What is Haven (XHV)? Updated FAQs
The Haven Currency
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.
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.
How many XHV coins are there?
The real-time circulating supply can be found here. As of January 28, 2020, the circulating supply of XHV is 11,546,892.
When xUSD (and future xAssets) are launched live on the Haven network, the circulating supply of XHV will fluctuate dynamically according to market supply and demand.
As people find utility in using xUSD (and future xAssets), XHV will need to be burned. It is important to keep in mind that the initial supply of every newly integrated xAsset will always be zero. Therefore, a reduction in supply of XHV can be expected in the short term. But in some market cycles, the supply of XHV could be increased. Proof-of-Work mining will always provide XHV liquidity and secure the Haven network.
Modeling of different supply scenarios in bull and bear markets can be found in our Whitepaper. Haven’s tail emission is the same as Monero.
Was there an ICO (Initial Coin Offering)?
No, there was no ICO.
How is the project funded?
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.
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.
Multi-signature governance wallet:
hvxy3f2PhAhimkeLf617BsbVn6UTbofVcMzofXGsSNLoMFr2SrSxRJ9f52Am1QLVddKetXPKHoTLbBaLNT1kMU6Q3kYRc3t6pF
Private wallet viewkey:
b8679ce8084f489cc070537941f683ecfaac65321c2e6e73891d7ae10bc3e102
What can Haven be used for?
Storage
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 money with Haven.
Trading
Traders can enter the Haven network and either use their Vault as a secure storage method or trade XHV and xAsset pairs. After mainnet launch of xUSD, Haven will offer a range of fiat currencies over time (like xEUR), as well as xBTC (Bitcoin) and other high profile commodities (xGOLD and xSILV). This will provide traders a range of benefits in the Haven Vault:
- Infinite liquidity
- Zero spread/slippage
- No counterparty risk
- No KYC/AML requirements
- No limit on trading amounts
- Full control of private keys
- Private transactions and account balances
Payments
Haven could be used for any purchases where privacy and security is a priority and instant settlement is not required. As the Haven network grows and more projects are built on top of the protocol, payment use cases will expand.
Haven’s privacy features
How are my funds protected?
Haven uses the same robust privacy features as Monero including ring signatures, ring confidential transactions (Ring CT), stealth addresses, and bulletproofs.
Are Haven transactions private?
These Monero-based features hide the sender, amount, and receiver in every transaction. All transactions are private by default and there is no way to accidentally make a transparent transaction. Further information on Haven’s privacy features can be found in the Whitepaper.
As part of these privacy features, Haven has a unique way of processing transactions. This may seem confusing to new users but can be explained by the following:
Alice has 20 XHV in her vault. She has received 2 lots of 10 XHV from friends.
She sends 5 XHV to Bob.
The 5 XHV she sends is taken from one of the 10 XHV amounts she received.
This 10 XHV gets locked up until the transaction is complete and Alice receives her change of 5 XHV (less the tx fee).
You can think of it like giving out a note and waiting for the change in coins.
Why does Haven need privacy?
Like any other traditional financial account, the Haven Vault will contain sensitive information that a user would not want to be made available publicly. This is especially true for personal financial data that, if stolen, can be used by unscrupulous parties to potentially steal those funds. The privacy features of Haven makes this much less likely to happen.
IMPORTANT
Although Haven transactions are private and anonymous, they should not be used for illicit or illegal purposes that may violate a user’s local or national laws.
Storing and Using Haven
Where can I obtain XHV?
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.
How do I exchange 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.
Here’s an example: you buy 200 XHV at $2 each. You then exchange 200 XHV in your private Haven Vault and receive 400 xUSD (the 200 XHV is burned). Later, you decide to exchange your xUSD back to XHV, but the price of XHV is now $4. Your Haven Vault would burn the 400 xUSD and you would receive 100 XHV.
How do I store my money?
Your funds are stored in a digital vault called the Haven Vault. You can think of this as a private account that only you control. You can access the web-based Haven Vault (optimized for mobile platforms) here. The Haven Vault will be available for all major operating systems including Windows, MacOS and Linux after the launch of xUSD on Haven’s mainnet. There are different options according to your needs:
Web Vault
This is the simplest method for those using computers who do not wish to run their own node. The Vault’s architecture ensures the security of your seed or keys, as they are never submitted to a server or sent across the internet.
Desktop Vault
This is downloaded as an app on your computer and provides a simple-to-use Vault for storing XHV and all Haven assets. This Vault gives you the option of using a local or remote node. It also includes a “smart miner” that helps decentralize and secure the Haven network while giving you the possibility of earning some XHV as a reward.
CLI Vault (Command Line Interface)
This is generally used by those with a greater technical background and a working knowledge of the terminal on their computer.
Mobile Vault
This is for those who prefer the convenience of keeping their funds stored on a mobile device. The Web Vault is compatible with all mobile devices and native mobile apps will be developed in the future. You will also be able to store your XHV on hardware wallets such as Ledger Nano S after integration work is completed.
I see there are different nodes, what are they?
A node is basically a computer that connects you to a network. Haven is a peer-to-peer network. There are generally two different types of nodes that you can use to connect to the Haven network. Each has pros and cons that will be explained below:
Remote Node
A remote node is a 3rd party computer that syncs to the Haven network on your behalf. Because you don’t need to download and update the chain every time you open your Vault, syncing and updating your balances take a fraction of the time it would take using local node. This can be helpful if you have limited storage space on the device you use your Vault with.
Choose this option if you want to quickly open a Vault and for sending/checking balances and only from trusted third parties. There can be risks associated with using a remote node as it increases the chances of somebody being able to identify your IP address to trace transactions from your Vault address. The current list of trusted remote nodes available to users will be on the Haven website.
Local Node
A local node means that you are using your own computer to connect to the Haven network. With a local node, you are in control of all the data on the chain and there is less risk of anyone being able to see if you have a Vault open or determine your IP address. Local nodes are in your control so you don’t have to worry about them being down when you want to login to your Vault and move funds around.
During major market movements there is a possibility that high traffic volume can cause issues with a remote node leaving you stuck trying to find another one or syncing your own. This will not happen if you use a local node.
The drawback to using a local node is that you will have to download and regularly sync (update) the blockchain. This can take some time and will use a significant amount of storage space on your device. It is, however, by far the most secure method of using Haven for longer term wealth storage and is recommended for any significant amounts being stored.
Can I send my money to anyone I want?
Yes, as long as they have a Haven Vault you can send XHV or xAssets to anyone in the world quickly, securely and cheaply. You will need to know their Haven Vault address to do this.
Can I get some help using the wallets?
Absolutely, there will be Vault user guides on our website once xUSD goes live on the Haven mainnet. These will go through the set-up, use, and recovery of Vault addresses step-by-step instructions to enable even non-technical users to be able to take control of their money and be sure it is secure and easily accessible. You can also get in touch on Twitter or join our Discord group where the team and community members are always happy to help.
Is it safe to use Haven?
Your Vault is protected by a password (or seed phrase for the Web Vault) that you set and must remember in order to access your funds. During the process of setting up the Vault, you will also be given a 25 word seed phrase. Should you lose your password you can restore your wallet and access your funds using this combination of words. It is essential that you keep one or more copies of the seed phrase somewhere safe.
IMPORTANT
You are responsible for your funds and no one else can help you recover them should you lose your password or seed phrase.
How can I ‘cash out’ my XHV?
You can exchange your XHV for BTC, USD or other traditional currencies where exchanges (such as Bittrex) have the facility to do so.
