The year 2018 was a rough year for crypto. Not only for investors, that saw their portfolios depreciate in value by up to 95% in some cases, but also for ICOs, that similarly saw their raised funding depreciate in value. With the decline of the total crypto market cap, it became all the more crucial for projects to secure a portion of the limited supply of investors’ funds. In this battle royale between crypto projects and ICOs, one project stood head and shoulders above the rest. That project is Safe Haven.
Despite starting their fundraising on Ethereum, a blockchain platform plagued by network congestion issues, while having to deal with the decline of the crypto market in general, Safe Haven made the challenging decision to switch to the VeChainThor blockchain. The hallmark of succesful project management, or business in general, is the ability to make tough decisions in a critical situation. Switching to VeChain is arguably the best decision they could have made at the time.
So far the team behind Safe Haven has done everything right. While other projects seemed to be in a constant battle of who can shout the loudest and generate the most hype, they kept their head down and worked on developing their platform. Through sheer optimism and hard work, and with the support of the VeChain community, Safe Haven eventually managed to sell out their token sale within less than 5 minutes.
Within two weeks after the conclusion of the token sale, Safe Haven launched the first of their many products, ThorBlock, which was positively received by the community because of its ease-of-use.
What is Safe Haven exactly?
In their own words, Safe Haven is a “Crypto Asset Management Technology Infrastructure Builder”:
“Safe Haven Foundation is a Decentralized B2B2C Platform which supports companies and blockchain projects, aiding their expansion within their verticals. They will open their platform and tech solutions to the community, developers, entrepreneurs, inheritance and trust professionals, and existing financial services companies.”
Simply put, Safe Haven provides a platform and a suite of asset management solutions that companies, the community or individuals can make use of, build on and integrate in their own financial or legal services and products.
Where did they come from?
In December 2017, Safe Haven started out as a project on the Ethereum blockchain, with a vision of providing the solution to crypto inheritance and the loss of digital assets. Initially, they started their token sale on Ethereum and did multiple funding rounds in ETH, including pre-ICO, Primablock pooling and a private round.
Around June 2018, Safe Haven announced their decision to move from Ethereum to the VeChainThor blockchain. This decision was not made lightly, as moving to a different blockchain platform (though quite similar from a developer standpoint) requires significant time and resources. Ultimately, they came to the decision that the scope, vision, community and support of the VeChain platform outweighs the potential delays and extra resources needed.
VeChain’s mass-adoption focused approach to business and technology, such as the payment model (Multi-Party Payment Protocol), transaction model (Multi-Task Transactions), robust governance- and economic model and enterprise focus clearly resonated with Safe Haven. Sunny Lu’s vision, that VeChain will be used by the public every day, without them even knowing it, closely aligns with that of Safe Haven. People shouldn’t have to spend their time worrying about how to manage their assets and what will happen to those assets when something goes wrong.
“Blockchain technology should be used by the public without the public even knowing it, while still benefiting from all that the blockchain has to offer, seamlessly.”
Under the advisory of CREAM, a strategic advisory and investment firm, Safe Haven repositioned itself as a Crypto Asset Management Technology Infrastructure Builder. Instead of focusing solely on the concept of ‘digital inheritance’, CREAM helped them to look further and widen their scope to incorporate crypto asset management and control, fintech and crypto products in general. Safe Haven went from being a platform for digital inheritance to being a platform that provides the foundation, tools and infrastructure for others to develop financial services and asset management applications.
Where are they headed?
With help from their Legal Advisor, Dimitrios Neocleous, Safe Haven recently had the opportunity to present their solutions to several key players in the blockchain/fintech/investment sector in Cyprus. Cyprus is the thought leader in Europe when it comes to innovation in the public financial sector. While in Cyprus, Safe Haven met with the Cyprus Securities and Exchange Commission (CySEC), the President of the House of Representatives, Invest Cyprus and KPMG Cyprus. Safe Haven will be looking to see how they can contribute to the digital transformation of the island.
In November, their advisor CREAM also signed a Memorandum of Cooperation together with Invest Cyprus and VeChain Foundation. They will set up a framework of cooperation to provide suggestions for policy reforms as well as for the creation of the necessary legal framework that will regulate the application of blockchain technology in Cyprus’ financial sector. Needless to say, with the help of CREAM, VeChain and Safe Haven, Cyprus seems to be on the forefront of using blockchain technology to reform and innovate the financial sector.
In Q2 of 2019, Safe Haven will expand their development department with a team specifically focused on providing technical support to partners and governmental institutions in Cyprus.
Business & Technology
The Safe Haven Foundation is a platform that provides the infrastructure, as well as the tools, solutions and technology for enterprises, projects, companies, developers and the community to create crypto financial services and applications.
Safe Haven’s technology and solutions will be open to anyone to build on and develop with, be it individuals, developers, SME, larger enterprises or established financial service providers, and ultimately will be used by their millions of end users.
In Q2 of 2019, organizations that wish to build on the Safe Haven platform and make use of the Safe Haven solutions will be given an opportunity to work alongside the Safe Haven development team to customize their products.
At the core of Safe Haven’s Inheritance Platform is the Share Distribution (SD) Protocol, developed and patented worldwide by Safe Haven Tech LTD. This is a technology that allows an initiator to encrypt and distribute digital asset shares between stakeholders, such as family members or business partners, through the use of smart contracts. Based on this SD Protocol, Safe Haven offers several Protection Plans, the first of which is The Family Circle (TFC) Plan, which incorporates the idea of ‘digital inheritance’. You can find a great explanation of the TFC Plan, and how the SD Protocol makes it possible, here.
Trust Alliance Network (TAN)
Key to the Safe Haven Inheritance Platform is the Trust Alliance Network (TAN). The TAN is an autonomous social networking hub for blockchain-related legal affairs, separate from the Safe Haven platform. The purpose of the TAN is to become the world’s first legal reference for distributed ledger/blockchain applications, users and companies.
Scheduled to release in Q1 of 2019, the TAN will allow legal entities to offer services and products, like the Safe Haven platform and solutions, to crypto-asset holders and other users. The TAN platform will allow the publishing, commenting on and moderating of articles, legal documents and information regarding crypto-based law and will give users that require legal assistance a way to connect with legal instances specializing in crypto and digital assets.
Users of the Safe Haven Inheritance Platform can use the TAN to connect with a legal entity, such as a notary, to facilitate the legal aspect of the Safe Haven Protection Plans, be it to secure their digital inheritance for their heirs, or to set up a crypto fund with business partners.
The TAN will initially rollout to specific jurisdictions in Europe and will gradually expand to incorporate more jurisdictions, based on the qualified and licensed partners in each jurisdiction. In Q2 of 2019, Safe Haven will start the expansion of the TAN to the United States.
In January of 2019, Safe Haven announced their Safe Masternode Program and introduced the Governance Model. Token holders and community members of Safe Haven can contribute to the stability of the economy and governance of Safe Haven by staking SHA in return for advantages and privileges.
We have dedicated an article to the Safe Haven Masternodes, which you can read here:
The Safe Masternode Program has a time-sensitive and tiered reward model. Safe Masternode holders are given discounts on subscriptions for Safe Haven platforms, are rewarded with a percentage from the Reward Pool, and are given extra rewards based on loyalty.
The Reward Pool collects a portion of the fees from each of Safe Haven’s platforms and solutions. With each platform having its own fee structure, the amount that a solution will contribute to the Reward Pool will be announced with each full product release.
Safe Haven will release a mobile application that will show the Masternodes in action and let Masternode holders directly contribute to the Governance Model.
ThorBlock is the first of Safe Haven’s solutions. At its core, ThorBlock allows for pooled funds between multiple contributors to be accounted for and safely managed. Essentially, ThorBlock is a pooling service for token offerings on VeChainThor. ThorBlock v1 launched in October with ‘Community Pool’ functionality, to facilitate the Plair public sale.
Scheduled to release in Q2 2019, ThorBlock v2 will feature extended functionality, such as crowdfunding and charity options and will require SHA to be locked by Pool Admins. Senior Safe Haven Masternode holders can also lock a portion of SHA to gain access to premium features, such as a built-in VTHO to VET/SHA swap function.
ThorBlock v1 currently only allows for a semi-centralized wallet management solution provided by Arkane Network, however the Safe Haven Founder/CTO Jürgen Schouppe has mentioned that Comet, the hybrid-decentralized web wallet by Totient Labs, will be integrated in ThorBlock soon and that users will have the possibility to choose between Arkane, Comet or a third option yet to be announced (possibly Safe Haven’s own wallet).
Safe Haven’s main product, the Safe Haven Inheritance Platform, will allow an ‘initiator’ to manage, protect, and distribute their assets with any amount of stakeholders by dividing seeds, private keys, passwords, documents or any digital asset in several shares, one for each stakeholder. The initiator can do so by acquiring the assistance of a member of the TAN, a legal entity referred to as a ‘validator’. The validator handles the distribution of shares, according to the initiators request, within a smart contract and the shares are managed as legal certificate by notaries within the TAN.
Based on this principle, the Inheritance Platform will offer several Protection Plans:
- The Family Circle Plan (TFC): The TFC incorporates the basic concept of ‘digital inheritance’ allowing users to define what happens to their digital assets on the day of their passing. Users can define who inherits their assets and which conditions should be met, all based on smart contract execution and with the optional involvement of a member of the TAN.
- Business Continuity Plan (BCP): The BCP is similar to the TFC, except that in this case the heirs are not family members but stakeholders, such as business partners.
- Investment Circle: This plan allows for users to set up an investment fund together with friends, family members or business partners. This plan solves the flaws of a multi-sig wallet, and allows the user to set certain parameters for the release of shares, such as price tresholds or milestones.
- Safe Haven Vault: The Vault allows for users to store any digital asset directly and securely on the blockchain, be it private keys, seeds, passwords or documents. The user can define the distribution parameters of the assets, including the automated release at a certain date and a designated individual to receive these assets.
- TrustNode: TrustNode is a Masternode sharing solution, allowing users to own a share in Masternodes for VeChain or other projects, possibly Safe Haven’s own Masternodes.
The Inheritance Platform BETA will be released in Q1 of 2019. Shortly after the BETA release, Safe Haven will implement an extra layer of security, the SafeKey technology, which is a Universal Two-Factor Authentication (U2FA) — Fast IDentity Online (FIDO) dongler. In Q2 the platform will be expanded to various jurisdictions in Europe.
A recently announced product by Safe Haven is ThorPay. ThorPay is a multi-payment platform, built for complex payment processing by third-parties such as payment processors, developers and bounty organizations. ThorPay is powered by the Atomic Transactions Protocol (ATP).
We have dedicated an entire article to what exactly ThorPay is, which you can read here:
To summarize, ThorPay makes sending large amount of transactions or complex payment functions simpler by using the ATP or ‘atomic transactions’. The ATP is a protocol that demonstrates the power of the Multi-Task Transactions Protocol (MTT), a feature only available on the VeChainThor blockchain.
The ATP utilizes clauses and transaction dependency to greatly improve the efficiency and reliability of sending bulk transactions, without requiring an in-depth knowledge of smart contract development or blockchain technology. By using the ATP and making it accessible and easy-to-use, ThorPay removes an entry barrier for companies and developers wanting to benefit from the power of blockchain technology or cryptocurrencies, and thus increases the rate of adoption.
The ThorPay Alpha has been successfully integrated into the VeChainThor blockchain and was released in January of 2019. The Beta and full product release are scheduled for Q2.
In Q1 of 2019, Safe Haven will be releasing their own wallet solution, allowing for the safe storage of the SHA token and other VIP-180 and VIP-181 tokens.
The Congruity Platform will be Safe Haven’s own OTC Escrow solution, specifically for secure and trustless peer-to-peer transactions. Safe Haven will begin development on Congruity in Q2, 2019.
SafeID will be a convenient and secure method of seamless login credentials developed by Safe Haven. The development of this solution will start in Q2, quickly followed by an extensive internal testing phase and a BETA release.
Open-Source Hardware Ledger
Together with Nitrokey, Safe Haven is developing a 100% open-source hardware ledger for the secure storage of the SHA token and other digital assets. The development of this hardware ledger incorporates the results of a survey conducted on 16,000 users.
In June 2018, Safe Haven moved from Ethereum to the VeChainThor blockchain. At the same time, Safe Haven partnered with VeChain to further the VeChain ecosystem and support each other in the development of long-term solutions.
By partnering with VeChain and launching the Safe Haven platform on the VeChainThor blockchain, Safe Haven has access to resources that other public blockchain platforms do not provide, including a comprehensive business network, marketing resources to increase awareness about Safe Haven and support from the VeChain core developer team for the building of products and solutions for crypto-asset management.
In turn, Safe Haven provides the VeChain ecosystem with essential asset management solutions, such as fund pooling services, inheritance solutions, improved wallet management, masternode sharing and management solutions and an extensive network of legal professionals.
In October 2018, Safe Haven entered into a strategic alliance with Plair life, another VeChain ecosystem project. As part of this alliance, Safe Haven launched their first product, Thorblock v1, to facilitate the public round of the Plair token sale. The public sale on Safe Haven’s Thorblock ran without any issues and feedback from the community was overwhelmingly positive.
Plair will integrate Safe Haven’s wallet management solution into their platform, improving the ease-of-use of wallets on the platform and easing the transition of blockchain into gaming.
Additionally, Plair and Safe Haven did a strategic token swap, where both projects agreed to hold an undisclosed amount of each others tokens as a gesture of goodwill. Much like a handshake between two business partners.
In June 2018, Safe Haven announced that they have partnered with Wax Interactive to develop the TAN platform portal site. Wax Interactive is an international branding & digital agency and the online marketing division of the stock listed SQLI group, the leader in digital transformation in Europe. Wax Interactive handles the full customer experience and helps companies grow their business.
In February 2018, Safe Haven announced a partnership with Nitrokey with the intention to co-develop and co-finance a full open-source hardware ledger. This partnership allows Safe Haven to guarantee a secure login and storage mechanism for Safe Haven solutions, using Nitrokey products.
In December 2018, Safe Haven signed a Memorandom of Understanding with OceanEx, the cryptocurrency exchange powered by the VeChainThor ecosystem. OceanEx and Safe Haven will collaborate to integrate Safe Haven’s solutions in the OceanEx exchange, including digital inheritance and asset management. Together they will see how they can improve the OceanEx exchange for the VeChain ecosystem, by making it more secure and ready for mass-adoption.
In February 2019, Safe Haven announced that they signed a Memorandum of Understanding with CoinBene. Together they will collaborate to bring new product offerings to their respective communities while making strategic advancements to support future development of the crypto-economy market. CoinBene is a top 10 cryptocurrency exchange (at the time of writing) and is established in more than six locations worldwide, including the fast growing market in South America. Safe Haven will start by using their solutions to make CoinBene wallets inheritable for its millions of users. In turn, CoinBene will be providing support for the SHA token on their exchange.
As the Founder and CEO Logino Dujardin mentioned in an AMA in October:
“SHA will be used as gas in some solutions; will be used as a locking mechanism; reward systems; and masternodes. In every solution we are building, SHA will have its purpose.”
Firstly, SHA will be the fuel for smart contract execution. The SHA token will be used for the creation and execution of smart contracts used in the Inheritance Platform. To use the Inheritance Platform the initiator will need to deposit SHA tokens in a time-locked smart contract.
In order to offer its services to users of the Safe Haven platform, a legal entity from the TAN must be a premium member, which will also require depositing SHA tokens in a time-locked smart contract.
Safe Masternode Program
Safe Haven will also have Masternodes, which are an integral part of the Governance Model of the Safe haven platform. To be a Masternode, a user must lock away a certain amount of SHA tokens, which will give them premium access to Safe Haven solutions, products or services.
More details about the Safe Haven Masternodes, the required amounts of SHA to be locked and the ways SHA will be used by Safe Haven solutions will come in Q1 and Q2 of 2019. Once these details are released, we will feature an entire article specifically focused on how the SHA token can be used and why we think it is such a valuable asset.
To end the difficult year of 2018 on a positive note, Safe Haven released their incredibly packed roadmap for the first two quarters of 2019.
The focal point of the first quarter of 2019 is the release of Safe Haven’s key pillars, the Inheritance Platform BETA, the Trust Alliance Network and the Safe Haven Masternodes and Governance Model.
Additionally, Safe Haven will have a brand new website that will become the foundation of Safe Haven’s B2B2C product offerings and platforms.
We will also see the release of ThorBlock’s public API and the Alpha release of ThorPay, the multi-payment platform.
The second quarter of 2019 will see the full release of the Inheritance Platform and business expansions for both the Inheritance Platform and the Trust Alliance Network.
Furthermore, Safe Haven will be onboarding the verticals of the Safe Haven platform, organizations which will build and develop their products and services based on the tools and solutions that Safe Haven provides.
Safe Haven will begin development for the Congruity Platform (their OTC solution), their Custodian Services and SafeID, their secure login mechanism. Additionally, SafeID BETA and ThorPay will be released.
And last but not least, in Q2 we will see the release of ThorBlock v2, which will have many additional features.
The Emberworks Community was borne out of a desire to unleash the potential of the VeChainThor blockchain, its ecosystem and its community. As such, we wanted to dedicate our first article to a special project, Safe Haven.
The initial idea of Safe Haven was to secure our ‘digital inheritance’, to make sure the digital assets what we worked so hard for are not lost, and will go to our children and loved ones, the ones we do it all for. This idea obviously resonated with many, which can be seen in the passionate community of Safe Haven.
With the help of VeChain, CREAM, the community and many others, Safe Haven managed to make 2018, a difficult year for all of us, into a successful one. They proved to be an example for other businesses and projects in the VeChain ecosystem to follow and they made us optimistic for the future of VeChainThor.
After expanding their scope, Safe Haven became a project providing solutions and services that every user of the VeChainThor blockchain and its projects will use. If Safe Haven, VeChain and the other projects on VeChainThor succeed in fulfilling their vision, this may one day encompass everyone.
The goal of the Safe Haven platform is to remove one of the barriers to mass-adoption of blockchain technology, asset management. Their solutions are focused on giving companies and individuals complete control over their assets, while making it as easy-to-use and seamless as possible. If ThorBlock is any indication of how their products will be, they will succeed in this goal.
Safe Haven is one of the few projects that succeeds in combining the technology, business, community and legal aspect of blockchain and cryptocurrencies. It has been a delight to see them grow in 2018 and we are excited to see what they will bring us in 2019.
- Twitter — https://twitter.com/safeHavenio
- Reddit — https://www.reddit.com/r/safehavenio/
- Telegram — https://t.me/safehavenio
- Facebook — https://www.facebook.com/SafeHaven.io
- Website — https://safehaven.io
- Medium — https://medium.com/@safehavenio
- Whitepaper — https://safehaven.io/files/SafeHaven_WhitePaper.pdf
- Protection Plans — https://safehaven.io/files/SafeHaven_Protection_Plans.pdf
- Website — https://thorblock.io/
- Twitter — https://twitter.com/ThorBlockio
- Telegram — https://t.me/ThorBlock_Support
- Medium — https://medium.com/@ThorBlockio
- Kevin Stevenson — Digital Asset Inheritance — Safe Haven’s TFC (The Family Circle) and why it matters so much
- Kevin Stevenson — Safe Haven Trust Alliance Network (TAN) — Bridging one of the most important gaps in blockchain/cryptocurrency.
- Ben Yorke — How does Safe Haven make investing in cryptocurrencies safer?
- VeChainInsider — Safe Haven – Crypto Asset Management solutions
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DISCLAIMER: This article is for informational purposes only and does not provide legal, financial or investment advice.