Zel & Haven Partner to Explore XHV Oracles on the ZelNodes Network
The Haven asset will also be integrated into ZelCore for custody management in a future ZelCore update
Zel Technologies and Haven Protocol have teamed up under our ZelLabs offering to explore co-developing technologies for both projects that will run on the ZelNodes Network. The Haven (XHV) asset will also be integrated into the ZelCore multi-asset wallet for Haven holders to maintain asset custody, along with 150+ other crypto assets, available on all Desktop and iOS/Android platforms.
ZelNode Computational Network & Haven Oracles
The ZelNodes Network utilizes 3 tiers of enterprise-grade servers/VPS’s with significantly higher hardware requirements than standard transaction-processing masternodes. The Network was developed to run sidechains alongside the Zel chain to process large amounts of data and enable a high transaction rate (TPS) across multiple blockchains. The first proposed use case of this available computational power is to run Haven’s oracles on ZelNodes to process the necessary data for Haven’s dual-coin blockchain.
For running the needed hardware, ZelNode operators are compensated in Zel currency, which is the onboarding and gas currency for the ZelNodes Network.
The Haven Project is investigating using oracles to supply real-time pricing data for their offshoring functionality, which consists of a stablecoin linked to the XHV asset instead of being pegged to a backing asset (you can read more about this in Haven’s whitepaper). The oracles would require significant computing power along with low latency connections to multiple data sources to provide high-fidelity information to the Haven chain, which the ZelNodes Network was designed for. Zel and Haven working together will benefit both projects in the near future.
Haven oracles would supply the real-time pricing information to support their dual coin economy which links XHV to their stable assets, for example XUSD (the plan is to have more stable assets in various fiat base-pairs). XUSD is not backed by any specific asset and is algorithmically adjusted such that one Haven Dollar (XUSD) is convertable into $1 worth of XHV, no matter the current satoshi price of XHV. In other words, XUSD is price-locked 1:1 to USD, XHV fluctuates with the markets like Bitcoin, with no third party trust systems required.
The Zel Team is very excited to explore the possibility of running Haven’s oracles on the ZelNodes Network and developing a working relationship with the Haven Team.
What is an Oracle?
In the blockchain space, an oracle is a computational asset that searches for and authenticates real-world data that is relayed back to a blockchain. There are many different types of oracles, including software, hardware (think IoT), composite oracles that include many different oracles together, etc. These will be important for blockchain in the future as it connects real-world data and events to blockchain transactions, namely for smart contracts (currently).
What is Haven?
“Haven is a free private multicurrency offshore bank account. Haven allows you to store & transact money securely, anonymously & untraceably while it retains it’s value in the currency (e.g. US Dollar) you want. Haven is decentralized which means it requires no trusted third parties and no central bank to store & transact money.
Haven is not based on Bitcoin but on Monero. It is based on the CryptoNote protocol. Bitcoin is a completely transparent system, where people can see exactly how much money is being sent from one user to another. Haven hides this information to protect user privacy in all transactions. It also has a dynamic block size and dynamic fees, an ASIC-resistant proof of work, and a tail coin emission, among several other changes.”
— from havenprotocol.org
Haven team declaration:
The Haven team is proud to announce we have been selected by Zel Technologies to be added to the ZelCore ecosystem. We are excited to partner with an innovative cryptocurrency project which also emphasizes privacy and security for its users.
What does this mean for Haven? A lot! Most importantly, this partnership means Haven will be added to the ZelCore multi-asset wallet. This advanced wallet will allow Haven users to access, store, transfer, and even trade XHV within a secure wallet. ZelCore is available for macOS, iOS, Windows, Android, and Linux users.
The ZelCore wallet allows users to have multiple encrypted wallets and accounts on the same device and access the same account on multiple devices, all while maintaining complete privacy. ZelCore does not store or transmit any personal user data. ZelCore supports over 100 additional cryptocurrencies as a complete store and asset management system.
With the premium service ZelCore+, Haven users can trade XHV with their custodial wallets directly in ZelCore via API linking, utilizing full TradingView features. Users will then have the option for 1-click withdrawal to their ZelCore Haven address.
The ZelCore team is also developing a fully decentralized exchange. Haven’s addition to the ZelCore ecosystem will allow XHV to be traded on this platform in the future.
As a new ZelCore asset, Haven will also be able to take advantage of the recently-launched ZelLabs project. ZelLabs provides the projects included in ZelCore with additional technical expertise, business development and education, and co-marketing opportunities.
Finally, the Haven team will be able to utilize ZelNodes, which is a 3-tier decentralized network of incentivized compute power. Fully scalable, ZelNodes processes sidechains to create a high-TPS mesh to run DApps and smart contracts. For Haven, ZelNodes could provide additional resources for the Haven network, such as pricing Oracles which will be used for offshoring functions.
The Haven and ZelCore teams are finalizing integration work and plan to launch Haven live on ZelCore later this month. We look forward to partnering with Zel’s strong group of developers to ensure the continued growth of both ZelCore and Haven.