CoinEx and Haven Protocol AMA Recap, 12 March 2021

On March 12th 2021, CoinEx and Haven Protocol held joint AMA. David Bandtock, Project lead at Haven Protocol, talked about the start of the project, privacy and XHV.

Q1. Could you please tell us about yourself, how Haven Protocol started and and what’s the story behind the name?

David: I have a degree in Mathematics with a specialism in encryption and algorithmic design, and have had a long career in technology of many types. I started writing code in the 1980’s and have been involved in software all my life. I was a community member and was mining Haven in 2018 before the original team stepped down. The community stepped in to take over the project and due to my known background they asked me to build a team and deliver the vision of Haven. It was a long road to get xUSD into Mainnet, but now we are gaining real momentum in the market as people realise what we’ve built.

Learn more about team history here:

Q2. So what exactly is Haven Protocol?

David: It’s an ecosystem of private synthetic assets that allows anyone to store and use their wealth in a digital vault holding it in a range of different asset classes including fiat currencies, commodities and precious metals. They can choose whether they want market volatility or price stability all within the Haven vault.

Q3. How long has the project been around?

David: The original developers started the project in early 2018. For a variety of reasons they could not see the project through to completion and so a community team took over the development in Jan 2019 and in July of this year we delivered the promise and launched xUSD as phase 1 of the project. We are very much a community led project and have not done an ICO or similar project funding.

Q4. You say users can store their wealth ‘in private’ could you expand on that some more?

David: Sure, so Haven [XHV] is a Proof of Work cryptocurrency based on Monero and so inherits all of its highly regarded privacy features including anonymous accounts and balances as well as fully private transactions. All assets in the Haven network also benefit from the same privacy set as XHV.

Q5. Why did you choose to build Haven with privacy?

David: A good question and one that is subject to much debate in the media and cryptocurrency world.

First and foremost we believe that privacy is a basic human right that should be available to everyone, not just those who can afford it or who have the ‘right’ connections. Money is the most basic and essential good for citizens to participate productively in a society. Without having control — you could call it ‘financial autonomy’ — then you are beholden to governments, financial institutions and corporations to allow you the choice of how you conduct your financial affairs.

As well as this, with money moving ever closer to the digital age, businesses would not use many of the existing cryptocurrencies due to the transparency of the accounts and transactions. This would mean many businesses lose any form of commercial privacy. Whilst there are private cryptocurrencies and there are stablecoins there have been none that combine the two and Haven exists to change this.

Monero was chosen as the platform to build Haven on for a few reasons including:

  • It has base layer privacy by default (not optional privacy as this has proven to be ineffective)
  • A large, highly skilled developer community that actively improves the protocol
  • It’s technology is widely considered to offer the strongest user encryption and therefore privacy of any major cryptocurrency and has a relatively long history having been around since 2014.

Q6. So there’s more than one currency in the network?

David: Yes, at the moment we have XHV and xUSD live on mainnet and within the next couple of months we’ll be adding the next phase of Haven assets (known as xAssets) onto mainnet for anyone to use. We wanted to introduce some of the more widely known and used assets to ensure the network continues to grow and we can allow as many people as possible to benefit.

We launched xUSD as the first xAsset as it is the global reserve currency and touches the vast majority of all transactions. As well as this, many commodities, such as Oil are priced in USD so it made sense to have this as the primary release.

So phase two will consist of:

xCNY and xEUR- Having the Chinese Yuan and Euro were important as these will expand our user base across regions that have a high usage of cryptocurrencies and already embrace digital money as being the future.

xGOLD and xSILV- a large number of our community have requested Gold and Silver and being the most recognised and widely traded precious metals we felt there would likely be a demand for users to hedge against the current global economic situation.

Q7. So how are the assets backed…do you have collateral in a bank somewhere?

David: In short no, Haven works very differently to pretty much every other stablecoin project that exists. It uses what is known as a ‘mint & burn’ mechanism to guarantee that the xAssets always maintain their peg. So, you can think of XHV as the network collateral and this can be converted to any of the other supported assets using your digital vault. It is carried out with no third party or slippage and you can convert an unlimited amount at any one time. The ‘mint & burn’ ALWAYS ensures that $1 worth of XHV is always convertible to 1xUSD so it can never lose its peg to the US Dollar.

Q7. So you have to own XHV to be able to convert to all the other xAssets and use the network?

David: Exactly, so at the time of writing there are around 14 million XHV in circulation but this number could dramatically change depending on the demand for a private digital gold [xGOLD] or a digital Yuan [xCNY] because to create say $1M worth of xGOLD you have to burn the same USD value of XHV and this in turn reduces the supply of XHV available on the market. When you add the fact that Haven has implemented the first ever ‘coloured coin’ protocol on a cryptonote coin then there is virtually no limit to what could be added to the network in future.

Q8. So you could add lots of different currencies, commodities or even stocks to Haven later on using coloured coins? Could you explain a little more about this concept?

David: The term “Colored Coins” loosely describes a class of methods for representing and managing real world assets on top of a blockchain. It was originally proposed as a 2nd layer on top of the Bitcoin blockchain and we have just managed to successfully do this on Haven so we now have the option of doing this with full privacy. We think this will help unlock a huge potential for democratising investment opportunities to anyone with a computer or mobile device regardless of status or location.

Q9. Once someone owns XHV how do they convert it to another asset?

David: We’ve designed and built our own set of digital vaults that are available for the major operating systems and can be used on any desktop or mobile device. We are also developing an app to allow hardware wallets to be used for storing your xGOLD etc. Once you have your XHV in the vault it is a matter of a few clicks to convert to any other asset where you’ll get virtually instant confirmation of the transaction. We use 3rd party oracle providers to feed the asset prices into the network and give us the relevant exchange rates for each.

Q10. Could you explain a little more about the oracles you use?

David: Early on in the development of Haven it was originally planned to have our own oracle to provide the price feeds but this was deemed to be open to potential manipulation and since then the technology has become available to allow independent 3rd parties to provide the verified oracle data the network needs for exchange rates. We have initially used Chainlink for this and are currently in the process of integrating Band Protocol. We will add further oracle providers over time to give us greater network resilience and censorship resistance as well as help with the long term goal of decentralisation. As new oracle technology develops we will of course always keep updating to the best in class.

Q11. Could you give us some idea on what the roadmap for Haven looks like over the next few months?

David: The next major milestone will be the 2nd phase of xAssets, and Thorchain integration — to support liquidity and provide our users with the option to provide liquidity in thor pools and earn APY.

Q12. And where are the best places for new users to get involved in the project and reach out to the team?

David: Our most active community and where the team spends most of the time is on our Discord channel. We also have Twitter, Medium, Telegram, Reddit, Blockfolio Signal and of course our website.

About Haven Protocol

Haven Protocol is similar to an offshore bank where users can create private tokens that represent stable and volatile assets, including commodities and fiat currencies (such as USD). The protocol is based on Monero, which focuses on secure, private and untraceable transactions.









As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool, which is also the largest of BCH mining, in the world.

CoinEx supports perpetual contract, spot, margin trading, and other derivatives trading, and its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian.



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