17 Sep Safe Haven ICO: A digital will for cryptocurrency
The Safe Haven ICO is a digital will that allows cryptocurrency holders to leave their assets to loved ones in the event of their death. It’s an innovative way for people to protect their wealth and pass on something meaningful.
An ICO is a way for cryptocurrencies to raise money. It is an initial coin offering, which means that the cryptocurrency starts out as an idea and then gets developed into a product or service. Read more in detail here: what is an ico.
In the next years, cryptocurrency and death may become a big business.
You’ll discover more about a major participant – Safe Haven (SHA) – and their solution to digital inheritance at the conclusion of this article, as well as important facts regarding the Safe Haven ICO.
What happens to your cryptocurrency if you pass away?
We don’t want to speak about or even think about death. It’s a controversial topic, and many of us, particularly millennials, haven’t prepared for it.
So, what happens if someone dies suddenly and has a sizable bitcoin portfolio?
If you’ve been holding Bitcoin, Ethereum, or XRP for a long time, this may be a significant sum of money. Never mind that the cryptocurrency market valuation is already above $300 billion, with a peak of nearly $800 billion in January 2018.
Given the amount of frauds and failures, the community is concerned with security, and rightfully so. This has been an important lesson in emphasizing the necessity of keeping our crypto secure and out of reach of any unwanted visitors (basically malicious hackers and criminals.)
But have we been so preoccupied with keeping our crypto safe and secure that we’ve overlooked the inevitable? Many investors have several cryptocurrency wallets, including hardware, paper, desktop, and mobile wallets, each with various private keys that protect varying amounts of bitcoin depending on investing activity…
Although having a variety of wallets is beneficial and encouraged, can it make things needlessly difficult in the event of death? How simple would it be for someone else to get their hands on your valuables? If you’ve spoken to them about it, they may know where to search, but otherwise it’s almost difficult.
To anybody who doesn’t have a solid knowledge of crypto wallets and security, such as knowing about various wallet kinds, private and public keys, and wallet backups, it’s a complicated topic. If this describes you, read our guide to crypto wallets before continuing.
Currently, you must inform your loved ones about your cryptocurrency holdings and how to access it in the event of a disaster. You trust them, but there is still a danger; what if you have a bad breakup with your significant other and they decide to use or give over your private key to an unethical person on their own?
Yes, you have no control over this, and you never want this idea to occur to you. Trust is crucial, and you don’t have many other choices right now…
Is there, however, a remedy that can completely eliminate this problem and push it to the back of our minds?
What is Safe Haven, exactly?
The SafeHaven ICO’s basic concept is to provide a way for your family and loved ones to get your crypto if you die – without having to figure out how to find and access your crypto wallets. It is primarily concerned with bitcoin inheritance and the creation of a digital will.
Their platform aims to strike a compromise between splitting assets in a flexible way and keeping them safe at the same time. This video does a good job of explaining it.
Once you’ve created an account on their platform, you’ll be able to choose “Validators” – essentially, trusted friends and relatives or a legal body working on your behalf – to guarantee that only the appropriate people have access to the most sensitive information.
I found this insight fascinating after joining the Safe Haven Telegram channel (usually a very excellent method to assess interest in a token / currency and get a sense for the team’s engagement with the community):
We encrypt your private key and distribute it to the individuals you select in a quick and easy manner. We’ll never be able to keep it. It is difficult to access your bitcoin without the full key. In the event that you pass away, your family may utilize our platform to decrypt and merge the shares, as well as access your private key.
As a result, your keys are separated and encoded on the blockchain. The number of times it is divided is determined by your unique circumstances, but the final objective is to establish a failsafe method for ensuring the safe transit of your digital assets.
There are three crucial phases in this process.
1. Establishing your family circle – the individuals who should get a portion of your cryptocurrency 2. This data is transmitted to a legal organization, which divides the key into shares and distributes them. 3. Keys may only be recovered under certain conditions – For example, death.
To start, pay for, and lock smart contracts on the platform, you’ll need to utilize the Safe Haven Token (SHA).
Is it likely to succeed?
When it comes to the project’s success, two important factors must be considered: 1. Does the technology and procedure really function, and 2. Will the legal community get on board.
I don’t want to get into too much detail about the technology since it’s still in development, but you should read the Safe Haven Whitepaper here.
The Trust Alliance Network is an important part of the Safe Haven platform (TAN for short.) This is essentially a communication center for blockchain-related legal issues, with the goal of bringing together attorneys and notaries with bitcoin investors. Lawyers will be able to talk to potential clients and offer their services.
To do this, Safe Haven requires the legal community to support TAN and believe in the process. Safe Haven has a few strategic collaborations in place thus far, one of which was just revealed on Twitter:
Partnerships with other platforms that have access to a pool of legal experts, such as this one, are critical to the project’s success.
There’s little question that Safe Haven can succeed if they get the technology and procedure to operate safely, as well as widespread (or even partial) acceptance within the legal profession. It addresses a major issue that bitcoin presently faces and aspires to be the all-encompassing answer.
Competitors of Safe Haven
Safe Haven, like other businesses, has rivals.
One of them seems to be MyWish, a platform that enables anybody to build smart contracts and tailor them to their own need. This contains, among other things, an inheritance contract, as illustrated below.
Despite this, MyWish was not designed with inheritance transfers in mind.
Safe Haven produced the image below, and although they don’t identify the competitors (just number 1 and 2), an informed estimate indicates one of them is MyWish.
In light of the above, the primary distinction between Safe Haven and its recognized rivals is that it is designed exclusively on the concept of providing a comprehensive inheritance service. It also needs third-party authentication before taking action (for example, a lawyer acting on your behalf), adding an extra degree of protection.
Allocation of Tokens
On the Ethereum Blockchain, the Safe Haven token (SHA) is an ERC20 token. When the token exits the ICO, the circulating supply will be between 51,000,000 and 59,500,000 tokens (60 percent or 70 percent ). Advisors and bounty tokens account for 10% of the total, but it’s unclear when they’ll be awarded or whether they’ll come with conditions. The remaining 30% is reserved for the founders and the company for a period of one year.
We may compute capital raised using this information as follows: 2000 ETH raised from a private auction 13,000 ETH raised during the presale 13333.33 ETH raised in the ICO For 60% of tokens, the total raised was 28333.33 ETH.
Because the current price of ETH is $686.45, if the token auction sells out at that price, $19.4 million would be raised for 60% of the SHA tokens ($686.45 x 28,333 ETH). We may assess the upper end of the market cap at the latest sale price (ICO rate) – but keep in mind that the token exchange rates for private, presale, and ICO sales are all different. We compute a value of 0.458 cents per token at the ICO rate ((13333.33 ETH * $686.45) / 20M SHA) for illustrative reasons, assuming the ETH price remains unchanged.
Before the coin is listed on an exchange, the maximum circulating supply is 70%, thus at a high level: The greatest market cap range is 59,500,000 SHA * 0.458 cents = $27.2 million. If we purchased tokens at the ICO pricing (1500 SHA = 1 ETH), we would benefit on any market cap higher than $27.2 million once the token is listed on an exchange. To be clear, this is just for illustrative purposes to give you a sense of the project’s potential market value.
Case for Investment
The following does not represent any kind of financial advice! Always do independent research.
As the total bitcoin market value rises, demand for a solution like Safe Haven should rise as well. It solves a genuine issue that is currently underserved, and it definitely belongs on the blockchain.
The project has a first-mover advantage (MyWish isn’t widely used right now), and it’s doubtful that anybody who uses it would switch to a rival in the near future until a better option becomes available. There are slightly over 8,000 individuals in the Safe Haven telegram group. This isn’t huge, but we’re still at the pre-ICO stage. The community around a project is critical for any new coin, since those who missed out on the ICO are more inclined to purchase once the token is listed on an exchange.
Jurgen Schouppe, the Safe Haven creator, spent 14 years as an ICT Security Engineer in the European Parliament. His credentials are strong, but it’s tough to give an educated assessment of the rest of the team’s experience and competence. They don’t seem to be engaged in any other crypto-related initiatives.
The ICO date will be revealed shortly, and you can sign up for the Whitelist here.
Events on the Roadmap
Roadmap to a Safe Haven
In 2018, there are a number of events on the roadmap that may cause price fluctuations and increased usage of the SHA token, including:
- Can they expand their alliance agreements to include additional estate and inheritance planners?
- Is the platform suitable for purpose after its beta launch in Q2 2018?
- Exchanges where they can be listed – trading liquidity is crucial!
Safe Haven aims to provide a centralized third-party platform that will be utilized to execute services by conventional estate and inheritance planners, attorneys, and financial advisers.
Traditional companies, on the other hand, may decide to develop their own systems to handle crypto inheritance in the long run, rather than using Safe Haven. In such a sector, reliance on a third-party platform may be seen as a high-risk proposition, prompting them to develop their own platform.
There is inherent uncertainty in the team’s ability to execute the vision and produce a functioning product that satisfies the requirements of both customers and service providers, as with many new tokens.
Safe Haven’s ultimate goal is to address a critical problem that will continue to be discussed as the market matures and more individuals participate in bitcoin. Although inheritance isn’t glamorous, it’s obvious that someone must offer this service, and Safe Haven (SHA) is a strong candidate. This is why an investment may be appropriate for a long-term holding plan.
I’m willing to wager my home that few bitcoin investors think about death, and Safe Haven might provide an easy, paperless answer.
Visit TotalCrypto.io for more information.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Frequently Asked Questions
Is cryptocurrency a safe haven asset?
Cryptocurrency is a decentralized currency. Its not regulated by any country or central bank, which makes it an attractive investment for people who are looking to protect their assets from the volatility of the market.
Is safe haven sha a good investment?
I am not sure if safe haven sha is a good investment.
Where can I buy a safe haven crypto?
Safe Haven is a cryptocurrency. Its not available for purchase on any exchanges, so you would have to mine it first.
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