Haven Protocol (XHV)

Basics

• Based in: "The Haven Protocol Foundation has now been officially incorporated in The Cayman Islands." (27-4-2021).
• Started in / Announced on: 21-2-2018 on Bitcointalk.
• Testnet release: Q1 2020
• Mainnet release: 7-2020
• From Tim Cole (for Messari):

"Haven is bringing private, decentralized finance to everyone in the form of an offshore bank. They offer an ecosystem of synthetic assets accessible only through $XHV."

History

• From this article (2-1-2021):

"Haven Protocol has the sort of rocky history that is characteristic of many top cryptocurrencies. The project was announced on February 21st, 2018 by two anonymous developers on Bitcointalk. Haven Protocol was described as a fork of Monero that would make it possible to create coins that represent various assets including stablecoins and precious metals. At the time, this was thought to be impossible to do on private blockchains like Monero. This is because blockchains like Monero do not support tokenization like Ethereum, and the alternative to tokenization (Colored Coins) requires a degree of transparency that is not available on private blockchains.

The impossibility of the task at hand in addition to the project having no private funding, no ICO, and only a small premine, resulted in a lot of traction for Haven Protocol when it launched. Unfortunately, the two anonymous developers soon realized that they could not accomplish what they had promised. They dumped their premined tokens on the market and abandoned the project at the end of 2018.

In January 2019, a few core members of the Haven community took over the project. They believe that the two anonymous founders had tried in good faith to deliver what they had promised. This was supposedly revealed in the original code the anonymous developers had left behind. The new team forked Haven Protocol’s original code and turned it into an open-source project. They tasked themselves with fulfilling its original vision as being a private, offshore bank accessible to anyone with an internet connection.

With the help of some of Monero’s top developers, Haven Protocol’s new developers succeeded in adding Colored Coins to a private blockchain in May, 2020 – a huge milestone for both projects. Haven Protocol’s first synthetic asset, xUSD, went live in July, 2020. Since that time, over 4.5 million xUSD have been minted."

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• From BlockThreat (19-7-2021):

"On June 22, 2021 Haven Protocol, a Monero fork, suffered multiple attacks exploiting four different vulnerabilities over the period of 7 days which resulted in $4.5B worth of assets being incorrectly minted. Most of the newly minted xBTC and xUSD coins have already been liquidated on KuCoin and TradeOgre exchanges. On July 19, Haven Protocol scheduled a hard fork to roll back the hacked gains."

Governance

Treasury

• From their website (27-4-2021):

"Haven has not premined any asset and doesn’t have any premine reserve or treasury."

Token

Launch

• From their website (27-4-2021):

"Haven has not and will not do an Initial Coin Offering to the public. Haven has not premined any asset and doesn’t have any premine reserve or treasury."

Token Allocation

• From the website (27-4-2021):

"As of March 2021 there are around 14.2 Million XHV in circulation but due to the way the protocol works this will fluctuate according to the demand for the other xAssets in the network. As it is a PoW coin there are a number created via mining and this emission schedule follows the same curve as Monero."

But:

"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 as well as asset exchange fees. It is spent on essential infrastructure, marketing and developer costs."

• From this article (2-1-2021):

"Unlike many cryptocurrencies we see today, Haven Protocol had no premine, did not hold an initial coin offering, and did not receive any seed funding. Instead, 5% of all block rewards are automatically allocated to the development team."

Utility

• Just like Terra does for it's stablecoin creation, Haven does a mint and burn for it's synthetics. From Tim Cole (for Messari):

"If @HavenXHV can generate demand for their ecosystem of synthetic assets, then $XHV will have to be burned to create them. The more $XHV supply that is burned, with the demand for xAssets increasing, the more upward pressure is put on the price of $XHV."

Stablecoin

• From Tim Cole (for Messari):

"They already offer xUSD, the world's first private stablecoin. On 4/12 they will release four more assets: xGOLD, xSILVER, xCNY, and xEUR."

Technology

• Whitepaper can be found here (2020).
• Code can be viewed here.

Implementations

• Built on: Its own. But (27-4-2021): "It is based on Monero, and as such inherits all of Monero’s privacy features."
• Programming language used:

Transaction Details

• Capacity (TPS): 1700 ( – theoretically unlimited due to adaptive block sizes)
• Latency:

How it works

• From this article (2-1-2021):

"Although Haven Protocol is described as a fork of Monero, it is more accurate to call it a clone of Monero. Haven Protocol has the same transactions per second (1700 – theoretically unlimited due to adaptive block sizes), the same base transaction fees (less than 1 cent), the same block time (2 minutes), and the same mining algorithm (proof of work – RandomX)."

• From the website (27-4-2021):

"It is based on Monero, and as such inherits all of Monero’s privacy features. It is a Proof-of-Work cryptocurrency. With the release of xUSD, Haven has just added the world’s first coloured coin implementation on the Cryptonote protocol."

• From Tim Cole (for Messari):

"The conversion happens with complete privacy, infinite liquidity, no slippage, and almost zero fees. @HavenXHV's mint and burn algorithm backs this process. $XHV needs to be burned in order to mint the synthetic assets."

Upgrades

• xAsset Fork and Artemis 1.3.0 launched, adding 4 more xStablecoins (12-4-2021).

Other Details

Notes

• From this article (2-1-2021):

"You can think of notes as being equivalent to physical banknotes (cash). Transactions on Haven Protocol are designed so that any ‘change’ associated with a given note cannot be spent or moved until the transaction has completed.

For example, suppose you bought 100 XHV on an exchange and sent it to your wallet. Unless you manually split that amount in your wallet, it will be treated as one note. This means that if you want to send 50 XHV to one person and the other 50 XHV to another, you have to wait until the first 50 XHV transaction completes before sending the second one.

This might seem silly given that transactions on Haven Protocol only take a couple of minutes, but it makes sense once you factor in the second feature: the unlock time between xUSD and XHV. This unlock period can range from 6 hours to 7 days. This is to prevent people from manipulating the xUSD mint and burn mechanism (which happened during the first two months of its release). To prevent any discrepancy that could occur during the unlock period, the conversion fee along with the price at which you purchased the asset is locked in when you execute the transaction."

Oracle Method

• Utilizing pricing oracles from ChainLink (12-4-2021). With others 'coming soon' (27-4-2021).
• Band Protocol was mentioned back in January 2021, but isn't on the website as of April.

Privacy Method

• Haven is based on Monero (27-4-2021).
• From Tim Cole (for Messari):

"The conversion happens with complete privacy."

Roadmap

• Can be found here(Q1 2021).

Competition

• Monero, Terra and private coins and stablecoin / synthetic assets projects in general.

• From this article (2-1-2021):

"The primary difference (and perhaps the only difference [with Monero]) is that Haven Protocol has implemented something called Coloured Coins. Coloured Coins is a technology that was originally designed for Bitcoin in 2013 and allows you to assign a specific attribute to a Bitcoin (or fraction of a Bitcoin). This would make it possible for a Bitcoin to represent an asset like Tesla stock or even a single US dollar."

Team, Funding, Partners

Team

• Full team can be found here (27-4-2021). With more detail in their whitepaper (2020).

• From this article (2-1-2021):

"Haven Protocol’s two core developers go by the pseudonyms Dweab and Neac. Dweab is a mathematician and Neac is a cryptographer. Both are also software developers and have 20+ years of experience in their respective fields. In September 2020, the Haven Protocol team announced the creation of the Haven Foundation."

Funding

• From their website (27-4-2021):

"Haven has not raised any venture capital and doesn’t have any intention of doing so."

• From the website (27-4-2021):

"Most of the team work on a voluntary basis and receive no payment for their input. 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 as well as asset exchange fees. It is spent on essential infrastructure, marketing and developer costs. We also have a committed and rapidly growing community who give many hours to marketing and project awareness."

• From this article (2-1-2021):

"The Haven Foundation received a 1 million dollar donation from an anonymous entity in late September, not long after they became officially incorporated in Cayman Islands."

Partners

• From Tim Cole (for Messari):

"Haven is nearing completion on their integration with @THORChain, they are issuing a debit card through partnership with @terniotoken, and they are integrating with platforms like @travalacom and @WooCommerce to allow users to spend their $XHV and synthetic assets in more ways."

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