Hidden Gem Coin: What is Haven Protocol
The cryptocurrency market is a space in which users are introduced to new coins, tokens and investment opportunities every day. It is a space that developers let their imaginations go wild, gain community support and then deliver on their promises too. While there are a lot of options, only a few of them convert into worthwhile investments in the long run.
One such coin that shows a lot of promise in the cryptocurrency market is the Haven Protocol Coin. The Haven Protocol Coin has only been in the market since May this year. The coin, in that time, has shown a lot of potential in the market and has also amassed quite a community around it. Let’s take a closer look.
What is Haven Protocol?
The entire wealth of altcoins that the cryptocurrency market has at this point is a modified version and use of the Bitcoin. The only things that have changed in the altcoins in comparison to Bitcoin, is the speed with which these coins can be transacted and at the low rates that the user has to pay. The biggest advantage that altcoins have over Bitcoin is the fact that they do not have to deal with legacy problems and can actually adapt to the changing needs of the market.
One of the biggest needs that the average cryptocurrency user and businesses that will eventually go blockchain will need is privacy. Along with privacy a certain amount of anonymity would also be deeply cared for by the community, both things that the Bitcoin network does not provide. In response to this need, the first coin that came was Monero. And ever since, Monero has actually been on top of the privacy coins list in every aspect possible.
But every original has a fork and in Monero’s case, it is the Haven Protocol. The Haven Protocol is an untraceable cryptocurrency that assures complete anonymity and also provides offshore storage of assets. The cryptocurrency offers users a standard mix of standard market pricing and stable fiat value storage without pegging the value of the coin on any particular asset.
There are two functioning ‘coins’ on the Haven protocol. The XHV and the XHVD, the XHV is the actual coin of the protocol that is on the market and can be bought and sold while XHVD is the corresponding dollar value of the coins in XHV. So when a user chooses to store some of his/her assets offshore, they convert their XHV to XHVD and store them in a place safe from inflation and fluctuation of the market.
The number of XHV first gets converted or burned into XHVD with the corresponding dollar value of the assets and then are stored offshore, safe from the fluctuations of the market. The coins are then further minted when the user wants to use them again as XHV. But this conversion is subject to market changes and fluctuations so when the coin is minted back to XHV, you will get the corresponding market value of the amount that you had originally put into offshore holdings. The Haven Protocol, quite simply, is the Swiss Bank of the cryptocurrency market.
The Haven Protocol essentially allows users to take their money, convert it into XHV then burn that into XHVD and store it offshore in an untraceable way. By untraceable, the company essentially means that transactions and trades made on a particular account cannot be traced back to a particular user.
The Haven Protocol coin, or the XHV, is a coin that is not pegged on anything to keep it stable. In other words, it is not pegged on gold or oil or any other traditional asset that currencies are generally pegged on to promote stability. To be stable in terms of price and other market metrics, the Haven Protocol uses something called the Quantity Theory of Money.
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The Quantity Theory of Money describes MV = PT. Where;
M – Money supply,
V – Velocity of money,
P – Average price level,
T – Volume of transactions
Using the base of this theory, the Haven Protocol manages to keep the coin’s value steady and cater for inflation and daily market fluctuations with the same.
The XHV Token
The native token of the Haven Protocol is the XHV. The Haven Protocol Token is a fork of the Monero coin. The token is a typical for sale and trade token on the cryptocurrency exchanges. The token is a privacy and anonymity focussed token which basically helps people convert their money into offshore holdings.
As far as trading history goes, the token does not have much history to judge by. This is because the token only hit the market in the middle of 2018. The coin at this moment has about six months in the cryptocurrency market and has so far fared quite well. Being a relatively new token, the cryptocurrency community is taking it slow with Haven Protocol and waiting for it to be in the market long enough to show trends. The coin is ranked as the 284th largest cryptocurrency in the market on the basis of market capitalisation.
The all-time high of the token is $6.18 USD and the current value of the token is $2.59 USD.
XHV have jumped over 400% against BTC in last 4 weeks.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.