Haven Protocol Integrates Band Protocol To Secure Decentralized Private Assets

Haven Protocol, a leading decentralized and algorithmic asset protocol, has integrated Band Protocol as the oracle provider into the network as part of their recent protocol upgrade. Over the last few months, both Band Protocol and Haven have been working on iterating and testing a stronger price feed for XHV that has the capacity to update faster every 30 seconds and operate more reliably by using multiple trusted and high-quality data sources. Haven Protocol is also integrating and testing additional price feeds from Band Protocol for XAU, XAG, EUR and CNY for their upcoming private synthetic assets (xGOLD, xSILV, xEUR, and xCNY) in phase two.

Haven Protocol, a Monero-based protocol, allows users to convert XHV into xUSD, a private stablecoin pegged to 1 USD and vice versa. A fluctuating supply of both coins allows the burning (destruction) of one coin and the minting (creation) of the equivalent amount of the other coin e.g. 50 XUSD <–> $50 worth of XHV. Band Protocol has been integrated to secure the burning and minting mechanism of Haven’s first private stablecoin, xUSD, and will expand support to other upcoming xAssets (xGOLD, xSILV, xEUR, and xCNY among others) in phase two.

Blockchain creates an immutable ledger of transactions and information, the technology can be used to authenticate anything from transactions to encrypted digital identities. Nevertheless, there are rising concerns about the anonymity of legacy cryptocurrencies where transactions are public and traceable to personal identities — although difficult, it’s very possible. Haven Protocol is paving the way towards a future of private and decentralized digital transactions.

Band Protocol has been integrated to meet the needs of decentralized and robust price feed of XHV from multiple trusted and reputable data providers nominated by Haven Protocol. The price feed of XHV created by Haven Protocol on the BandChain decentralized oracle network is sourced from various unique and reliable data sources such as CoinMarketCap, CoinGecko and Bittrex updating every 30 seconds. With the built-in flexibility of Band Protocol, all parameters including the data sources, time interval and price deviation are customizable and can be refined in the future to adapt to changing needs from the Haven Protocol team or community.

“Integrating Band Protocol’s pricing oracle is a critical step towards decentralization of Haven which has been a priority for our team and community. We look forward to working alongside the Band team as Haven delivers decentralized private money open to anyone in the world.”
David Bandtock, Project Lead at Haven Protocol

“Band Protocol is proud to support a leading privacy-focused decentralized financial project working on both stablecoins and synthetic assets. The integration of Band Protocol’s trustless price feeds brings Haven closer to delivering decentralized private money open to anyone in the world.”
Soravis Srinawakoon, CEO & Co-Founder at Band Protocol

We look forward to collaborating Haven Protocol in the long-term with critical oracle infrastructure to increase the resilience and security of their base layer — strategically supporting the team to become the leading provider of private decentralized finance. This marks the first Monero-based project to integrate with Band Protocol, proving to support the blockchain industry on multiple fronts including privacy-based platforms and decentralized applications.

About Haven Protocol
Haven Protocol is an untraceable cryptocurrency with Monero-grade privacy that uses a mix of standard market pricing and real world asset-pegged value storage. It achieves this via a ‘mint and burn’ process within a single blockchain. Users can burn Haven (XHV) for the equivalent USD value worth of Haven Dollars (xUSD). Or, to restore to a volatile state, the user can equally burn xUSD for $1 USD worth of XHV.

Other major fiat currencies and commodities, including EUR, CNY, Silver, Gold, will be added to the Haven ecosystem over time to allow users to choose a suitable private storage mechanism for their needs.

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About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.

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