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About Haven Protocol
Haven Protocol: What Is Haven Protocol (XHV)?
Haven Protocol, also referred to as XHV, is a decentralized platform that enables users to create private tokens representing stable and volatile assets, including commodities and fiat currencies such as USD. Built on the foundation of Monero, Haven Protocol prioritizes secure, private, and untraceable transactions.
The protocol inherits numerous features from Monero, such as bulletproofs and other privacy technologies. The native currency of Haven is XHV, which is burned to generate private, untraceable synthetic assets and commodities called xAssets.
Users can obtain untraceable digital assets with standard market pricing and real asset-pegged value storage through a process known as "mint and burn." By burning Haven (XHV), users can acquire Haven Dollars (xUSD), a synthetic stablecoin.
Haven Protocol: Who Are the Founders of Haven Protocol?
Haven Protocol was initially developed by two unidentified individuals in January 2018. Their aim was to create a decentralized private stablecoin that would allow users to own a private token convertible into any desired currency without the involvement of a third party. However, the project faced technical challenges and failed during the testnet stage.
Subsequently, the original developers left the project, and a new team from the Haven community took over.
The new team consists of experts in mathematics, economics, blockchain analysis, cryptography, system architecture, and community management.
On July 20, 2020, the new team launched the mainnet of Haven Protocol, introducing the xUSD stablecoin. The key developers of the network operate under aliases: Dweab (Project Lead), Pierre Lafitte (Product Lead), Neac (Protocol Lead), Marty (Frontend Lead).
Haven Protocol: What Makes Haven Protocol Unique?
The initial design of Haven Protocol was considered infeasible due to its complex cryptography, mathematics, and codebase privacy. Similar to Monero, the platform utilizes a proof-of-fungibility mechanism, equating various asset classes based on their monetary value rather than just token quantity.
The platform's standout feature is its completely secure and private synthetic currencies and assets. Additionally, the "mint and burn" strategy enables dynamic adjustments to the circulating supply of underlying assets, maintaining the value relationship between Haven and its pegged asset.
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Haven Protocol: How Many Haven Protocol (XHV) Coins Are There in Circulation?
Haven Protocol did not have an ICO, pre-mine, or seed funding upon its launch. The maximum supply of XHV is 18,400,000, and as of February 2021, the current circulating supply is 14,531,525.
Similar to Monero, Haven Protocol mines a new block every two minutes, with each block yielding 2 XHV. The mining reward per block will be halved in May 2021. By 2022, Haven will enter a "Tail emission" phase, where the mining reward will be 0.6 XHV. This makes Haven inflationary, but the mint and burn method dynamically controls the token's supply.
The Haven Protocol developers receive XHV as compensation, which amounts to a 5% governance fee deducted from XHV mining rewards. This fund supports the project's maintenance.
Haven Protocol: How Is the Haven Protocol Network Secured?
Haven Protocol utilizes a proof-of-work consensus mechanism, similar to that of Monero. The mining algorithm does not require specialized mining devices, as regular computers are sufficient. Additionally, the network incorporates privacy features akin to Monero's.
Haven Protocol: Where Can You Buy Haven Protocol (XHV)?
XHV can be purchased on the following exchanges:
It is also possible to earn XHV as a proof-of-work reward through mining.
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