Learn more about Haven Protocol Coin.
UPDATE 27 January 2021: When trying to find the project website of Haven Protocol Coin project today, we were unsuccessful. Considering a number of different circumstances in relation to this project, we can't draw any other conclusion than that the project has closed down.
In order to find another cryptocurrency to read up on and maybe purchase, please refer to our List of Coins.
Haven Protocol Coin Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This review of Haven Protocol Coin consists of three chapters: origin, technology and pros & cons.
Haven Protocol Coin is an untraceable digital currency. It has a blend of stable fiat value storage and standard market pricing without asset backing. The currency accomplishes this with an inherent on-chain smart contract. This smart contract controls the minting and burning of coins in a system of cryptographically obscure supply. This is in turn to encourage an incentive for clients that send their coins to off-shore storage contracts.
Haven Protocol’s novel minting and burning framework serves to strengthen the first Monero protocol’s security and privacy perspectives. You send Haven Protocol Coin from a client’s wallet to a smart contract that holds the Haven Protocol Coin’s fiat value at the transaction time. Moreover, the balance stays totally on the blockchain. This means that it is untraceable, and it can’t be traced back to a particular client.
There is no issue of fluctuating costs with the mint-and-burn approach. You record the fiat value of a given client’s exchange. After that, the system burns a proportional measure of Haven. This reduces the aggregate supply of the Haven Protocol Coin. In the event that the fiat value moves when the client wishes to withdraw his or her assets from the off-shore storage account, the fiat value is coordinated with an amount of newly minted Haven coins. This ensures a return of the fiat value without destabilizing the cost of Haven itself, all while keeping the fiat value sum separated from the owner.
- Haven makes use of the ring signature cryptographic mechanism which introduces the possibility of actually knowing when one of the users signed on and verified the data.
- The current focus of its developers is on growth, stability, privacy, and usability for everyday transactions all that with an easy to use mobile wallet app which is going to be a great plus for it.
- Haven is useful for keeping fiat funds stable and secret. This is due to the fact that Haven’s off-shore storage smart contract allows complete privacy to individuals who come looking for it as they wish to keep their currency untraceable without being subjected to the market fluctuations.
- Haven Protocol will also offer off-shore smart contracts once it is robust enough to stand on its own two feet.
We have not identified any obvious cons with the Haven Protocol Coin.