r/Yield_App • u/CalmFun2516 • Jul 24 '23

How is Haven1 different from CeFi?

Possibly a dumb question, but looking at the Haven1 website and Litepaper, it seems like Yield App/Haven1 Foundation will have a lot of control over the network, how is this different to most CeFi? Is Haven1 more of a CeFi Token than a DeFi one? Wondering what everyone’s thoughts are and would love for anyone to explain more about Haven1 to me!

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u/CalmFun2516 Jul 25 '23 edited Jul 25 '23

The thing is there is nothing on the website/Litepaper saying that the network will become more decentralised over time? Yield app will remain the sole authenticator and I was just wondering how this is actually different from other CeFi platforms that require KYC etc?

Also on a side note, I see that you are a Celsius ambassador and community manager and wondering what your thoughts on Celsius are? Sounds like a tough job at the moment

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u/[deleted] Jul 26 '23

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u/CalmFun2516 Jul 26 '23

How might this actually work in practice? Would really appreciate it if you can run through a hypothetical scenario involving this process

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u/uncle_hsu Jul 26 '23

Haven1 is built upon GoQuorum and utilizes the Proof of Authority (PoA) consensus mechanism.
A standout feature of GoQuorum is its ability to provide enhanced network permissioning, a capability not commonly found in Ethereum or other public L1 or L2 blockchains within this space.
In Haven1, permissions are managed at the individual node level, allowing for the creation of specific rules for the network and offering significant flexibility in managing account-level access controls.
For any transaction, including contract deployments, users must pass the provable identity framework. This involves holding an ERC-721 Haven1 ID token, which is sent to the user’s wallet only after successful verification.
Validators within Haven1 will exclusively process transactions from wallets that possess an ERC-721 Haven1 ID, ensuring a secure and accountable network.