An interview with the Haven Development Team
I decided to learn more about Haven. This is an interview with the Haven Development Team. Enjoy reading and share on social media if you like or learn from this interview.
Could you briefly describe what Haven is?
Haven is an untraceable cryptocurrency. Haven can simultaneously be traded at market value and a stable fiat value, without an unsustainable peg or asset backing.
Could you describe the vision for Haven?
Haven’s vision is to overcome the biggest issue facing cryptocurrencies; market instability. This is achieved by Haven’s Offshore Storage protocol. Offshore Storage allows users to preserve the value of their coins, without the issues that plague current stable coins. As adoption of cryptocurrencies increase, we envision Haven will be the dominant stable cryptocurrency used in the market. This is because the market will favour a stable, private coin that does not expose the finances of corporate interests.
What value will Haven bring to users?
Stores that accept Haven will immediately be able to lock in the value of a transaction. This eliminates the inherent volatility issue of accepting cryptocurrencies. Individuals that want to store money outside of the traditional banking system can use Haven’s Offshore Storage to do so.
With what strengths and features does it bring this value?
Haven’s Offshore Storage uses a method called ‘mint and burn’. This method has never been used in markets and is essential to achieving a stable value cryptocurrency that can fluctuate at market price. The process is simple:
· Spend power to send coins offshore (burning)
· Coin value will be preserved in Offshore Storage
· Mint coins back into Haven at the same USD value that you burnt.
This method of burning and minting coins is without negative effects because the cryptographic principals that power the Haven blockchain result in an unknown supply. All spending amounts and addresses are hidden, meaning the total amount in circulation will never be known.
What kind of projects do you see as competitors and how do you differentiate from them?
Directly, Haven has no competition. A cryptocurrency would be deemed a competitor if it had competing privacy alongside a stable value aspect. Indirectly, stable coins such as Tether or bitUSD offer competition in the stable value world. Nonetheless, their methods and other existing solutions to achieve stable value are flawed in one way or another.
For an in-depth breakdown of the different methods of achieving stable value I would suggest reading my article here.
Can you tell us about important developments yet to come and why they are important?
Aside from the release of Offshore Storage, the current developments in the pipeline are the release of mobile wallets and an API for stores. Mobile wallets will allow Haven to be accessed quickly and used easily from anywhere. Being able to scan a QR code and send payments in seconds is integral for a successful and usable cryptocurrency. Further, a fast and easy-to-use API for online stores to create wallets and accept Haven payments is in our plan. The API will be usable as a plugin for the major ecommerce platforms such as Shopify, as well as a standalone system for integration.