Ecosystem/haveno
Ecosystem/haveno
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Updated FAQ (markdown)

erciccione 2021-05-16 10:33:36 +02:00
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FAQ.md

@ -11,7 +11,7 @@ Hyphenation: ha‧ve‧no
Haveno is a fork of Bisq and share some of its strengths, like:
- Censorship resistant thanks to the absence of a server (P2P network).
- Censorship resistant thanks to the absence of a central server (P2P network).
- Non custodial. The user has the total control of their wallet.
- Built on Tor.
@ -25,12 +25,12 @@ One of our key goals is to offer a simple and smooth user experience, where the
### Haveno is cheaper
Bisq is based on Bitcoin and inherits its historically high transaction fees, which will have to be summed to the trade fee of the platform.
Bisq is based on Bitcoin and inherits its historically high transaction fees, which will have to be added to the trade fee of the platform.
Average Bitcoin transaction fee: ~$20
Average Monero transaction fee: ~$0.003
Haveno is based on Monero allowing traders to take advantage of the very low transaction fees, resulting in more convenient trade, especially for low amounts.
Haveno is based on Monero allowing traders to take advantage of the very low transaction fees, resulting in more convenient trades, especially for low amounts.
### Haveno is faster
@ -43,12 +43,13 @@ Haveno is based on Monero, which beside having much lower transaction fees (as w
- Because of Bitcoin's lack of [fungibility](https://www.getmonero.org/resources/moneropedia/fungibility.html) and privacy proprieties, every transaction and address on the BTC blockchain are easily traceable. Anybody can check who a BTC user transacted to and the amount of the transaction. This design flaw has allowed and empowered blockchain surveillance companies, which make Bitcoin's blockchain a surveillance paradise and a privacy nightmare.
- It's trivial to identify on the Bitcoin blockchain which transactions come from a Bisq exchange. This compromises the privacy of Bisq's traders.
- The BSQ token is a huge privacy concern, when used to pay transaction fees on Bisq, it makes possible to link a transaction with a specific Bisq user.
- A [recent paper](https://arxiv.org/pdf/2007.07048.pdf) demonstrated that it's possible to track Bisq contributors participating to the DAO and deanonymize them.
Haveno has no token and it's based on Monero, thus taking advantage of its privacy-preserving technologies, resolving the problems mentioned above simply by design.
## What are the differences in the trade protocol
The desired trade protocol is in [docs/trade-protocol.md](https://github.com/haveno-dex/haveno/blob/master/docs/trade-protocol.md)
A draft of the lates trade protocol candidate for Haveno is in [docs/trade-protocol.md](https://github.com/haveno-dex/haveno/blob/master/docs/trade-protocol.md)
Bisq recently adopted a protocol based on a 2/2 multisignature, while Haveno will use their previous protocol: 2/3 multisignature. In a 2/3 multisignature trade, each trader owns one key, this key will be paired with the key of the other trader and will be used to unlock funds and deposits. It's a 2 of 3 (2/3) protocol because you need only two out of three keys to move funds from the multisignature wallet.
@ -63,18 +64,6 @@ Using arbitrators has drawbacks:
These issues are solved by employing few and trusted members of the Monero community with strong operation security knowledge, that will act their role anonymously.
### How would an Haveno trade work
Let's see an example:
Alice wants to sell XMR for USD to Bob and everything goes fine.
1. Alice creates an offer to sell XMR and pays the trade fee.
2. Bob accepts the offer, pays the trade fee and locks his security deposit into the multisig.
3. Alice deposits the entire trade amount (all the XMR she want to sell) + the security deposit
4. When all the deposits will be locked into the multisig, Bob will be able to send the USD to Alice outside Haveno. After doing so he will signal on the platform that he made the transaction.
5. When Alice receives the transaction, she confirms the transfer on Haveno. As a result, the traded amount will be transferred to Bob and the deposits will return to their owners.
## UX differences from Bisq
Haveno aims to have a much better user experience than Bisq, which suffers of an overcomplicated user interface and an extremely resource-intensive platform, which cannot be even opened on some hardware. Haveno aims to be easy to use and light on the user's system.