Blockchain powered entirely by humans
Of CNBCTV18.com IST (published)
Humanode is the first blockchain network to use a consensus mechanism based on cryptobiometric identification, where one human = one node = one vote.
Blockchain networks offer a viable alternative to traditional systems. They can operate without oversight from central authorities, and their underlying distributed ledger technology allows for transparent and tamper-proof data storage. However, blockchains today still suffer from two key problems, the lack of true decentralization and the vulnerability to Sybil attacks.
One project that aims to put these issues to rest is Humanode, a human-powered cryptobiometric blockchain. Join 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 cryptobiometric identification, where one human = one node = one vote. The project is developed by Dato Kavazi and Victor Smirnov, who have been working on the concept since 2020. Kavazi and Smirnov were optimistic about web3, but worried about some of its flaws.
For example, most blockchains today appear to be completely decentralized, but are run by mining cartels. Others have whale investors who can control the direction of a project by using their vast holdings to vote over other investors. Finally, multiple blockchains are also susceptible to Sybil attacks, where a single entity can hijack a crypto network by controlling a majority of the network’s computing power.
How does it work?
Simply put, each node on the Humanode network is added only after biometric verification of uniqueness. Thanks to the “1 human = 1 node = 1 vote” ethos, all nodes have equal validation and voting rights. This creates true equality between peers in the network. If a node behaves maliciously, it is blocked and banned from the network. As such, each node’s identity acts 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 people 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 start their nodes.
The Humanode network is built on Parity’s Substrate framework. This allows for interoperability with the Polkadot ecosystem and improved throughput and scalability. The platform is also EVM compatible, enabling support for smart contract development in several popular coding languages. Finally, the project’s tokenomics is based on a mathematical concept known as Fath.
It uses a reactive algorithm that pumps coins into circulation based on the growth of the network. For example, if the total network transaction fees collected rise by 5 percent, the supply of coins also increases. These new coins are distributed proportionally to all current holders.
Project support and roadmap
Humanode is backed by several big wigs from the crypto industry, including Crypto.com, Tenzor Capital, Nine 2 Five Ventures, Genblock Capital, etc. The project also raised $2 million in its third round of funding in February this year. The round was led by firms such as Wintermute, Republic Capital, Blizzard and Polygon co-founders Jaynti Kanani and Sandeep Nailwal. The project has also collaborated with leading blockchain networks, including Avalanche, Polygon ID, Gitcoin, Ore Protocol, etc.
The project launched its first testnet in January 2021, and months later, in September 2021, the second liveness detection testnet was launched. Subsequently, two more testnets were launched, and more than 10,000 individuals registered to become human nodes. Interestingly, none of the testnets had any incentive for nodes; people signed up just to see the change a biometric-based Sybil resistance could bring.
According to the project’s website, Humanode’s main web is set to launch in three days, i.e. 15 November. The project expects to iron out any bugs by the end of 2022 and launch its Fath-based tokenomics system by the first quarter of 2023, followed by zero-knowledge biometric testing by the third quarter. By 2024, the project aims to establish its Vortex DAO with a proposal pool system, a Humanode app, developer frameworks, and more.
Conclusion
Humanode is a first-of-its-kind project and aims to solve problems that have plagued the blockchain industry for years. With the backing of some of the biggest tech and financial firms in the crypto space, the network is on the right track, development-wise. However, with current market conditions, launching a new crypto project can be risky.
