Ever since Bitcoin entered the global economy, the crypto powerhouse has paved the way for seamless peer-to-peer asset trading between two or more individuals. Not only was it the first to implement a distributed ledger system, but it also makes use of a cryptographic proof of trust module to ensure the safety of each transaction. However, due to the rapid development of the alt-currency sector as well as other unforeseen issues, Bitcoin has suffered from problems related to expensive transfer fees, long transaction times, etc.
Haven is essentially an untraceable cryptocurrency that provides a mix of standard market pricing and stable fiat value storage without an unsustainable peg or asset backing. This is achieved primarily by making use of an on-chain smart contract that controls the minting and burning of coins. As a result, users are able to send their holdings to offshore storage contracts while allowing everyone else to be exposed to the natural price movements of the currency.
It should also be mentioned that Haven is a fork of Monero and thus comes with all of the stealth and privacy advantages for which Monero is famed. Not only that, Haven also has the advantage of starting its blockchain from scratch with RingCT for extra privacy.
Haven’s offshore storage smart contract has been designed to allow users to store their money in an absolutely untraceable manner without being subject to market fluctuations. Similarly, the built-in native smart contracts allow value storage in terms of fiat currency without having to convert out of Haven—essentially allowing the currency to work as a Swiss bank account.
- Since one’s balance never leaves the blockchain, Haven provides users with a high level of untraceability and overall anonymity.
- It provides users with a tangible alternative to conventional banking services.
- Haven allows for a minimization of currency fluctuations.
- The platform can be used to store large amounts of money in an offshore account easily.
- The user interface is well designed and accessible to everyone.
For starters, native Haven coins can be sent from one’s wallet via a smart contract that holds one’s balance in terms of the fiat value at the time of a transaction. Since these transactions are recorded immutably to the blockchain, users can be sure that they have control over their money at all times.
Company roadmap according to the official website
Moreover, Haven is an extremely efficient way of keeping one’s money out of the traditional banking system, as well as conserving its value by eliminating issues of constant price fluctuation. Not only that, Haven also provides the aforementioned privacy features along with a guarantee of the fiat value for the currency in question.
Other key aspects to consider include:
(i) Large Value Storage: Haven makes offshore storage of large amounts of money a reality. It does so by taking money out of the traditional banking channels that we are accustomed to using and putting them into safe alt-currency mediums.
(ii) Trading: the platform also serves as a point of sales/payment gateway where goods can be bought with native currency coins. All business transactions remain completely hidden on the blockchain, as neither the wallet address nor amounts are revealed to any third-party actors.
(iii) Seamless Transfers: using its unique transaction protocol, Haven is able to make money transfers extremely simple and quick.
How it works
According to the whitepaper, Haven employs a system called mint and burn to maintain fiat value relationships. When using this module, the native offshore smart contract determines the current market value of the amount of Haven (in USD for now) to be transferred based on a weighted average of volume across supported exchanges.
Various platforms with which Haven is compatible
For example, if the current value of a single Haven coin is US$1, then the contract will record a value of the same amount. Subsequently, a number of Haven corresponding to that which was sent is then burned, and the total money supply decreases accordingly.
Similarly, if the value of Haven surges to US$2, the customer is returned a sum that is twice the initial submitted amount.
While minting new coins may suggest that the overall value of the coins may decrease (as total supply increases), the ’mint and burn’ method draws on the quantity theory of money described in monetary economics in order to avoid inflation. As a result, changes in currency valuation are based entirely upon the movements of the total coin supply ratio.
In all, there are a total of 18,400,000 coins in circulation today. The symbol for the native Haven coin is XHV, and there are various coin units that are currently being employed for transactional purposes:
- 1 picohaven/havtoshi = 0.000000000001 XHV (10⁻¹² – the smallest unit)
- 1 nanohaven = 0.000000001 XHV (10⁻⁹)
- 1 microhaven = 0.000001 XHV (10⁻⁶)
- 1 millihaven = 0.001 XHV (10⁻³)
The platform makes use of the CryptoNight (Proof-of-work) hash algorithm and has an average block time of 120 seconds.
Coin Performance History
Introduced into the market just a week back, the value of XHV has been fluctuating ever since its release.
XHV coin lifetime performance chart (courtesy of CoinMarketCap)
Having launched at a price of US$4.28, the coin experienced its peak value on April 25, when the price of a single coin scaled up to an impressive US$7.05. However, since then, the value of XHV has stabilized and it currently stands at US$3.85 (as of April 28, 2018).
With more and more individuals looking for safe and secure means of keeping their savings in offshore accounts, Haven comes at the perfect time. Not only is the platform based on a secure blockchain, but it also comes bolstered with a host of modern security protocols that ensure a high level of safety for the user.
If you would like to start investing in Haven, XHV trading pairs are currently available on online exchanges such as TradeOgre and Nanex.