VeChain based Safe Haven (SHA) - Overview _ Token Utility

Safe Haven is one of the most diligent projects in the blockchain space. It has been around since 2017 and has delivered 10 products that the users actually need. These products range from inheritance solutions to hardware-wallets.

Wondering why you never heard about this VeChain based project prior to this?
Unlike some hyped projects, Safe Haven focuses on building products. Especially, the ones that solve real user problems. As a decentralized B2B2C platform, it is building solutions for:

  • Digital asset management
  • Financial technology solutions
  • Digital inheritance solutions
In this overview we will cover:
  • Safe Haven Project Overview
  • Products
  • Token Utility
  • Pricing
  • Development

VeChain based Safe Haven Overview

Initially, Safe Haven started as a cryptocurrency inheritance platform on Ethereum.  In June 2018, it moved from Ethereum to VeChain. Currently, it is one of the most promising product on VeChain.
 
Safe Haven Foundation is a B2B2C platform. They are working on developing solutions for three broader categories:
  1. Asset management:
    Wallets, Masternode solutions, pooling services, inheritance solutions. The unique selling point is that owners have complete control of their assets.
  2. Financial management:
    Shared distribution protocol for encrypting and distributing digital asset shares between stakeholders.
  3. Product Engineering:
    Hardware ledger for ease of use and owner mobility.

As a matter of fact, it intends to open its platform and tech solutions to companies, developers, entrepreneurs, trust entrepreneurs, and existing financial services. Consequently, millions of end-users will adapt their products and services.

Why the switch to VeChain?

As a young company, Safe Haven required adoption to sustain itself in the space. That is why it switched to the VeChain ecosystem. To achieve that it started building asset management solutions for VeChain projects. Moreover, this partnership has given Safe Haven access to VeChain’s wide business network and resources. Beyond that, it is also receiving assistance from the VeChain core development team.
 
Initially, it started as a cryptocurrency inheritance platform for digital assets. But now the platform has expanded its vision. It is now a platform developing 10 different products for its users.

Safe Haven Products

The most notable thing about Safe Haven products is that these are extremely usable products.
VeChain Safe Haven Partnership
Source: @safehavenio
1. Inheriti
Undoubtedly, Inheriti is Safe Haven’s flagship solution. Inheriti is a unique product that addresses the issues of digital inheritance. It allows the transfer of digital assets in such a way that an initiator’s family members, businesses, and stakeholders can access and share the assets in case of an unfortunate event. It locks the terms of access and distribution in a contract. Promising complete security, the platform does not maintain any critical information. Thus it is more secure than most of the custodial services.
Inheriti offers four protection plans:
  1. Family Circle: It makes assets inheritable to family and loved ones.
  2. Investment Circle: Allows the creation of a fund between stakeholders, friends, and/or business partners. Though the initiator will be in full control of the assets.
  3. Business Continuity Plan: This makes asset inheritance possible in the corporate world.
  4. Safe Haven Vault: User can upload photos, documents or any other kind of file that might have inheritance value.
Towards the end of 2019, Inheriti BETA version was released for the communities. Very soon, it will be releasing Inheriti Business Edition too.
2. ThorPay
A mass payment platform that offers a multi-payment solution. Furthermore, ThorPay is capable of managing all the professional and complex payments in a simple way. As a fast and easy to use the platform, it is highly secure. By utilizing the Atomic Transaction protocol, simplifies third-parties payments.
 
It offers 3 payment plans. These serve small, medium, and large organizations. However, it also customizes the plans in case of different needs.
 
ThorBlock is built on VeChain. It is a solution that helps users and organizations create a pool. So basically, projects can use ThorBlock to raise funds in all kinds of cryptocurrencies. Moreover, users can start collecting funds for an ICO. Additionally, they can keep track of token contributions and distributions. Most importantly, users can also share their pool.
3. SafeKey
SafeKey is a FIDO2 U2F device that provides strong hardware encryption. It is a highly reliable solution developed in partnership with NitroKey. It provides advanced security to the user’s assets even if the device or the password is stolen. Moreover, SafeKey is also compatible with Inheriti.
4. Trust Alliance Network (TAN)
The Trust Alliance Network aims to connect the blockchain users to blockchain law. It will work to directly connect the users with legal professionals.
 
One of the key features is that the blockchain law professionals can advertise their services. Moreover, the community members will be able to upload educational articles related to blockchain law.
5. Safe ID
Safe ID unifies the Safe Haven ecosystem as it offers users a single sign-on system. The users can go for one-time registration. These credentials can be used across the ecosystem and platform. Currently, it is being used by ThorBlock, Inheriti and ThorPay.
 
5. Safe Haven Masternodes

Safe Haven masternodes have a very well defined economic model. Moreover, masternodes are an integral part of its tokenomics. As the ecosystem continues to grow, Safe Haven looks forward to making the ecosystem more stable. The community masternode holders can play a pivotal role.

Furthermore, for providing stability, the masternode holders will receive rewards, privileges, and advantages. The rewards calculation is based on the staking amount and duration.
 

Safe Haven platform users and API key integrations contribute to the pool. The Safe Haven Government monitors the pool. This fee is distributed among masternode holders on a monthly basis.

Tiered Masternode:

  • Connect Node-1,000,000 SHA
  • Harbor Node– 2,500,000 SHA
  • Consensus Node– 10,000,000 SHA
  • Legacy Node– 30,000,000 SHA

SHA token utility

One big question for any crypto project is that how its token finds utility in the ecosystem. From that perspective, SHA finds heavy utilization in the Safe Haven ecosystem. Here is how it is being used within each of the products:
  • Utility in Inheriti:
    Any user who utilizes the digital inheritance plan must hold a designated amount of SHA tokens. These tokens are used to pay for Inheriti related services and gas for all transactions. These transactions contribute to the reward pool that is distributed to the masternode holders.

  • Utility in ThorPay:
    For the ThorPay users, they must hold a minimum amount of SHA tokens in their wallets. This minimum SHA allows them to use the ThorPay platform and it also contributes to the reward pool.   

  • Utility in ThorBlock:
    ThorBlock offers a platform for pool admins to
    monitor the pools. They are also required to lock minimum SHA tokens till the pool is active. This also contributes to the fee pool that pays the masternode holders.

  • Utility in TAN:
    Blockchain professionals that advertise their services on TAN must deposit SHA tokens.

  • Utility in Safe Haven Masternode:
    A Safe Haven masternode holder must stake SHA to activate the masternode. They receive monthly rewards in SHA from the fee pool managed by the Safe Haven governance.

SHA Pricing

Safe Haven’s token SHA has been on our radar since the last 3-months. As a micro-cap project, it has exhibited impressive price gains in the last 30 days. According to CoinGecko, the token has gained over 122% since the end of June and is trading at $0.00194574.

Safe Haven Development

With Inheriti about to go live, the team is busy making final adjustments on the front-end. Currently, the code from BETA community edition is being linked. Meanwhile, they are also talking to financial institutions, legacy providers, international incubators, and more parties for adoption.

Subsequently, DeFi solution for escrow services – Congruity is also on the roadmap. Currently, the team is doing a lot of market research about the viability of the project.
 
In the long term, Safe Haven intends to ensure that all its solutions are ERC20 compatible. Very soon they will start working towards this goal. Basically, they believe it will benefit the community as well as the company. It will begin with ThorBlock V3 ERC20 integration.
 
During early 2020, Safe Haven had pitched Inheriti to local institutions in UAE. Starting 24 July, Safe Haven will also conduct a randomized lottery that will go on for 7 weeks. Every Friday, 20 addresses will be pulled out to receive a part of the SHA token distribution.

Final takeaway
Safe Haven addresses a very real and pressing issue of the exploding crypto space. With the kind of products the team is developing, it seems they will be able to trigger mainstream adoption quickly. Overall, it looks like a promising project and we are eagerly watching out for how successful will the Inheriti roll-out proves to be.
Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

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