What is the first thing that comes to your mind when someone mentions an offshore bank? You may be thinking about the Bahamas or Seychelles, and perhaps the snowy mountains in Switzerland.
While it is possible to store assets and currencies in a discreet location with minimal government oversight, this is not something that is available to everyone.
It was believed that cryptocurrency could serve as an asset class outside the financial system. Many cryptocurrencies are merging with the existing financial system rather than breaking away from it, as we’ve seen. However, Haven Protocol hopes to change this. It has introduced a protocol that allows anyone to move their assets offshore. The following article will explain everything you need to know in detail.
What Is Haven Protocol?
Haven Protocol (XHV) allows you to create private coins that can be used for both volatile and stable assets. It can create virtually any asset, including commodities and currencies. These assets are all private by default. The main goal is to allow you to set up your own digital offshore bank which is not accessible to regulators and governments.
Haven Protocol is described as a fork of Monero and was not like many other cryptocurrencies when it was introduced. It did not have a premise and it did not hold an initial coin offer. Instead, 55% of all block rewards were automatically assigned to the development team.
Haven Protocol’s core developers go under the pseudonyms Dweab or Neac. Dweab, a mathematician, and Neac, a cryptographer, are both part of the Haven Protocol. They have over 20 years of experience in their respective fields and are software developers.
Main Differences Between Monero and Haven Protocol
Haven Protocol is often described as a Monero fork, but it’s more accurate to refer to it as a Monero clone. Haven Protocol is able to process the same number of transactions per second, which theoretically makes it infinite due to adaptive blocks, the same transaction fees, the exact block time, and the exact mining algorithm.
The main difference between the two is that Haven Protocol implemented Colored Coins. It is a technology originally developed for Bitcoin in 2013, that allows you to assign an attribute to a Bitcoin or a fraction of it. This would allow a Bitcoin to be used as a currency, such as a Tesla stock or even one US dollar.
Monero also uses an output sum to determine whether a transaction has validity. Haven Protocol’s developers were able to figure out a way to include the value of different colored coins in this sum.
How Does Haven Protocol Work?
Haven’s unique minting and burning system help to strengthen the original Monero protocol’s privacy and security aspects. Haven is sent from the wallet of a user to a smart contract that retains Haven’s fiat currency at the time the transaction occurs. The blockchain keeps the balance intact; it cannot be traced back to any user.
With the mint-and-burn approach, fluctuating prices are eliminated. A transaction’s fiat value is recorded. Then, an equivalent amount is burned to reduce the overall supply. The fiat value of a user’s transaction is recorded and then an equivalent amount of Haven is burned. This ensures a return to the fiat currency without destabilizing Haven’s price while keeping the fiat amount separate from the owner.
The Team Behind Haven
In keeping with the untraceable nature of the coin, the Haven website and white paper are not signed. Haven operates the Twitter handle @HavenProtocol. As Haven Protocol developers, two additional Twitter users, @haven_dev & @donjor, have given interviews to the media.
What Does Haven Market Look Like
XHV has a current price of $0.45 and a market cap of almost $7 million, as well as a daily trading volume of $136,873. It is difficult to determine the total supply due to its unusual mint-and-burn system.
Haven Protocol Roadmap
Haven intended to launch Android and iOS mobile wallets in 2018’s second quarter. This focuses on simplicity for clients who are not familiar with cryptocurrency. I2P integration is also implemented, preventing IP addresses from being linked to individual transactions. Since 2018, there are multiple versions of the Haven wallet available.
Bottom Line
The Haven Protocol is relatively safe and it does provide an interesting solution for the financial services industry. Now that you know its basics and how it works, you can get it from one of the many online exchanges, or you can join a mining pool to share profits.
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