New cryptocurrency launched in India

[pooya87]

it sounds cool but it is an altcoin and the worst part is that it is a centralized altcoin and when you make an altcoin in competition with bitcoin you simply lose the battle in the market. and when it is restricted whithin one country only then the problem becomes worse.

i am interested to see how things go for it in the future though.

Well going to their website they are really offering a different way or rather a solution for the 2 Billion "Unbanked" people. They want to offer an Altcoin that can be a source of their identification and at the same time become a currency that can be a mean of earning and paying some expense. They are saying it will be a solution for people who are unemployed and uneducated to get a proper work to provide them some sort of Financial Freedom but I wonder if this centralized Altcoin would be a successful currency to target the 2 Billion People.

Also looking at their Prototye Wallet they offer a unique security in which a facial recognition is only needed to access your wallet (no password typing needed) but I have some doubts that it can be tricked. Also they offer a way to pay out or have Insurance right at your own finger tips via your Humaniq Wallet. Hopefully things will play out for this kind of Cryptocurrency. 

thanks for the explanation and summary.
but i can't really understand how can a "currency" help the unemployed get work! it is like saying "we print US Dollar Bills to give those who are unemployed a job"!
altcoin is a currency and apart from mining there is no more job created by its existence. just like any other currency you are supposed to already have a job or skill to get paid for it either through regular fiat or a cryptocurrency.

[Sithara007]

2 billion people is no joke, and if the infrastructure isn't prepared for such a plan, it might blow up in their own faces. Many people have lived and died without any formal banking experience and I think that is going to continue for the foreseeable future, given the sometimes slow progress brought about by limitations in technological advancements. It is also hard to teach old people from far-flung areas new stuff like cryptocurrency when they are not even too familiar with other basic techie stuff.

Digital penetration is quite low in India, but the things are changing rapidly under the new government. 250 million new bank accounts were opened during the last year, for mostly rural population. Online payment gateways are getting more and more popular.

[hajimasan]

New cryptocurrency that is integrated with a biorecognition system, electronic banking system, the blockchain and the possibility of a small paid services, will be presented April 6 by the company Humaniq.

The company thus expects to launch bitcoin and Bank for the poor, the audience is 2 billion people. Moreover, emphasis will be placed on the residents of India.
In the future, the project Humaniq should give you an idea and predictions for the future of blockchain technology in the global financial industry.
The idea of the company is to integrate the already existing practices of digital financial technology and social experiments. The project will be to issue a cryptocurrency HMQ.
Transactions are not anonymous, access system will be provided with biorecognition user's facial geometry, and perspective and voice.
Users will be provided a start-up loan 500 HMQ and low-paid work in the framework of the entire concept. Users can earn $30-60 a month for the checking account of the operation of the site or Refine the geolocation.
The company's mission is Humaniq put providing fundamentally new services to the audience of 2 billion people, to work with bitcoin, the system will not.
Later in Humaniq are going to convert the cryptocurrency into the national.

I already know about this altcoin since the last of the 2016 , I mean it is not a new coin but I am not sure whether it got launched or will launch .
In 2016 this altcoin was offering to Invest through the ICO .
Well here a big thing here that if still it is not launched than it will take some more time for this altcoin to launch Because the government in India is steal waiting for the declare whether to accept bitcoin or not as legal or not .
Here most of the big exchange sites founders are in conversation with the Indian government , hope everything goes ok and such types of new new altcoins launch .

[Mometaskers]

I understand the intention to help the unbanked but how exactly would this really benefit the poor? Are they offering other services? Coz for me, the benefit I mostly see is that the poor would be able to store their money in their wallets, and maybe also benefit from some price increase for the alt when they hold. People would still need money to be able to buy this coin though, unless they're giving away some for free or allow them to be mined just like any other alt.

I suppose this would do better than bitcoin with regards to gov't approval. Probably liked it because it's centralized. Maybe that would also make it easier to go after scammers?

[ASHLIUSZ]

That looks something a unique plan to one among the highly populated nation. In reality achieving the plans that been scheduled seems to be a bit hard task. Over the Asian nation India is quite promising in technology development but not that extent to go completely digital.

[savioroshan]

Wow, nice to hear a new cryptocurrency has launched in India.I saw its ad in some sites. But didnt know its from India. Its nice to hear the mission of this new project and I like it. I will buy and keep some when it comes to exchanges. Do you guys remember, last year another coin was released giving so much promises and finally became a joke.  I think its name is asiadigicoin.  But this coin seems to be geniune, build for a good cause.