xAssets- A guide
xAssets are the class of currencies on the Haven network that cover everything with the exception of XHV and xUSD.
Details of how the different currency classes interact can be found here: https://havenprotocol.org/knowledge/network-currencies/
What are xAssets?
xAssets are synthetic representations of real world assets, traditional currencies, cryptocurrencies and other financial instruments. When used within the Haven Vault they will always maintain their intended value due to the way the ‘mint and burn’ protocol works. They utilise decentralised oracle price feeds provided by independent 3rd parties.
Unlike many other traditional financial instruments such as stocks and commodities, xAssets offer many advantages:
- Can be traded, transferred and used 24/7 365
- Open to anyone regardless of status or location
- Full user privacy for accounts, balances and transactions
- Full control over your money at all times with no counter-party risk
- Fast, low cost transactions for transfers and conversions.
How many xAssets are there ?
The current list of assets live on mainnet are xAU (Gold), xAG (Silver), xEUR (Euro) and xCNY (Chinese Yuan). In the future, virtually any asset can be added, as long as there is a reliable, secure price feed available to provide conversion rates.
How can they be used?
It is important to understand how the xAssets can be transacted in order to offer users the greatest utility and flexibility.
This multi-asset class of currencies can be used in the following ways:
- Convert to/from xUSD (self or 3rd party)
You can convert between xUSD and any supported xAsset and send it to your own address or to any other Haven address. So, for example you could use a specific address for storing xAU (Gold) or you could convert to xEUR and instantly send it to a friend or e-commerce site.
- Transfer to/from another wallet (exchange, friend, ecommerce site etc)
As with conversions you can transfer xAssets to any Haven address with a few clicks for an average fee of ~$0.0005. Transactions are completed in around 20 mins.
- Stored in a wallet (vault)
You can store multiple xAssets within the same wallet using a single address securely and privately using a range of different platforms and interfaces to suit non-technical as well as more adept users.
- Traded on exchanges against any supported trading pairs
Where supported you can trade any xAsset on exchanges. It is also planned to have them available on liquidity pool protocols to allow instant exchanges with multiple cryptocurrencies such as Bitcoin and Ethereum.
The future for xAssets
As the Haven network grows and demand for a privacy focused approach to money increases there will be further xAssets added. The long term aim is to offer all users the opportunity to hold a fully diversified portfolio of private digital assets. This could potentially include stocks, commodities, indices, currency baskets and many others.
We will strive to become an offshore bank in your pocket that anyone, anywhere can access to securely use and store their wealth.