ALTCOIN BUZZ ICO REVIEW: SAFE HAVEN
‘Safe Haven is building a solution for inheritance, asset distribution and asset control.’ With the growing adoption and acceptance of cryptocurrency, digital inheritance has become a critical technological need. Is it built on the VeChain Thor Blockchain – working in unison with their patented Trust Alliance Network (TAN). There are a number of current solutions to safeguard private keys, however not all can protect against physical destruction, poorly issued trust, a breach of security and general theft. Safe Haven encrypts distributed shares to data and assets until predetermined conditions are met such as death, illness or other. There are two major entities in the network – The initiator, who is the one who wants to secure their legacy and The validator, the Legal entities selected by the initiator to complete the inheritance process through TAN.
- Jurgen Schouppe – Founder/Security Architect – Management of architectures securing the European Parliament, ICT Engineer, Founder of Soltronics – Network and Security Engineering. Degree in Electrical and Electronics Engineering.
- Logino Dujardin – Co-Founder/Account Manager – Co Founder of Trust Alliance Network, Key account manager at Proximus and Sales Account/Team Manager at Orange. Educated in General Sales, Merchandising and Related Marketing Operations.
- Andy Demeulemeester – Co-Founder/Software Architect – Worked as Analyst Developer for b-inside bvba, Founder of shop4pets and Pixello. Experience as Senior Software Developer and a degree in Applied and Industrial Informatics.
- Dieter Stockman – Lawyer
- Hadrian Matti – Press Manager/Content Writer – Co-Founder/Head of Sales of Blockstar Lab which a full service Blockchain Development Firm.
- Luke Yaldo – Public Relations Manager – Owner of YLX Technologies specializing in developing and operating E-Commerce stores/consulting start-ups in the tech/blockchain space.
- Ivan Pauker – Digital Marketer – Self Employed Experience as a Digital Marketing Manager
- Andrew Kamal – Blockchain Architect – Creator and CTO of Lonero Foundation, Startups including Stark Drones, CHainTerra, CoolCoil, DigitalCPR. CTO and Co-founder of Blockstar labs. CEO and founder of Microquantum Technologies. Background in Computer and Electrical Science from Oakland University.
- Alain Degreffe – DevOps – Software Engineering experience – Network engineer of EU Parliament and Euroclear.
The founders are impressive with business experience in founding many IT companies and roles in a multinational environment. Not only do they have combined business experience they also have a strong background in technology, particularly developing network security and software architectures along with experience in a variety of developer languages. The founders link to blockchain comes through the Trust Alliance Network.
The tech team listed consisting of Kamal and Degreffe is relatively small however they have support from both the founders and advisory’s tech experience. Kamal has experience in multiple blockchain development companies having very relevant experience for the project and is a solid addition to the team. Degreffe’s history working in the EU Parliament shows the high calibre of the team.
The business team looks capable of executing a project like Safe Haven. It is good to have a lawyer on-board to make sure everything is compliant along with lawyers being an integral part of the project. Blockstar Lab’s co founders both on board shows relevant and real world blockchain business advisory experience along with a network for marketing.
Looking at the advisors there is a good mix of experience and specialization. The CEO of Vechain has experience in large project management and success in the space – he is a very influential character. We like seeing a US Securities lawyer helping in regards to compliance. Great experience of advisors in exchange listings which is promising for the post ICO future of the project.
Overall the business and Tech teams are experienced in multiple facets. Software architecture and network security experience are relevant to the project along with the blockchain experience the members have. Having the Vechain CEO on-board is very promising and it is good to see Blockchain experience with links to the China Blockchain Partners along with co founder’s of Blockstar labs. The main downside to the team is mainly the lack of business development positions in the team however it seems the Founders and Advisors relevant business and management experience will help in this regard.
Safe Haven is bringing a unique idea to the the digital inheritance market. There is small competition and it is an original using TAN through VeChain, along with the use of lawyers as a part of smart contracts. Safe haven is offering a solution by a providing safe, secure and transparent means for one’s digital assets to be inherited, whilst remaining in full control of their investment. Combining the use of smart contracts and legal entities it can be utilized by any group, organisation or individual. The initiators keys are split and encoded in the blockchain with the enlisted legal entities via TAN legally noting all conditions for inheritance.
Market and Competition:
There a more than 4 million Bitcoin that are assumed to be lost forever. Safe Haven’s Target Market is the entire market of individual, group and businesses wanting to secure digital assets and allow for inheritance. The market size in cryptocurrency terms is potentially the entire market capitalisation minus most likely institutional investors. Any new entrants and future investors become a target as well, particularly elder investors.
There are no competitors in the market who are offering the same full scope protection and product that Safe Haven is. A potential competitor was MyWish Coin however Safe Haven have recently strategically partnered with them benefiting both parties. DigiPulse who is a cryptocurrency and digital asset risk management platform have recently announced they will be leaving blockchain and Safe Haven are accepting a token swap in the private sale. Read more about it here.
Competition outside of the blockchain exists such as storing private keys in a safety deposit box with information to access in will or with Power of attorney and a Digital Asset Media Vault. These solutions however are not in-line with the blockchain decentralization movement and the main difference points between Safe Haven and the other solutions include: Third party verification before triggering contracts, Saas Compliance, Quantum computing proof, Maintaining full control of digital assets, Locking/staking options, protected protocol and decentralized cloud storage.
The most important and largest challenge in regards to the business being successful will be gaining the trust of users and adoption in the market place. As users have to feel that the use of Safe Haven is more secure than current methods and that it will be executed as expected upon triggering. Hence obtaining members in the Trust Alliance Network such as strong legal entities will make users feel more confident to secure their crypto assets on the platform. Measures to improve privacy and Data requirements will also need to be taken as privacy of wills is a high priority for users. Also with the price of SHA tokens increasing with demand – there must be a dynamic structure of the Token lock up contracts as if they remain the same the price would be too high eventually for using the platform.
The Whitepaper is written well and detailed. It contains technology used, SHA-Trust Alliance Network and the SHA Protection Plans, token utilization and metrics. Read the full whitepaper here.
Safe Haven and WAX interactive are working together to build the Trust Alliance Network (TAN) legal services portal site. WAX is an international branding and digital agency who is considered the Leader of digital transformation in Europe – and has large clients such as Panasonic, Pernod Ricard, Pizza Hut and more. The partnership with VeChain Thor moving away from Ethereum blockchain was a call in which is expected to benefit the project in many ways. Partnership with MYwish cryptocurrency in which they will focus on the creation of contracts that will allow for other digital assets to become inheritable within the Safe Haven Wallet. They are collaborating with Nitrokey to develop a 100% open source hardware ledger. Nitrokey has many links with customers buying their products such as Uber, UBS, Dropbox, BBC, VISA and more. Links with Hosho smart contract audits to secure the contracts and Venture capitalist Kratos Partner and HM Capital recent joined as a strategic partners. Safe Haven are also Partnered with BLUE, helping secure their blockchain and provide assurance to users.
We like the idea Safe Haven is offering as it seems simple and effective. Bringing a full scope solution to the market, a lack of competition along with cryptocurrency theft/loss being at an all-time high, there is a large market share to tap into. The idea of using lawyer’s kind of makes it a bit more centralized however it still removes a large amount of intermediaries and lowers costs. The white paper is very detailed and simple enough to read and understand the whole project.
Gaining trust and adoption will be an issue and hurdle for this project along with the requirements of privacy of parties in the will and security of inheritance. The security experience in the team along with the Vechain CEO and other partnerships mentioned we believe will put Safe Haven in a great position to combat these issues and be adopted in the market as a secure and trusted solution. The competition in the crypto space and the real world is very limited – Mywish has now been partnered with, who was a potential competitor along with the movement to Vechain Thor instead of Ethereum which is very influential being the first Vechain Thor project.
The movement of Digipulse off the blockchain network and once having a market cap of over $16m USD now $500k is not necessarily the most promising sign for projects in the Digital Inheritance market. Safe Haven is however, offering a different full scope solution but it will still prove to be difficult to be adopted.
Overall the simple and effective idea, low competition, great partnerships lead to us feeling the Safe Haven potential is strong. The downsides to the business side seem limited to the difficulty of gaining trust of users and to be mass adopted in the cryptocurrency community in which the strong partnerships and sentiment surrounding the project allows.
Use of Blockchain Technology:
Safe Haven uses blockchain to establish digital trust between users. Enabled trust is to be distributed throughout a network, without the need for central intermediary to track, verify and approve the digital exchange of value. The centrality of intermediary is costly, slow and lacks security. Blockchain operates a decentralized distributed database maintaining a continuously growing list of records. Use of smart contracts allows Safe Haven to facilitate, verify and enforce the performance of a contract in this case the release requirements of funds. It Removes intermediary in regarding exchange of money, property, shares etc. which usually a lawyer, government agency or bank would process. It Allow’s terms and conditions of the agreements to be enforced which is the core of the project.
The Prototype was due in Q2 2018 however with the transition to the Vechain Thor Platform from Ethereum it will be delayed. There has recently been the release of of the GitHub VeChain v1.0.1 in which the code base is strong along with being formatted and modular. Have a look at the GitHub in more detail here.
The ecosystem does not function without the SHA token and it is needed in the ecosystem. In order to use Safe Havens services and platform, the initiator will need to deposit SHA tokens in a time-locked smart contract. The Tokens will become inheritable as soon as the release procedure is initiated. Legal entity time locked contracts require more SHA tokens than standard users along with locking them up for 365 days. While tokens are locked, circulating supply reduces increasing the value of SHA.
Technological challenges involve the verification of third party whilst maintaining a decentralized nature and control of assets for the cryptocurrency owner. The TAN system creates a central aspect to the project with the lawyers seeming to be an intermediary involved. There is potential that the involvement of the TAN group will actually result in just as inefficient process as other solutions with the global legal system not recognizing cryptocurrency laws yet and the process is not normalized. In regards to cryptography there is a potential Russian doll problem even with the keys being split up, if a bigger doll is lost, all is lost. They do have a backup system however there is no significant difference between usual private key management.
There are good use cases of blockchain – removing intermediaries such as banks and other governing parties which will lower the cost of inheritance greatly along with increasing the security compared to non-blockchain solutions. The utility of the tokens is well thought out and sustainable. The time locked smart contract deposits will limit the supply of SHA and therefore increase the price based on demand. Good to see token utility on both sides of the project – legal and consumer.
The aspect of using TAN in the process adds a centralized aspect to the project through Lawyers being utilized and required to execute the smart contracts which we see could have potential downside in regards to cryptocurrency laws yet to be globally recognized. However this still removes a large portion of the intermediaries and centralized aspects of current solutions along with the option of utilizing the Business Continuity Plan (BCP) in which the initiator can choose whether to include the Trust Alliance Network or have the entire process automated. Although there may be a centralized aspect in the process, the shares still remain decentralized with a portion stored on or off the blockchain all depending on the initiators choice.
It will be good to see how the prototype works when it is released to understand how these potential technological challenges have been resolved and to see if there is a large impact of the Trust Alliance Network in dampening the decentralization of the project.
The Facebook account has 6400+ likes and 4.9 Star rating from 141 reviews. Twitter has 10k+followers with active posting and community shares and comments. The Reddit community has weekly Safe haven discussions and the YouTube Channel offers the Safe Haven Solution Intro video, business plan and teaser however has been inactive since. There has not been much growth in the social media channels over the past month.
The Medium account has posts every few days with announcements and information. There are Press releases from Forbes, Coin Telegraph, Markles, Buisness world, Inc. and international business times. Safe Haven has been popular in ICO reviews with positive light surrounding the project over the months and continued support.
There are 15.5K Telegram subscribers in which there is constant organic communication amongst members with conversation around sale dates, announcement of ICO delay and switch to Vechain Thor.
Market Hype and Sentiment:
The Safe Haven community is strong with 15.5k Telegram Following and positive ICO reviews in the market . Market sentiment has been positive especially with the press releases being on popular sites . The hype and confidence in the project has been slightly dampened by the delayed ICO process as people were excited about the project as far back as January.
There are No large Capital firms in the VC space yet which usually results in a flow on hype and higher demand. The highest peak of searches for Safe Haven ICO were back in January, since then there has been a Small spike in early June about 1/3 of Jan.
The Social media channels are active and have an organic and responsive community. There is a good use of Medium for getting information out – the press releases are impressive featuring in major world websites which we like to see. Other ICO reviews have Safe Haven rated highly and are a popular pick increasing the demand for the project throughout the community.
The Telegram is active and organic chat from community with admins being responsive and helpful. The Airdrop for Safe Haven may have skewed the numbers of followers on telegram though. There is a slight lack of hype surrounding Safe Haven -it has been around for a long time and many followers may have lost the buzz however it it slowly building back again especially with the switch to VeChain Thor and the announcement of the whitelist.
It seems there could be a better marketing strategy in place for Safe Haven however they have sold 70%+ of the private sale and there is a strong demand for the public sale starting soon.
* Whitelist has started early August. Register here.
39.5% Tokens will be sold in the ICO – 748M in Private Round. 467M in Public Round, 5% sold in initial generation event for $1.5m, 5% sold in special auction raise in December 2017 for 425,000,000 ($0.007 each). 10% for community and media contributions, 10% for Advisors and Partners, 20% Enterprise and Tiel Partners. 10% Team and Founders, 10.5% research and development.
1136 SHA/VET Private Sale. No bonus above 25% unless immense strategic help. All private round members will participate in token lock up program (6 Months).
Q2 2018 Safe Haven Platform Development should be released in coming weeks due to switch over from Ethereum to Vechain Thor. Q3 2018 The Alpha release preparation for platform production and Hardware ledger integration program launch. TAN GUI launch and Alpha release SHP in Q4 2018. Beta launch of SHP in Q1 2019. Hardware integration and sale Q3 2019.
There is a great hardcap level – especially after reducing down to $11m from $25m. The Supply is high allowing for large token usage. Good private sale discount on Tokens and vesting program considering majority of tokens are selling in the private round.
The timeline is a bit behind due to the switch over to Vechain Thor however we believe it will be worth it. The MVP release along with the Alpha and Beta releases at the end of the year and beginning of 2019 will be a good look at the technology.
The project still Seems on track to reach the market – however the end product is quite far in the distance at the end of 2019 which gives time for potential competitors to enter the market along with the patience of investors to be tested.
X – Factor Bonus:
The Vechchain Thor partnership is significant in our view, the first ICO on the platform along with the influence of Sunny as a team member will put Safe Haven in a very promising position for top exchange listings, marketing, exposure and high adoption. The reduced hardcap is also a very good sign of the team only utilizing funds needed for the project.
Overall Safe Haven is looking like a promising project. It is targeting a real world use case that many people worry about and consider a barrier to them entering the cryptocureency market. The team including founders, tech, business and advisors have a great mix of experience and seem more than capable to execute such a project. The business model seems viable and the lack of competition puts Safehaven in a top spot to be adopted in the market. The technology and use cases of blockchain allow the reduction of the intermediaries used in current solutions along with increased security and efficiency.
With the Safe Haven project being around for an extended period of time, the hype level built up in January has not maintained with the switch from Ethereum to Vechain Thor. The challenges to mass adoption in the market is the largest issue for Safe Haven and will decide whether or not it will be successful. We believe The switch to VeChain Thor wll be very beneficial in utilizing their platform and being the first ICO and will help. The hardcap is promising and the roadmap seems viable with the only negative being the slightly stretched plan with the project completion being in 2019.
We view Safe Haven as a strong project in a great position as the first ICO on the Vechain Thor Platform. it will be interesting to see the general market conditions impact upon the sale and if SafeHaven can withstand the bear market. Keep a close eye on this project!
ALTCOIN BUZZ ICO REVIEW RATING:
This analysis was produced by The Altcoin Buzz ICO Research and Analysis Team.
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For more information visit: https://safehaven.io/
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