HumanIQ Peer Review
Some times I am going to publish my peer reviews on blockchain projects. Today IMHO for this project on cyber•Fund.
Reason for choosing this paper for peer review:
- Founders are my friends
- A lot of stars on cyber•Fund
Key innovations proposed by this paper are (1) biometrics identification and (2) gamificated emission based on (1). Worth to note that work don't actually try to solve problems raised in Chapter 5.
This paper propose nothing in terms of solving (1) thus (2) make no sense at all. Absence of contract logic for (2) confuse and mislead readers and/or potential investors.
For implementing (1) there is no need in new currency as users's auth either (a) will be implemented using standard Ethereum ECDSA signatures or (b) will involve some centralized infrastructure. In order to get investment for implementing (1) I'd better issue speculative token representing rights for IP if awesome on-blockchain biometry identification for Ethereum ecosystem were invented. But even in this case I doubt this can happens in short or middle term.
I am not going to add this paper in my Blockchain Library
Am confused how biometrics would work in context of blockchains?
The truth is that no way. At least for foreseeable future. That is why I decide to criticize the project because there is no explanation in paper at all.
And the truth is on my side….))
In the chapter 5 the key problems are listed, and I really don’t solve ALL of these problems. For this project I’ve laid emphasis on the major problem – the small number of live users of blockchain in the world. And to make that happen it id needed to become closer to final customer.
Dima, how many people do you think are use bitcoin?
And how many use bitcoin client?
And how many use Ethereum?
This is next to nothing. The attempts to create an absolutely anonymous cryptocurrancy, crowdfunding at blockchain, decentralized stock exchanges, etc. – it is tiny humanity problems solving – it is running in place.
Many people say bitcoin will help Africa and other Unbanked people. During last 7 years it failed to appear there. And Humaniq will, and will include this castaway part of humanity into cryptoeconomy.
The project consists of three parts: blockchin + mobile application + biometric identification. All elements already exist – there is nothing to explain. Concerning biometric identification Future fintech works with three projects. We will choose one to implement the prototype – thet will bw enough.
Concerning the centralization: this is a draw back. But once there is an opportunity to create this project, and since we alreasy have blockchain - that is not a reason to put this project away for later when there will be possibility to realize all decentralized. For paranoic, there is the wallet client Ethereum - people may use tokens without using application and without the biometric identification – there is no problem.
I would like to retrace Satoshi’s trains of thoughts and why he created POW. He was solving the problem of safety and of tokens distribution. Concerning safety: mining has a natural tendency to centralization. And concerning initial distribution: it is evident that it is necessary to give out personally to each user – in fact that is what he initially tried to do (mining on CPU) – but it didn’t work. And up to now everyone try and fail to invent some ways to connect a live person and blockchain.
Our goal at the moment is to prove the concept operability, we will try to decentralize in time