The Community Speaks segment is written by select members of cryptocurrency coin or token project communities who want to update the Altcoin Buzz Army about news surrounding the project they represent. The goal of the Community Speaks Segment is to bring these community members in to introduce the Altcoin Buzz Army to their opinions surrounding their respective projects and keep them updated on its progress. Any ideas or opinions expressed here do not necessarily align with those of the Altcoin Buzz core team.
The Haven Protocol has been the talk of the town. Many people know of it and many have never heard the name. I was one of those that didn’t know about it until crypto twitter put a spotlight on the mission of this blockchain company. I had to do a lot of research to understand what XHV is up to and why so many people are excited.
The cryptocurrency world has two major issues. Unreliable stable coins and no truly efficient offshore banking solution. The blockchain ideology has always been: unplug from the “corrupt” financial institutions. The main reason people like cryptocurrency and blockchain is because there’s no middleman interfering with any transactions.
Haven Protocol is aiming to be the sole provider of a legitimate stable coin. The tether scandal has taken a toll on stable coin sentiment and ever since then, many stable coins have popped up across exchanges.
The Haven protocol wants to give people 100% control of their money. They also want to provide a safe haven from the extreme volatility of cryptocurrency price action while also providing privacy. What you do with your money is your business. This can be done with offshore banking, but what is that?
Well, the Haven Protocol team explained it themselves: “Offshore Storage allows users to preserve the value of their coins, without compromising on security, privacy, and decentralization, unlike other stable coins. Offshore Storage allows anyone to be able to effectively open a USD based bank account without a central bank and transact funds away from the prying eyes of government.”
But how is this offshore banking and stable coin use case even possible?
A business that opens up a point of sale system can receive cryptocurrency as payment and quickly transfer to a stable coin to prevent any price fluctuation. A key fear factor of many who want to adopt cryptocurrencies. The privacy component can help a business stay anonymous on the blockchain. You can store large amounts of money in a safe, private and anti volatility stable coin. The best of both worlds if you ask me.
The Haven Protocol uses a mint and burn function. The offshore contract records the value of the money you sent. If you send $200 worth of Haven at a price of $1, that 200 Haven will be burned. If XHV falls to 50 cents, new coins will be minted and you will get back 400 Haven which would be worth $200 USD.
Why is the crypto community so excited about XHV? The simple answer is that there is no one on the same playing field as them. The coin has a low market cap and is only listed on 3 exchanges. The price of the XHV token has more than 5x in the course of 2 months.
The Haven Protocol has a very exciting future and an excited community behind it.
If you want to join the conversation, enter their telegram: https://t.me/Haven_Protocol
Follow them on Twitter: https://twitter.com/HavenProtocol
Visit their website: https://t.co/nyT4UWVbcV
This article was brought to you by a member of our Community Speaks team. The Community Speaks team is made up of members of different project communities who want to make their voice heard in the Altcoin Buzz community. If you are interested in becoming part of our Community Speaks team please contact @Garrett59 on telegram.