What is Haven Protocol?
Haven Protocol (XHV) coin is a fork of the Monero cryptocurrency released in April 2018. It is also designed to handle transactions that cannot be traced back. However, unlike Monero, Haven Protocol uses a built-in smart contract to control mining and burning.
Furthermore, Haven Protocol uses sophisticated RingCT signatures to make payments more secure. In addition, among the features that can highlight the fixation of the price of XHV during trading this is created so that the participants of the Haven Protocol network do not worry about volatility. Retailers and online retailers can use Haven to hide all payments for goods and services, income and customer data in the first place.
How Haven Protocol works
Haven's novel minting and burning system aims to overcome the security and privacy aspects of the original Monero protocol. Once sent from the user's wallet, Haven will retain its pre-determined value at the time of exchange. At the same time, the balance will almost always remain on the blockchain. Besides, it also cannot be tracked and is hardly tied to any one user.
Further price volatility problems are neutralized through the problem burn approach. The fiat value of the exchange by a particular user is recorded. There will then be an equal amount of Haven burned, resulting in a decrease in the total supply of the coin.
When the fiat assets move at the time the user is in need of withdrawing their money from the overseas account, the fiat value will be matched with a certain amount of newly minted Haven. This does little to detract from Haven's own valuation satisfaction, while retaining its fiat profits despite its divorce from its owners.
Features of XHV
XHV uses the same strong security features as Monero, including secure ring transactions (Ring CT), ring signatures, hidden addresses, and resistance to outside interference.
These Monero-based features hide the sender, amount, and recipient in each transaction. All transactions are private by default and there is no way to accidentally make a transaction transparent.
Like any other traditional financial account, the Haven Vault will contain sensitive information that users do not want to be disclosed. This is especially true for personal financial data, which, if stolen, could be used by bad actors to steal those funds. XHV's security features make this less likely.
What can Haven Protocol 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 funds with Haven.
Traders can access the Haven network and use their vault as a secure storage or trade XHV and xAsset pairs. Following the launch of xUSD mainUSD, Haven will offer multiple currencies over time (like xEUR), as well as BTC and other high profile commodities (xGOLD and xSILV).
Haven can be used for any purchase where privacy, security comes first and does not require immediate processing. As the Haven network grows and more projects are built on top of the protocol, the uses for payments will expand.
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