Haven is a cryptocurrency that is the native token of the Haven network. The token is an ecosystem of untraceable assets that enables users to convert between volatile assets and stable currencies directly within their vault, with complete privacy. Haven (XHV) enables anyone, anywhere, to convert, store and transfer assets directly from their vault –– without middlemen, custodians, or third parties.^[1]

Overview

The base currency for the Haven network is XHV. Haven is a Proof-of-work (PoW) cryptocurrency based on the CryptoNote protocol with a block time of two minutes.^[2]

Haven is built on top of Monero, which is widely considered to be the leader in privacy technology. Haven inherits all of Monero’s privacy features. It extends this functionality by providing private, stable currencies and commodities (xAssets) which can only exist through the “burning” of the Haven base currency (XHV). The first private stablecoin to be launched on Haven’s mainent will be xUSD.^[1]

Uses

There are two main problems the Haven Protocol can solve that current cryptocurrencies are not addressing:

1. Point of sales/payment gateway systems where goods can be bought with Haven and stores can immediately lock the USD/fiat value in to protect from price fluctuations.

This has the added benefit of keeping the stores’ business and income completely hidden on the blockchain as neither their wallet address nor amounts are revealed.

2. Storing a large amount of money outside of the traditional banking system.

Privacy-focused cryptos are perfect for this but without a reliable way to maintain value through fluctuations, the process of holding could be costly. Sending Haven offshore quite literally, creates cryptographically untraceable US Dollars.^[3]

Tokenomics

Haven token has a circulating and total supply of 14,547,493 XHV. On February 16, 2021, it recorded an all-time high of $9.45, and on September 25, 2019, it recorded an all-time low of $0.07652.^[1]

Token Burning

In the simplest case, users can burn Haven (XHV) for the equivalent USD value worth of Haven Dollars (xUSD). To restore to a volatile state, the user can equally burn xUSD for $1 USD worth of XHV. There are plans to add other major currencies (e.g. CAD, GBP, EUR, CNY, BTC, xAU (Gold) are intended to the Haven ecosystem over time to allow users to choose a suitable pegging mechanism for their needs.^[3]

Haven's ultimate goal is to create a private decentralized finance platform to include the provision of crypto-backed loans and interest-bearing savings accounts.^[2]

Exchange

Haven (XHV) is available to purchase from a number of exchanges, including Bittrex, TradeOgre, Citex, VCC Exchange, and Abra. As a Proof-of-Work cryptocurrency, it can also be mined. The current list of exchanges and mining pools are on our website. We are always working to add additional exchange and fiat on-ramp options.^[3]

Exchanging XHV for xUSD

Haven utilizes a unique “mint and burn” process to exchange XHV for xUSD (and vice-versa). You can exchange (burn) XHV for the equivalent USD value worth of xUSD. 1 xUSD will always be worth $1 of XHV at the current market price. This process will always take place instantly inside your private Haven Vault. All transactions utilize Monero features to maintain your privacy.^[1]

ICO/Funding

There was no initial coin offering for the Haven project. Most of Haven’s team-work on a voluntary basis and receive no payment for their input into the project. However, Haven’s core developers do receive compensation in the form of XHV due to the large number of hours they dedicate to working on the project. This funding comes from a 5% governance fee raised from the mining of XHV. It is spent on essential infrastructure and development costs for the project.^[2]

All governance funds are deposited into a team-owned multi-signature wallet. This wallet is visible to anyone, and the financial decisions are made by a remuneration group made up of Haven’s team and community members.^[1]