Our Vision for Offshore Storage.

I teased this article on twitter a little while ago. It’s time to deliver:

Offshore Storage — A recap

Our Vision for Offshore Storage

“Our vision and plan for Offshore Storage is far grander than anyone knows or has completely realised.”

Time to forget about native contracts. Start thinking about two coins on the Haven Protocol blockchain. Haven [XHV] and USD Haven [XHVD]. Our vision is a decentralised, crypto-backed version of Tether.

When you burn [XHV] you are converting [XHV] coins to [XHVD] coins, which represents ‘$USD worth of Haven’. Minting is converting these coins back into [XHV]. Just like Haven, [XHVD] coins are divisible and transferable. They inherit Haven’s privacy aspect with the added benefit of having a stable value.

Since the value of [XHVD] is guaranteed with Offshore Storage, there isn’t a difference between sending $10 [XHVD] ($10 USD worth of Haven) and sending $10 fiat. Other than the added privacy, that is.

Having [XHVD] in your Haven Wallet is akin to having USD in your Paypal/Venmo account with all the benefits of Haven Protocol — completely decentralised, low fees and private.

To expand on the [XHVD] Wallet concept, it gives the world access to a decentralised and free USD based ‘bank account’, away from prying eyes and centralised corporations. We envision Haven Wallets solely with a [XHVD] base, where the backing from Haven Protocol is obscured from the end user.

As adoption of cryptocurrencies increase, the market will favour a stable, private coin that does not expose the finances of corporate or private interests.

The problem with non-privacy coins is that they expose everyone’s account balances. Bank balances aren’t public information for a reason. No one really wants to expose their bank balance, regardless of how much or little they have.

I’ve personally talked to New Zealand based retailers about accepting Cryptocurrencies. Price stability and privacy are the only hurdles to their adoption — and Haven solves both.

Further thoughts:

Oracle:

Technical Information:

Written by

Ecosystem of private stable assets. Based on Monero. The world's first private stablecoin xUSD is now live.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store