Humancoin ICO review / HUMA token overview
What is Humancoin about?This project dubbed Humancoin and it’s developing peer-to-peer software that unites philanthropists and recipients of funds on a single P2P platform. It’s powered by blockchain, of course, and its main goal is to eliminate any doubts over whether the contribution will reach the recipient in full and on time, and a lack of trust in charities.
What market is Humancoin about to enter?The concept is simple, right? And it is needed as never before. A lot of people give to charity nowadays, but one of the problems with participating is high operational costs of the transactions as well as dealing with regulatory agencies. And Humancoin seems to have come up with a very sound concept of how this issue can be approached. Blockchain solves the trust issue by providing transparency, traceability and security. Donors can quickly make donations worldwide, monitor their expenditure online and receive benefits from the platform's partners.
And the charity industry hasn’t seen similar blockchain-powered projects, so if you’ve heard of any, please let us know in the comments section.
Anyway, we believe Humancoin’s solution might well change the outlook of many skeptics who have been hesitant to give their money to charities due to the aforementioned trust issues.
All about the HUMA tokenHumancoin is an ERC20 token, but they can consider migration to other blockchain once/if needed.
Over 3,055 billion tokens will be available for purchase, but the total supply amounts to 6 billion which will be distributed as shown on the screen.
The first stage of selling tokens ended August 15, and it raised over $2 million of the planned $1 million. The actual token sale launches September 15 and ends November 1. During this stage the softcap is set at $6 million, and the raised funds will be spent on the development of the project next year.
Also, even 1% of the charity industry turnover accounts for 25 times more than the number of Humancoin tokens issued at the Token Sale. Therefore, in order to provide further rewards to benefactors, the company will issue additional tokens after the Token Sale, in strict correlation to the actual amount of funds raised on the Humancoin P2P charity platform.
All unsold tokens will be burned.
The listing on exchanges starts in Q4 of this year, but keep in mind that on the official website, which can be accessed at www.humancoin.net, it is indicated that Humancoin has already partnered with Okex, a pretty large Hong Kong based exchange.
Now what about MVP?As we’ve mentioned earlier, the actual software will only be developed after the token sale which is scheduled on sometime in Q3 of this year. And this explains the fact that the team has updated their code on GitHub only once over this past year. The beta version will be available by the end of 2018, if everything goes works out well with fundraising, so this might prove a point of concern for a lot of investors.
Besides, depending on how much funds will be collected, in the end we might see only limited functionality of the platform. But on the bright sight, the Humancion team is quite open about it, as we can gather from this chart.
Who is on the team?Now we want to talk a little on the team developing and promoting Humancoin. The company is registered in the United Kingdom which is a very reliable choice in terms of jurisdiction.
And the CEO behind the project is Giles Gailer who has a background in international strategic business development and leading management teams. He’s a digital entrepreneur and an enthusiastic advocate of e-commerce and cryptocurrency. In his spare time, he runs marathons for charity.
Kate Bublik is responsible for marketing, and has experience in implementation and development of digital strategies and IT solutions worldwide for big enterprises and hi-tech startups. Former Head of digital marketing at SKYFchain, Product manager at FuturTech and Digital Marketing specialist at Experian & Enter Capital.
As we see it, there are quite a few IT experts involved with Humancoin, considering that the end product is not going to be a very versatile tool, really, and making another blockchain has never been in their plans. Anyway here are a couple of the designated IT force we’d like to mention.
Aravinda Babu is a Blockchain and Smart Contracts Expert at Humancoin. He has a Master's degree in computer science with 17 years of industrial experience in cloud, security and Blockchain. He has a patent with the US Patents and Trademark Office on encryption deployment discovery. His experience includes application programming spanning multiple platforms, network security product development, architectural design, solution frameworks and Blockchain. Also has technical leadership experience representing Nokia, Motorola and IBM Labs to name a few.
Kai Hsia is the Senior Software Engineer. Former Senior UI Developer at Walmart Labs. Jumping from SEO marketing in 2010, Kai started out as a front-end developer. Eight years later, he has worked on many different types of software, ranging from eCommerce to medical applications on various parts of the stack.
What’s more interesting is that after the token sale, the current team plans to invite some additional staff to work on the software. So we shall see how that plays out eventually.
Humancoin Community245 million tokens will be spent on bounty, airdrop and referral program. The bounty campaign will last until the end of the ICO, or until all tokens are sold out.
They use a dedicated Telegram channel to post announcements and a separate one that is used for chatting with the community. And it is large – just under 20,000 members.
There are also other channels to get in touch with the team, such as their dedicated thread on BitcoinTalk.org.
The company has also signed up for an account with Medium, Reddit, Facebook, Twitter, LinkedIn, YouTube and Instagram. We all know that it is paramount to keep your investors updated and provide as many stats and visuals as maybe, but Humancoin doesn’t seem to put much emphasis on this aspect. Let’s hope it will change by the launch of their ICO.
What is in there for me?
As we’ve just discovered, the platform provides the opportunity to fully track donations online, as well as voting and ranking for projects and philanthropists along with other features. And this time there’s no need to justify the implementation of blockchain technology, because it removes mediators and heals the traditional problems of philanthropies such as the perceived lack of transparency and traceability of donations. Another benefit to Humancoin is that a donor can receive a receipt for each donation to use for tax deduction purposes depending on the donor's tax jurisdiction. It’s a really useful option that you can use just like with any other legit charity.
The good news is that the company sees how important it is for the tokens to be listed properly. And to that end just after the Token Sale in November 2018 the tokens will be released and distributed. It is promised that the team will endeavor to get listed on Tier 1 exchanges.
If you wish to participate in this ICO, you can do it by using a number of currencies such as euro, Ethereum, Bitcoin, Bitcoin Cash, Litecoin, Ripple and NEO.