What can Haven be used for?
Anyone who wants to store value outside of the traditional banking system can do so without giving up their privacy and control. Only you can access and use your money.
Traders can enter the Haven network and either use their vault as a secure storage method or trade XHV/xUSD pairs. There will be further fiat currencies as well as high profile commodities added to the platform over time allowing trading across a wide range of assets without any of them leaving your Vault.
Haven could be used for any purchases where privacy and security is a priority. Anything that does not require instant settlement could potentially be bought with any of the xAssets within the Haven network such as real estate, cars, art work, yachts as examples. As the network grows and matures there are many more use cases that could be built on top of the Haven network.
The Haven Currency
Haven (XHV) is based on Monero, a privacy-oriented crypto-currency. It is a Proof of Work (PoW) crypto currency based on the Cryptonote protocol.
How many XHV coins are there?
As of July 2020 there around 13 million XHV in circulation with a maximum supply of 18.4 million. There is also a tail coin-emission at the same rate as Monero. Once the offshore part of the protocol is live, the circulating supply will fluctuate due to users minting and burning their funds (XHV to xUSD etc).
Was Haven an ICO?
No, there was no ICO.
So how is it funded?
Most of the team work on a voluntary basis and receive no payment for their input into the project. However, the developers do receive compensation in the form of XHV due to the large number of hours they give to the project. Funding comes from a 5% governance fee raised from the mining of XHV. It is spent on essential infrastructure for the project, marketing and developer costs.
How are my funds protected?
Haven uses the same privacy features as Monero, including:
• Ring Signatures
• Ring Confidential transactions (RingCT)
• Stealth Addresses
Are the transactions private?
These features hide the sender, amount and receiver in the transaction. All transactions are private by default and there is no way to accidentally make a transparent transaction. Further information on the privacy features of Haven Protocol can be found in our whitepaper.
Why does Haven need privacy?
Like any other account there will be sensitive information that a user would not want to be available publicly. This is especially true for personal financial data that, if stolen, can be used by unscrupulous parties to potentially steal those funds. The privacy features of Haven makes this much less likely to happen.
Although Haven transactions are private and anonymous it should not be used for illicit or illegal purposes that violate a user’s local or national laws.
Storing and Using Haven
Where can I get XHV from?
Haven (XHV) is available to buy from a number of exchanges or as it is a PoW currency it can also be mined. The current list of exchanges and mining pools are on our website.
How do I store my money?
Your funds are stored in a digital vault. You can think of this as a private offshore bank account that only you control. The vaults are available for all major operating systems including Windows, MacOS and Linux as well as Android and Apple mobile devices. There are different options according to your needs:
This is the simplest method for those using computers who do not wish to run their own node.
This is downloaded as an app on your computer and provides a simple to use vault for storing XHV and all Haven xAssets.
CLI Vault (Command Line Interface)
This is generally used by those with a greater technical background and a working knowledge of the terminal on their computer.
This is for those who prefer the convenience of keeping their funds stored on a mobile device. The Web Vault is compatible with all mobile devices and native mobile apps will be developed in the future. It is also planned to be able to store your XHV on hardware wallets such as Ledger.
I see there are different nodes, what are they?
A node is basically a computer that connects you to a network. There are generally two different types of node that you can use to connect to the Haven network and each has pros and cons that will be explained below:
Remote node is a 3rd party computer that syncs to the network on your behalf. Because you don’t need to download and update the chain every time you open the wallet, syncing and updating your balances take a fraction of the time vs a local node. This can be helpful if you have limited storage space on the device you use your wallet with. Choose this if you want to quickly open a wallet and for sending/checking balances and ONLY from trusted providers. There can be risks associated with using a remote node as it increases the chances of somebody being able to identify your IP address to trace transactions from your wallet address. The current list of remote nodes available to users will be on the web.
A local node means that you are using your own computer to connect to the network. With a local node YOU are in control of all the data on the chain and there is less risk of anyone being able to see if you have a wallet open and from what IP. Local nodes are in your control so you don’t have to worry about them being down when you want to login to your wallet and move funds around. During major market movements there is a possibility that high traffic volume can cause issues with a remote node leaving you stuck trying to find another one or syncing your own. This will not happen if you use a local node. The drawback to using a local node is that you will have to download and regularly sync (update) the blockchain. This can take some time and will use a significant amount of storage space on your device. It is, however, by far the most secure method of using Haven for longer term wealth storage and is recommended for any significant amounts being stored.
Can I get some help using the wallets?
Absolutely, there are vault user guides for all vaults on our website. These go through the set-up, use and recovery of vault addresses step by step to enable even non-technical users to be able to take control of their money and be sure it is secure and easily accessible.
Is it safe?
Your vaults are protected by a password (or seed phrase for Web Vault) that you set and must remember in order to access your funds. During the process of setting up the vault you will also be given a 25 word seed phrase. Should you lose your password you can restore your wallet and access your funds using this combination of words. It is essential you keep one or more copies of the seed phrase somewhere safe.
How can I ‘cash out’ to USD?
You can cash out to USD or other traditional currency where exchanges have the facility to do so. It is planned to have xUSD etc available on exchanges to make this process simpler.
Can I send my money to anyone I want?
Yes, as long as they have a Haven vault then you can send XHV or xAssets to anyone in the world quickly, securely and cheaply. You will need to know their Haven vault address to do this.
You are responsible for your funds and no-one else can help you recover them should you lose your password and seed phrase.