ICO REVIEW - Safehaven
An inheritance solution for the digital economy.
One of the more exciting ICO's I have recently discovered is Safehaven. The projects website is available at https://safehaven.io where an overview of the project is available as well as the more detailed whitepaper.
The comprehensive team of experts and partners is also detailed on the site with links to each of there LinkedIn profiles so I encourage you to do your own research into the background of this impressive team.
A large amount of my time is spent with my head buried in whitepapers. With five previously successful investments in ICO’s behind me now I have formed a good understanding of what I am looking for when I invest in a new coin or token. The main thing I look for is real world value.
If a coin or token can solve a potential problem I get excited. Safehaven ticks this box by tackling the issue of inheritance in a space where there is both huge value and the need for robust security to protect that value from theft. This combination currently leads to families who have sadly lost a loved one, potentially not being able to access a large portion of the estate.
The other current option is to weaken the security of your digital assets by allowing access to a third party or by recording passwords and private keys. Both are significant security risks. A problem which Safehaven aims to solve. Allowing the investor to maintain control of their funds whilst also providing stakeholders with a means of access should the investor sadly pass away.
The cryptocurrency space has many parallels with the traditional fiat economy. The main difference is the age of the two. Fiat economies have evolved over centuries where as blockchain technology is still in it’s infancy.
This means that if we look at the paradigms which surround traditional, fiat economies which can apply the observations to blockchain tech to make some accurate predictions of how the space will evolve.
Just like fiat, blockchain technologies began with the primary uses of storing value and allowing the exchange of goods or services. This section of the blockchain market was served first by Bitcoin and by many others since. Each attempting to carve their own niche.
So what is the next stage?
As the crypto space evolves it becomes much more about blockchain as a technology rather than just as a currency. In fiat economies we see a vast array of support services that operate around the main currencies. These can be anything from lawyers, accountants, insurers, travel agents, charities, wholesalers. The list is endless. Where wealth is transferred, companies exist to facilitate the transfer or offer a related service.
This parallel has not yet extended into the infant world of Cryptocurrenies. The next stage of blockchain evolution will be to apply the tech to these use cases. This provides an excellent opportunity for investors to acquire a stake in this burgeoning infrastructure.
This is where Safehaven comes in to its own. In order to protect their blockchain assets investors take steps to encrypt and secure their passwords and private keys. This can be through paper wallets, hardware such as offline ledger storage, encrypted cloud storage and 2fa protection which is impassable without the matching authentication device. These are all great solutions, which are unfortunately necessary to protect the digital assets of an investor but there is a glaring downside.
In the case of the death of the owner these digital assets may be unrecoverable. Many cryptocurrency investors are young people as these are the demographic most likely to be attracted to the revolutionary technology. The same people are also the most unlikely to think about preparing a last will and testament which lays out access to these blockchain assets. Even if the investor did think to hire a probate attorney to plan for their death this would mean providing a third party access to potentially huge sums of money.
It is not unusual for trusted third parties to handle their clients fiat currency in the event of their death, however these funds are much more easily traceable than blockchain assets, which are more anonymous than fiat. Especially when privacy coins are involved.
This means that we see a parallel problem yet the existing solution can’t be applied to blockchain assets. Safehaven is the potential solution to this problem. The project uses blockchain technology to store the investors private keys in a way that the investor remains in control of the funds by maintaining a certain part private. Other stakeholders (family or an executor) hold a portion of the private key and are able to access the funds only when the investor passes away with the process being verified using blockchain technology.
This means that the investor remains in control, with full access to the funds until the point that they sadly pass on. At which point, instead of funds being inaccessible the inheritance is made available without the need to trust a third party in the meantime with full access to private keys.
The team is headed by founder Jürgen Schouppe an ICT security engineer with 13 years of experience working for the European Parliament.
Partners include, Verime, Nitrokey, Bounty0x and the blockchain association of Belgium.
When a serious flaw and a solution are presented alongside each other in a simple way without buzzwords or fluff by a strong, reputable looking team of experts, I get very excited by an ICO.
This is how I have discovered my most successful past investments both in blockchain companies and in traditional start ups. A solution to a problem an a good team is a recipe for success. Especially if you find the project early enough. Safehaven is still at the ICO stage so all the boxes are most certainly ticked.
The ICO is open now until the 10th March 2018 so now is the time to get involved in a potentially lucrative investment opportunity which also provides a great service to any blockchain investor. It is an innovative solution to a major problem and fills a huge gap in the market. One of the most promising ICO'S I've seen in a while.
More information and an excellent whitepaper are available at https://safehaven.io