VeChain has just announced that yet another project, Safe Haven, will be joining their blockchain, VeChainThor. This follows their collaboration with Plair, a gaming-focused project, which will launch their ICO on the blockchain.
The Safe Haven project is building decentralized solutions for legal bodies in various markets, with an emphasis on security and continuity. Their solutions can manage the inheritance of bank accounts, crypto assets, passphrases and social media accounts.
Safe Haven is built on the Thor protocol, and it is on this chain that users (“initiators”) can choose from one of the 4 products it offers, which is described below. The use of smart contracts allows the assets to be distributed among the initiator’s designated stakeholders in any number of ways, and are executed when the conditions of the smart contract have been met.
Along with the Safe Haven platform, the team is designing a separate blockchain called the Trusted Network Alliance (TAN) which will act as a marketplace/hub for legal entities (“validators”). Here, legal entities can offer their advice and services to members of the Safe Haven platform, as well as publish and share information on legal advice associated with digital assets.
While the Safe Haven platform itself is what distributes assets, every product can optionally include a validator from TAN to help manage smart contract conditions and distribution procedures. The Safe Haven solution will allow legal entities to better provide guidance to individuals who wish to pass on their possessions and financial assets to their kin.
With the world moving increasingly towards digitization of assets and possessions, the existence of a project like Safe Haven is not without reason. The founder, Jurgen Schouppe, lays bare his personal motivation in a blog post:
As I thought of brining this technology into my families [sic] everyday life, I knew then and there that my legacy would not pass with it. If I make a paper wallet and the house burns, everything is gone. If I trust an exchange and I am compromised, I lose everything. If I misplace my private key, all is lost with it. There is no way to assure my assets safety in the brink of the world’s least forgiving situations.
It is this point of how to securely hand over digital assets that the project is trying to address. The 4 products that the team has designed to deliver on this vision are:
- The Family Circle Plan: Inheritance of assets on the day of passing
- The Business Continuity Plan: The distribution of authority, assets and ownerships based on events or outcomes
- Investment Circles: The management of grouped funds
- Safe Haven Vault: Distribute your digital data to designated individuals
The alpha version of the Safe Haven platform is expected to be launched after the mainnet release of the VeChainThor blockchain. Further details about the project can be found on their blog.
Collaboration is VeChain’s Business Development Strategy
Working with Safe Haven is another positive sign for the VeChain project, though an investor would do well to remember that its primary use case focuses on disrupting the supply chain industry. As a secondary objective, however, VeChain has focused hard on expanding their ecosystem and attracting players to its blockchain platform.
The desire to pull more projects into its ecosystem is in keeping with one of the major themes stated in its whitepaper: designing a collaboration ecosystem that allows businesses to thrive.
VeChain stands to benefit greatly if projects launched on its platform do well. This, in turn, will attract other projects to adopt the VeChainThor blockchain, and could lead to a snowball effect.
With the VeChain mainnet launch just around the corner, it seems like they won’t be plagued by the difficulties surrounding the launch of the EOS platform. In a recent tweet, CEO Sunny Lu shared that no critical bugs were found in the lead-up to the release.
Call for Tech Forces of VeChain Community! So far, we have received only few minor issues and 0 critical. We need your help to look at more seriously and I will personally double the reward of bounty of bug hunting. https://t.co/t74QhO19rb
— Sunny “No-Any-Promotion-Link” LU (@sunshinelu24) June 19, 2018
VeChain’s mainnet is scheduled for release on June 30. Should all go well, we could see investors warming up to a project that is not just attempting to disrupt the supply chain industry – which is ripe for blockchain application – but also designing a reliable platform where nascent projects can collaborate with several other entities in the ecosystem.