What Is Haven Protocol (XHV)?
Haven Protocol is similar to an offshore bank where users can create private tokens that represent stable and volatile assets, including commodities and fiat currencies (such as USD). The protocol is based on Monero, which focuses on secure, private and untraceable transactions.
As a result, most of the features of Monero extend to the Haven protocol, including the bulletproofs and other privacy tech. The base currency of Haven is the XHV, which is burnt to provide users with private, untraceable, synthetic assets and commodities called xAssets.
The network uses a “mint and burn” process to provide users with untraceable digital assets with standard market pricing and real asset-pegged value storage. Simply, users can burn Haven (XHV) for Haven Dollars (xUSD), which is a synthetic stablecoin.
Who Are the Founders of Haven Protocol?
The protocol was first worked on by two unidentified developers in January 2018 who attempted to create a decentralized private stablecoin. This would allow any user to own a private token that can be converted into any desired currency without interference from a third party. However, the project failed after making it to the testnet stage due to technical challenges.
After the failed attempt by the original developers, they left the project and a new team from the Haven community took over.
The new team consists of individuals with expertise in mathematics, economics, blockchain analysis, cryptography, system architecture and community management.
The new team branded and birthed the mainnet of Haven Protocol on July 20, 2020, by launching the xUSD stablecoin. The major developers of the network use aliases: Dweab (Project Lead), Pierre Lafitte (Product Lead), Neac (Protocol Lead), Marty (Frontend Lead).
What Makes Haven Protocol Unique?
The first proposed design of Haven Protocol was initially believed to be infeasible due to the complicated cryptography and mathematics, and the privacy of the codebase. Similar to Monero, the platform also uses proof-of-fungibility. The proof-of-fungibility allows for various asset classes to be equated based on their monetary value rather than just the quantity of the exchanged tokens.
The platform’s unique feature are the completely secure and private synthetic currencies and assets. Also, the “mint and burn” strategy allows for a dynamic alteration of the circulating supply of the underlying assets. This strategy also makes it possible to maintain the value relationship of Haven against its pegged asset.
Related Pages:
Learn more about Monero.
Learn more about Dash.
Learn about proof-of-work on CMC Alexandria.
Learn more about crypto news, updates and announcements on the CoinMarketCap blog.
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 the XHV is 14,531,525.
Similar to Monero, Haven protocol also mines a new block every two minutes. For each block mined, 2 XHV are mined. The reward for each block mined is going to be halved in May 2021. Later in 2022, Haven will end up in a “Tail emission” — the mining reward will become 0.6 XHV. This will make Haven inflationary, but the mint and burn method will dynamically control the supply of the token.
The Haven Protocol developers receive XHV as compensation, which is a 5% governance fee taken from XHV mining rewards. This fund will be used for the maintenance of the project.
How Is the Haven Protocol Network Secured?
Haven Protocol uses a proof-of-work consensus mechanism, similar to that of Monero. Due to the functionality of the mining algorithm, users do not need specialized mining devices to mine new coins. As a result, a regular computer is enough for mining. Furthermore, the network uses similar privacy features to Monero’s.
Where Can You Buy Haven Protocol (XHV)?
XHV can be bought on the following exchanges:
It can also be earned as a proof-of-work reward by miners.
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