Haven Protocol: A Digital Offshore Bank for Secure and Private Transactions
Since its inception, Haven Protocol has positioned itself as an innovative solution for digital asset privacy and stability. Emulating the features of an offshore bank, Haven allows users to create private tokens representing a diverse range of assets, including commodities and fiat currencies. Built on Monero's robust framework, Haven guarantees secure, private, and untraceable transactions. The base currency, XHV, can be burned to mint private synthetic assets known as xAssets. This "mint and burn" process offers untraceable digital assets with market-pegged values, enabling users to convert Haven (XHV) to Haven Dollars (xUSD), a synthetic stablecoin. Dive into the decentralized world of Haven Protocol to discover truly private financial freedom.
What Is Haven Protocol (XHV)?
Haven Protocol is akin to an offshore bank, allowing users to create private tokens that represent stable and volatile assets, including commodities and fiat currencies like USD. The protocol is built on Monero, which emphasizes secure, private, and untraceable transactions.
As a result, most of Monero's features extend to the Haven Protocol, including bulletproofs and other privacy technologies. The base currency of Haven is XHV, which is burned to provide users with private, untraceable synthetic assets and commodities called xAssets.
The network employs a "mint and burn" process to offer users untraceable digital assets with standard market pricing and real asset-pegged value storage. Simply put, users can burn Haven (XHV) for Haven Dollars (xUSD), a synthetic stablecoin.
Who Are the Founders of Haven Protocol?
The protocol was initially developed by two unidentified developers in January 2018, who aimed to create a decentralized private stablecoin. This would allow any user to own a private token convertible into any desired currency without third-party interference. However, the project failed after reaching the testnet stage due to technical challenges.
After the original developers abandoned the project, a new team from the Haven community took over. This new team comprises individuals with expertise in mathematics, economics, blockchain analysis, cryptography, system architecture, and community management.
The new team branded and launched the mainnet of Haven Protocol on July 20, 2020, by introducing the xUSD stablecoin. The major developers of the network use aliases: Dweab (Project Lead), Pierre Lafitte (Product Lead), Neac (Protocol Lead), and Marty (Frontend Lead).
What Makes Haven Protocol Unique?
The initial design of Haven Protocol was considered infeasible due to complex cryptography and mathematics, and the privacy of the codebase. Similar to Monero, the platform uses proof-of-fungibility, allowing various asset classes to be equated based on their monetary value rather than just the quantity of exchanged tokens.
The platform's unique features include completely secure and private synthetic currencies and assets. Additionally, the "mint and burn" strategy allows for dynamic alteration of the circulating supply of the underlying assets. This strategy also helps maintain the value relationship of Haven against its pegged asset.
How Many Haven Protocol (XHV) Coins Are There in Circulation?
Haven had no ICO, pre-mine, or seed funding when it first launched. The maximum supply of XHV is 18,400,000. As of February 2021, the current circulating supply of XHV is 14,531,525.
Similar to Monero, Haven Protocol mines a new block every two minutes. For each block mined, 2 XHV are generated. The reward for each block mined will be halved in May 2021. Later in 2022, Haven will enter a "Tail emission" phase, where the mining reward will become 0.6 XHV. This will make Haven inflationary, but the mint and burn method will dynamically control the token supply.
The Haven Protocol developers receive XHV as compensation, which is a 5% governance fee taken from XHV mining rewards. This fund is used for the project's maintenance.
How Is the Haven Protocol Network Secured?
Haven Protocol uses a proof-of-work consensus mechanism, similar to Monero. Due to the mining algorithm's functionality, users do not need specialized mining devices to mine new coins. As a result, a regular computer is sufficient for mining. Furthermore, the network employs similar privacy features to Monero's.
Where Can You Buy Haven Protocol (XHV)?
XHV can be purchased on the following exchanges:
It can also be earned as a proof-of-work reward by miners.
Click here to learn how to buy Bitcoin.
Related Pages
- Learn more about Monero.
- Learn more about Dash.
- Learn about proof-of-work on CMC Alexandria.
- Stay updated with crypto news, updates, and announcements on the CoinMarketCap blog.
Tokenomics and Distribution Model
Haven Protocol's tokenomics and distribution model are designed to ensure a balance between inflation and deflation, focusing on protecting against high inflation and providing a controlled mint & burn process for organic growth.
Total Supply and Circulating Supply
The maximum supply of XHV is capped at 18,400,000. As of now, the circulating supply stands at 37,323,791.00, with the total supply also being 37,323,791.00.
Distribution Model
The distribution model includes several components:
- Investor Token Pool: Tokens distributed through SAFT (Simple Agreement for Future Tokens) and Private Token Sale.
- Community Pool: Tokens distributed through launchpads and Public Token Sale.
- Founders' and Team's Pools: Tokens distributed to founders, team members, and advisors through Token Transfer and Token Incentive Schemes.
- Community Pool: Tokens distributed through airdrops, staking/yielding rewards, and other unpaid distribution methods.
Mechanisms to Control Inflation
Haven Protocol has implemented several measures to control inflation, including a minting and burning mechanism. This process ensures the privacy and security of transactions by burning a certain amount of coins when converting between assets, maintaining the fiat value without destabilizing the price of Haven.
Vesting Periods and Lock
