A little while ago, I hosted a $25 giveaway on Twitter. In the giveaway, participants were able to share projects they’d like to see reviewed by me. After going through the comments, I decided to write my next project review about Safe Haven (SHA). Safe Haven builds financial, asset management and inheritance solutions on the blockchain. Let’s dive into this and find out what they exactly do, what SHA is used for and what my thoughts on this project are.
What Happens To Your Cryptocurrency Assets When You Die? Safe Haven Has An Answer! - Cointelegraph. This is probably the best sentence to start explaining Safe Haven with.
Digital currencies are volatile and easily lost, be it during transactions, lost in time or lost because of death. Without having access to the private keys of a wallet, it seems unlikely to ever be able to recover the funds within this wallet. Losing cryptocurrencies is many people’s fear and this has also played a big role in the (lack of) adoption of cryptocurrencies.
In case of death, even with your heirs having access to your private keys, they might not know how or where to retrieve your funds. Or, another issue could be you don’t want your heirs to have access to your private key until that moment. Safe Haven offers a solution for this problem, by enabling you to select anyone to inherit (all) your private keys while still being fully in control of your funds until that moment. The Safe Haven Digital Asset (SHA DA) is the only truly secure and 100% inheritable digital asset to date. Their protocol uses the VeChain blockchain, smart contracts, and their own Trust Alliance Network (TAN).
Trust Alliance Network
The TAN plays an important role within Safe Haven. ‘’The TAN is an autonomous social networking hub for blockchain-related legal affairs. The goal is to connect lawyers and notaries that specialize in cryptocurrencies to crypto investors and enthusiasts. The TAN will become a hub for legal related blockchain information, articles, laws, etc. The TAN will be world’s first legal reference for distributed ledger/ blockchain applications, users, and Legal entities will be able to offer their services and highlight their fields of specialization to potential clients’’.
In the TAN, Legal articles, documents and legal entity profiles are shared. These registered legal entities can offer their services. Basically, it could be seen as the wiki for law, in which people can find documents and services. Users can use the TAN for free and can use legal entities their services to safeguard their legacy.
The TAN is used to decentralize Safe Haven’s digital inheritance services, and eventually other services could be provided. Examples mentioned in the white paper are identity and lending services.
Inheriti is Safe Haven’s flagship product as they’d like to call it. Their community edition (currently in beta) offers fully decentralized asset distribution, whereas their business edition is still under development and will offer hybrid solutions.
As stated, digital currencies are easily lost due to human error, e.g. by not properly logging private keys or passphrase results. At first I thought Inheriti only offered a solution for SHA holders. However, Inheriti can protect any provided data that is (currently) under 500 characters long.
This means that it can be used for much more than ‘just’ private keys, namely social media account details, seeds, passphrases, and much more! In my example, it would be perfectly suitable to transfer a set of exchange accounts and private keys (as assets are typically distributed among multiple platforms or wallets). In my opinion this hits the nail right on the head.
Inheriti can be used in just a few simple steps, as explained in their guide:
- Access the Inheriti platform
- Login via your SafeID account (used throughout the whole SH network)
- Add beneficiaries by name and email address
- Initiate a protection plan (add plan details, beneficiaries, choose your activation method(s), enter the inheritable data.
- Check and confirm the summary & start the plan.
Inheriti is working on multiple future features, such as multi-wallet choice, multi-chain support, DLT options, platform subscriptions and more. For this platform, Safe Haven has pending patent requests in the United States, Europe and China.
Safe Haven shares 10 different products on their website. I’m not going in detail on all these products, I’d recommend you to check out their websites:
- Inheriti: Inheriti is basically what we just spoke about, their digital inheritance services.
- Safekey: Secure Sharing Distribution Protocol which allows for document signing, digital transaction signing, multi-sig applications and decentralized key management. Can be used on multiple platforms.
- Trust Alliance Network: as explained above.
- Thor Block (Fundraising, Charity): Communal funding solution for (charity) on the VeChainThor Blockchain.
- ThorPay: Manage all your payments in one platform.
- SafeID: One-time registration to be used across all Safe Haven and SafeTech platforms.
- MySafeWallet: Control your own account, info, no fees. You are responsible for keeping your data safe (e.g. JSON files).
- Comet: Your browser-wallet for the decentralized web.
The Token (SHA)
SHA is used throughout the whole Safe Haven Network. In fact, there’s a great Medium post that explains exactly how.
To summarize, a certain amount of SHA either needs to be held or locked depending on the service or product used.
Those interested in supporting the foundation and ecosystem stability can also decide to run masternodes. By doing so, you get rewarded with advantages and privileges. There are four different nodes, each of them have different requirements and offer different rewards.
‘’Any gas that is utilised for each transaction will be traded for the equivalent amount of SHA tokens on the open market every week. Eighty percent of that will go into a community pool for nodes (to be distributed monthly). The other twenty percent will be burned’’. This means that the circulating supply of SHA will decrease over-time, benefiting the token holders.
- 1M, 2.5M, 10M and 30M SHA locked for a 3/6/9-month period is valued at $2,825, $7,062, $28,250 & $84,750 at the moment.
- SHA is currently traded at KuCoin and OceanEx.
- SHA currently has a $12.8M market cap, coming down from its all-time high of about $30M last August. With a current price of $0.002825 per SHA and a circulating supply of 4.5B out of 8.5B total tokens.
- SHA is a token built on the VeChain blockchain. Therefore, I would recommend using their wallet to store your SHA tokens.
What do I think about Safe Haven?
Initially I wasn’t very interested in Safe Haven. However, I got more interested in Inheriti after learning that any 500 characters could be saved (instead of just one private key e.g.), considering this character limit might increase in the future, this opens up for much more options and markets.
Safe Haven has a pretty active community on Twitter and counts over 4,000 members on Telegram. As they’re currently in Beta, it’s hard to say how much revenue SH generates so far. However, on a speculative level, I’d like to think SHA could be interesting to pick up at its current price. It’s still well above the price levels we saw a year ago, however SHA had a 53% price decrease the past 14 days (as the overall crypto markets tanked). Short-term I think this is oversold and I could see this recover and provide decent short-term returns.
The team is making tons of progress, with their recent KuCoin listing and various other items/partnerships, found on their Medium channel: Safe Haven – Medium.
That being said, I’ll leave the decision up to you if you find it interesting to add SHA to your portfolio. I hope this information has been useful for you, always DYOR!
This post is for informative purposes only, I’m not a financial advisor and I currently have no position in SHA. I am not planning to change this position within the next 48 hours. I have not been paid for this post, this post is out of personal interest.