The cryptocurrency industry is home to many projects offering some degree of innovation. Haven Protocol, while often ignored by the masses, aims to provide some peculiar services. There is a lot to like, with a strong focus on privacy, stability, and the monetary aspect.
The main bread and butter of Haven Protocol is letting users convert, store, and transfer assets directly from their vault. This vault is akin to one’s “wallet”, where users can store their assets and exchange them. Setting up a vault requires a name and a password, creating a convenient management system for all digital asset enthusiasts.
None of this functionality requires any intermediaries or custodians to act. It puts the user in full control of their assets, as they can transact in whichever form of money they prefer. An intriguing concept that will certainly attract plenty of users who value this feature set.
In the financial world, it is often impossible to achieve any degree of privacy. While payments do not share one’s details with the merchant, your bank will know what you are spending money on. This is not an ideal situation for anyone, and privacy-oriented concepts are in high demand. Even in the cryptocurrency world, there is strong favoritism toward private currencies lately.
Under the hood, Haven Protocol uses a mix of Ring Signatures, Ring Confidential transactions, and Stealth Addresses. You can find some of these elements in Monero, which is widely considered the most private currency in this industry. Transactions and account balances are hidden from view, as is the amount.
Although synthetic assets are popular thanks to some Ethereum DeFi projects, Haven Protocol provided exposure to this form of value a while ago. Through its range of synthetic fiat currencies and digital assets, anyone can diversify their portfolio accordingly.
Thanks to the protocol’s infinite liquidity, users will always be able to convert between supported xAssets within the vault. All of this can be done at low fees, creating a cheap and efficient protocol. It is crucial to remember all of this is accessible while maintaining financial privacy.
Unlike most other cryptocurrency protocols, Haven Protocol empowers its community. The developers purposefully avoided a premine or venture capital injection, even though a protocol on this scale would attract a lot of interest. There was no ICO either, yet the team has come up with a way to fund future development.
Instead of the “easy” options above, the team uses a 5% block subsidy on every network block to generate funding. There are also offshore exchange fees that can be used for this purpose. So far, this approach works out well, as the developers continue to make changes and introduce improvements around the clock. Speaking of which, Haven Protocol has four core developers and half a dozen regular contributors.
The roadmap for Haven Protocol is filled with upcoming improvements, developments, and new solutions. Integrating Chainlink oracles, for example, will pave the way for launching Haven’s first private stablecoin xUSD. Users will soon be able to exchange between xUSD and XHV, as these features are currently undergoing a public beta test.
Later this year, the team will unveil the xUSD source code, release new Desktop Vaults, and bring xUSD to the mainnet. Interested users can also benefit from the future network analysis tools, providing insights into the supply of XHV and xUSD. Hardware and mobile vaults are also on the agenda, which is something to look forward to.
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