⇒In this article I will tell you about the project of Haven Protocol (XHV), one of the hidden gems I have kept in my hands and from the beginning.
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- Haven Protocol is a decentralized, privacy-based, mining-based, stability-promising coin.
- They named the concept in ”Off-shore Storage ”.
- The reason for this is that Off-shore and On-shore sections of your wallets are included separately. I will explain in more detail what this means.
As we all know, the crypto market is a very volatile and we do not know how much money we will invest today. This situation allows the crypto coins to be seen only as a speculative investment tool and one of the biggest obstacles on the use of crypto in both business and daily life.To solve this problem, there are various coins called “stable coins” which have a fixed value and we can examine these Stable Coins in 3 different categories:
⇒Fiat Money Covered Coins⇐
The easiest way to create a coin with a stable value is to create a coin that secures the price to $ 1. This method is actually the most useless method among other methods. Because you should be sure that any hard price movement in the market will not affect your liquidity, and that the coins you press should always have a counterpart to fiat money.
The main problem of this method is that it is a centralized method and the company that holds the fiat money has to provide serious trust. This is not a long-term solution and on the basis of the opposite of the problems that the krypton tries to solve. In addition, it is a very expensive method, because it is often necessary to carry out inspections or inspections in order to determine whether the provision for fiat money as collateral is actually available.
As you know, money-indexed coins, such as Tether and Tether, have been subject to considerable speculation and this has often affected the crypto-money market negatively.
⇒Crypto Coins⇐
It has more or less the same concept as the above method, but you can create your Stable Coin with another crypto money such as BTC, ETH instead of fiat money. This helps you solve the problem of centralization, but the lack of a stable value of the crypto money (BTC, ETH, etc.) that you present as collateral turns into a vicious circle. In this method, you can supplement your collateral to solve this problem (BTC, increasing ETH reserves). However, adding collateral will not solve the problem. You can exceed the amount you have shown as a guarantee in a serious fall and you may have to go bankrupt.
⇒Any Non-Guarantee Coins⇐
Non-collateral coins work like a central bank. They control the money supply to fix the price to $ 1. This may be the right method, but there are missing points. It might be better to tell through an example. For example, if the coin price is $ 1.5, more coins are created and sold to the market in order to lower the price. However, as the current price drops to $ 0.5, since the coins cannot be burned, the central authority is forced to buy these coins from the market until the price reaches $ 1. To do this is about how much the central authority has reserved. As the purchasing power is not unlimited, after a while this will become a serious problem.
In the short term, you can temporarily close the fund deficit by selling a contract to users, and you can reimburse if prices rise. However, this method can also be used as a ponzi scheme and is therefore abusive. As a result, a serious price drop will not change the result.
An ideal Stable Coin should be safe at the price drop, away from centralization, and should not have any problems with the collateral. So we didn’t come up with an ideal Stable Coin so far.
Best Solution Ever Made: Mint & Burn Method
The Haven Protocol’s Off-shore Storage concept applies the Mint & Burn Method. In the crypto money market, I have to say that it is the coin that will first introduce and implement this method and concept. This method may sound a little complicated to you. I will try to explain this method in a simple way as much as I can through an example.
Suppose you have 200 XHVs and the XHV price is $ 1. The total value of your XHV is $ 200. If you put 200 XHVs in off-shore storage, the se coins will be stored at $ 200 in the blockcha, and 200 XHVs will be burned in the blockchain.
Let us assume that you want to get back $ 200 and XHV value is $ 2. That line will create 100 pieces of blockchain, worth $ 200 total. In this way, the value of your money will always remain stable.
The Mint & Burn Method is based on the amount of money to prevent inflation.
MV = PT
M = Money supply
V = Circulation rate of money
P = Average price level
T = Volume of operations
According to the quantity theory, when the circulation rate and volume of money are kept constant, the increase in money supply causes an increase in the price level (inflation). The Mint & Burn method allows the money supply to circulate freely.
With the Mint & Burn method to be applied in the Off-shore Storage concept, the total supply will change continuously and this supply will never be known. It will not be possible to calculate the total supply and observe the circulation rate of the money for the amounts in the XHV wallets, the transfer amounts and the transferred addresses will be confidential and will be encrypted in the blockchain (the main feature of the privacy-based coins). Therefore, it will not be possible to value XHV by looking at the total total supply. This concept is called ’Off-shore Storage“ and is the basis of Haven Protocol.
Technical data:
Total supply: 18.400.000 XHV (until Off-shore Storage starts. Not known later)
Coin symbol: XHV
Coin Units:
1 picohaven / havtoshi = 0.000000000001 XHV (10 ^ -12 haven low unit)
1 nanohaven = 0.000000001 xHV (10 ^ -9)
1 microhaven = 0.000001 XHV (10 ^ -6)
1 millihaven = 0.001 XHV (10 ^ -3)
Algorithm: CryptoNight Haven (Proof Of Work)
Block Time: 120 seconds
Pre-mine: 95,000 XHV
Website : https://havenprotocol.com/
Tradeogre, Bittrex, Upbit
The Haven Protocol Team is anonymous and takes anonymity seriously.
This is because the privacy coin community naturally highly values the anonymity of individuals and entities. As a community-based project, with no ICO, the lack of corporatisation is key. Anyone anywhere in the world can contribute to thus open source project and is highly encouraged to do so. It is paramount to stay anonymous when contributing to the development of a privacy coin. Publicly known team members of other popular and predominate privacy coins have been held up in airports and other federally regulated locations for being associated with their respective projects. By the very nature of Haven Protocol, it is critically important that the team takes precautions that limit the impact that anti-privacy coin legislation could have on the ongoing development.
Important Note: Haven Protocol (XHV) and Havven (HAV) are different coins. Please don’t confuse.
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