London-based Fintech firm Humaniq, which provides next generation financial services to the unbanked and underprivileged in emerging economies using its blockchain-based mobile application, has achieved a technological milestone with its working hybrid blockchain on the 2.0 version of its app, to retain the benefits of the Ethereum main-net while expanding faster, achieving greater scalability. The new app sits on the Ethereum Blockchain with the unique combination of sidechain solutions in individual African countries such as Uganda, Senegal, Zimbabwe, Tanzania and Rwanda. It has also recently reached a total of 100,000 downloads.
Previously, all Humaniq coin transactions were made on the Ethereum main-net. However, the security of a transaction in the main Ethereum network is provided at a huge cost. This barrier to the App’s expansion and to emerging economies entering the 21st Century economy resulted in the work on a new architecture that would both allow for HMQ tokens to remain open and accessible on the Ethereum main-net, and also provide an inexpensive method to secure the network that will prove vital to allow its users to make small transactions with transaction fees close to zero.