Haven Protocol: Why it deserves consideration?

Haven protocol: What is it?

Haven is a cryptocurrency without a trace, which offers standard market pricing and stable fiat value storage without bank tie-ups or a sustainable peg. The smart contract controlling on-chain minting and burning will facilitate value for users sending their coins to offshore storage contracts while exposing everyone else to the natural price movements of the cryptocurrency.

Due to its fork, Haven inherits the privacy and anonymity of the famous Monero. In addition to this, Haven can start the blockchain from scratch with RingCT to give it additional privacy. In addition, Haven’s offshore storage smart contract provides a means for privacy-conscious individuals who wish to store their money in untraceable currencies without being affected by market fluctuations.

The Haven Protocol: how does it work?

Although Haven Protocol is generally referred to as a fork of Monero, more accurately, it is a clone. The Haven Protocol has the same transaction rate (1700 – theoretically unlimited due to adaptive block sizes), the same basic transaction fee (less than 1 cent), the same block time (2 minutes), and the same miner algorithm (proof of work – RandomX).

Haven Protocol has implemented Colored Coins as its primary (and perhaps only) difference. Bitcoin (or a fraction thereof) can be assigned a specific attribute with the “Colored Coins” technology, which was originally designed for Bitcoin in 2013. By using this technology, a Bitcoin could be used to represent both Tesla stock and US dollars.

Offshore Storage 

Haven is not pegged to fiat currency and is tradeable at any value without affecting those who wish to maintain that relationship. With offshore storage, it creates a smart contract that does this. By burning Haven to off-shore storage (storing in offshore storage), a blockchain reference to the current fiat value is recorded, which can be re-established through minting new coins to the current fiat value.

Outsourcing is primarily used for the following purposes:

POS systems allow goods to be purchased with Haven and shopkeepers to lock in the fiat value immediately to protect themselves from price fluctuations. In addition, there is no disclosure of the shopkeeper’s wallet address or his income on the blockchain.

 Extending the banking system to store large amounts of money. While privacy-focused cryptos would be ideal in this regard, their value would be subject to fluctuations, making holding them risky. Haven is sent offshore at the point in which the value remains unchanged until the money is returned.

 The exchange risk associated with holding cryptocurrencies relative to fiat must be abstracted for them to be accepted into the mainstream. Haven’s adoption will accelerate rapidly once the product is built into point of sales systems, and once the process is automated.

Contracts for offshore storage will be negotiated once the network has reached a mature stage and exchange support has been incorporated to allow redundancy and accuracy of pricing. A mobile wallet app that anyone can use without knowledge of crypto is currently focusing on growth, stability, privacy, and ease of use with a mobile wallet app that everyone can use.

Mining the Haven Protocol XHV

The Haven Protocol uses the RandomX algorithm, which works similarly to Monero’s. RandomX is designed to resist specialized mining equipment (ASIC miners) in contrast to other proof of work mining algorithms. It is therefore possible to mine Haven Protocol’s native cryptocurrency, XHV, with just a regular computer.

The most profitable cryptocurrency to mine at the moment is XHV. If you have cheap electricity, the return on mining can be 2-3 times higher. The Haven Protocol mining pools offer five ways to mine XHV. Using Discord or Telegram can be used to reach the Haven team about setting up the Haven node.

The Haven Protocol offers some peculiar services such as:

Customizable Asset Management

The Haven Protocol’s main draw is that it allows users to convert, transfer, and store assets directly from their vaults. Vaults work much like wallets, allowing users to store and exchange assets. All digital asset enthusiasts can manage their digital assets easily by setting up a vault with their name and password. 

These functions do not require intermediaries or custodians to take action. This allows users to transact in whatever currency they prefer, so they are in full control of their assets. There will be plenty of users attracted by this concept who would value this feature set.

Privacy in Finance

Private information is difficult to obtain in the financial world. The merchant does not know who makes the payment, but your bank does. Privacy-oriented concepts are very popular right now, as this situation is not ideal for anyone. There has been a positive shift towards private currencies in the world of cryptocurrencies lately.

Haven Protocol relies on a mix of Ring Signatures, Ring Confidential transactions, and Stealth Addresses to keep the protocol secure. The digital currency Monero, which is widely considered to be the most private in this field, contains some of these elements. Account balances and transactions are hidden, as well as amounts. 

Currencies and Assets Synthetic Fiat

It was Haven Protocol, which gave exposure to this form of value a while ago, that introduced synthetic assets to the public. Anyone can diversify their portfolio by using its wide selection of digital assets and synthetic fiat currencies. 

xAssets within the vault will always be convertible, thanks to the protocol’s infinite liquidity. In doing so, a protocol that is cheap and efficient is created. We must always remember that all of this is available while maintaining the privacy of our financials.

Community-based governance

The Haven Protocol empowers its community in contrast to most other cryptocurrency protocols. Although such a protocol would attract much interest, the developers purposefully avoided premines or venture capital injections. Although there was no ICO as well, there was a plan in place for funding the project in the future.

A block subsidy of 5% is used on every network block instead of the “easy” options above. This can also be done by using offshore exchange fees. The developers have so far found this approach to work well as they update and improve the game continuously. Furthermore, Haven Protocol’s core developers are four, and it has a half-dozen regular contributors. 

A wide range of features are on the way

Several improvements, updates, and new solutions are on the roadmap for Haven Protocol. For example, Chainlink oracle integration will lead to Haven’s launch of its first private stablecoin, xUSD. We are currently testing these features on a public beta test basis, so users can soon exchange xUSD for XHV.

A later release of the xUSD source code will be unveiled this year, as will new Desktop Vault offerings, and xUSD will be brought to the mainnet. In addition, XHV and xUSD suppliers can also benefit from future network analysis tools. It is exciting to think about mobile vaults and hardware as well.