Hello Satosha,

Thank you for bringing me to the attention of "Haven Protocol".
I've read through their very short whitepaper and its a very different idea.
As they rightly state it being some sort of offshore store of money based on the USD I am not sure how you consider that project similar to mine and state, "there is no need".

I suppose you would also say that Haven is similar to Bitshares, Fragments, Basecoin, Saga, and all other stable coins?

Haven is a very different concept that is actually novel but if you think about it also may be unnecessary......

Quoting from their whitepaper:
"Bob decides he wants to put 200 of his Haven into offshore storage.
The offshore smart contract determines the current market value of that Haven (in USD for now) based on a weighted average of volume across supported exchanges.
If the current value is $1 USD then the contract will record a value of $200 USD worth of Haven at Bob’s request. The 200 Haven that was sent is then burned and the total money supply decreases. If the price of Haven then moves to $2 USD and Bob decides to access his Offshore Storage, he will be returned 100 Haven (100 * $2 = $200 USD as per original value).
If the opposite occurs and the price of Haven halves to $0.50 then 400 coins will be minted and sent to Bob."

Okay, but why use a smart contract when you can just change back to USD? Or will they use another fiat currency? A basket of fiat? An index? Gold? Whatever they use why not just change into that?

And what if it is the USD that drops in value?


So, how is haven similar to PANGEM?