The Blockchain That Is Run Entirely By Humans
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 function without the oversight of central authorities, and their underlying distributed ledger technology allows for transparent and tamper-proof data storage. However, blockchains today still suffer from two key issues, the lack of true decentralisation and the vulnerability to Sybil attacks.
One project that aims to put these issues to rest is Humanode, a cryptobiometric blockchain that humans power. Tag along 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 with some of its flaws.
For instance, most blockchains today tout themselves as being fully decentralised but are run by mining cartels. Others have whale investors that can control the direction of a project by using their massive holdings to outvote other investors. Finally, several 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?
Put simply, every node on the Humanode network is added only after biometric verification of uniqueness. Thanks to its “1 human = 1 node = 1 vote” ethos, all nodes have equal validation and voting powers. This creates true equality between the peers of the network. If a node acts maliciously, it is blocklisted and banned from the network. As such, every node’s identity 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 that 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 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 multiple coding popular languages. Finally, the project’s tokenomics are 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 instance, if the total network transaction fees collected rise by 5 percent, so does the supply of coins. These new coins are distributed proportionately to all current holders.
Project backing 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 partnered 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 testnet using liveness detection was launched. Subsequently, two more testnets were launched, and more than 10,000 individuals signed up 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 can bring.
According to the project’s website, Humanode’s mainnet is set to launch in three days, i.e., November 15. 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 tests by the third quarter. In 2024, the project aims to establish its Vortex DAO with a proposal pool system, a Humanode app, developer frameworks and more.
Humanode is a first-of-its-kind project and aims to solve issues 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.