensures that the monetary supply grows proportional to the value added to the system. This algorithm helps maintain a balance between the supply of value and cryptocurrency units, preventing inflation.

  3. Decentralized and Private: Humanode ensures that biometric data is encrypted and never exposed to third parties, maintaining user privacy while still verifying their uniqueness. This decentralized approach promotes trust and security within the network.

These strengths position Humanode as a unique and innovative project in the cryptocurrency space, offering a robust and secure platform for various use cases.

Humanode's risks

Humanode (HMND) is a cryptocurrency project that leverages a unique Proof-of-Uniqueness and Proof-of-Existence consensus mechanism, ensuring that users do not need to hold or stake HMND tokens to participate in the network as validator nodes. This approach eliminates the need for users to acquire tokens or mining equipment before using the platform. Instead, users can deploy nodes by staking their encrypted biometric data, which helps to create a public, permissionless financial network.

One of the key financial risks associated with HMND is its fluctuating total supply. The token emission is directly tied to the platform's activity, which means that if the network's activity decreases, the HMND supply will be rebalanced by burning excess HMND across all wallets. This mechanism can lead to changes in the token's value and availability.

Another risk is related to the cost-based fee system, which denominates transaction fees in USD terms based on the actual usage of resources. While this system helps to mitigate the impact of HMND's volatility on resource costs, it can still be affected by changes in the USD value of HMND.

Additionally, providing liquidity on the Humanode network involves risks such as impermanent loss, where users may not receive the same amount of HMND and other assets upon unstaking.

In terms of risk assessment, HMND's risk score has varied over time. At one point, it was considered a relatively low-risk investment, but at another point, it was deemed a relatively high-risk investment, highlighting the importance of ongoing risk evaluation for investors.

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Did Humanode raise funds?

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Humanode’s team

  • Dato Kavazi: Founder of Humanode.
  • Victor: Co-founder of Humanode, contributor to Humanode’s DAO, and founder of Pendulum Labs.
  • Andrei Craciun: Team member at Humanode.
  • Shannon Higgins: Media Team lead at Humanode, author of the Humanode-inspired dystopian novel "2067 - the equilibrium-".

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