Zel & Haven Partner to Explore XHV Oracles on the ZelNodes Network

Zel & Haven Partner to Explore XHV Oracles on the ZelNodes Network

Business
September 12, 2019 by admin
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haven

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

 

 

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