Table of contents

General

Bisq and Haveno

General

What’s the meaning of Haveno?

Haveno is an Esperanto word that means ‘harbour’ or ‘port’.

Pronunciation:

PA(key): /haˈveno/ Hyphenation: ha‧ve‧no

When will Haveno be ready for use?

We hope Haveno will be ready to be deployed by the end of 2022.

What currencies will be listed?

We only support projects that we consider interesting or useful. We will launch with support for:

Crypto Fiat
Bitcoin (BTC) US Dollars (USD)
Ether (ETH) Euro (EUR)
Bitcoin Cash (BCH) British Pounds (GBP)
Litecoin (LTC)  

Note that all assets are paired with XMR, which is the base currency of the platform (XMR/EUR, XMR/USD, XMR/BTC, etc).

As soon as we feel the platform is solid enough, we will add support for more crypto and fiat currencies, initially targeting some of the assets already listed on Bisq. The community can suggest assets by opening an issue on the ‘listing’ repository and using the correct template.

What’s the structure of Haveno?

We explained the structure of Haveno in detail in a dedicated blog post. Here’s a summary:

Thanks to the funds that will be sent to Engine, Haveno will be a major contributor to Monero development, allowing Monero to cease its reliance on generous donors and become self-sustaining.

While this structure is exciting and opens a lot of doors, we want Haveno to be as decentralized and robust as possible. That’s why we will always look for ways to decentralize things further.

Will there be KYC?

No. Haveno was created out of the desire to provide people a peer to peer and decentralized way to exchange Monero for fiat currency. Haveno is and will always be non-KYC.

Where can I find details on how the platform will work?

Haveno’s trade protocol is explained in detail on Github.

Do you have more docs?

Our documentation can be found in our GitHub Repository. It contains protcol details, contributing guides, installation instructions, and more.

What are arbitrators? Why do you need them?

Arbitrators are the last step of conflict resolution on Haveno, coming after traders attempt to settle disputes by themselves using the chat embedded in the platform, and we inherit them from Bisq. They have a crucial role in the trade process, because they hold one of the three keys during a trade.

Holding one of the three keys makes them a sensitive role, because they could theoretically collude with one of the 2 traders. We are exploring the possibility of migrating to a 2/2 multisig protocol instead of 2/3, but for the time being, we will adopt several measures to drastically reduce the risks for traders:

What are the fees for trading on Haveno?

Haveno traders will pay two fees. The fee for transacting on the Monero network (a fraction of a cent) and the Haveno fee.

We haven’t made a final decision on the amount of the Haveno fee, but it will most likely be less than 1% of the traded amount.

All fees paid on Haveno will be sent to Engine (see What’s the structure of Haveno?), where they will be used to reward contributors, pay for Haveno development and infrastructure, fund Monero development and research, and more. Fees are also used as an anti-spam mechanism to avoid abuse.

Is Haveno ready? Can we test it?

Haveno is not ready yet, but the trade protocol is already working (like most of the backend). People can already make test trades using the legacy user interface (inherited from Bisq).

Can I already try Haveno?

Yes, it’s already possible to make test trades on our shared Monero stagenet, using the legacy user interface. It’s possible to test trades between xmr <-> fiat and xmr <-> crypto. See the instructions for running your local Haveno test instance.

How can I exchange Monero for fiat without involving banks?

Haveno will support payment methods that don’t require users to have a bank account, like “Cash in person” (for face to face trades) and “Cash by mail”.

Bisq and Haveno

Why a new platform? What are the key differences compared to Bisq?

Haveno is a fork of Bisq and shares some of its strengths, such as:

But Haveno brings several improvements over Bisq:

Haveno is privacy-focused

Bisq doesn’t offer strong privacy to its users and has had multiple issues which resulted in the privacy of their users being compromised.

From the points above we can see how trading on Bisq is not private and could result in the deanonymization of traders and contributors. Haveno has no token- it’s based on Monero and has privacy as a core principle.

Haveno is simpler

Bisq has a very complex and resource hungry user interface. One of our main goals is to provide the user with a simple tool that won’t require any technical knowledge.

Haveno is cheaper

Bisq is based on Bitcoin and inherits its historically high transaction fees, which are added to tradefees on the platform.

Haveno is based on Monero, allowing traders to take advantage of very low transaction fees (see the comparison between XMR and BTC), resulting in more convenient trades, especially for low amounts.

Haveno is faster

Haveno will be faster because of three main factors:

What are the differences in the trade protocol?

The current trade protocol of Haveno is on Github: docs/trade-protocol.md

Bisq recently adopted a protocol based on 2/2 multisig, 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.

If everything goes fine, the two traders will use their keys to complete the transfer process. If something goes wrong, one of the two parties won’t use their key to complete the transaction, and this is where the arbitrator comes to action.

Arbitrators are inherited from Bisq’s 2/3 protocol. They are a trusted role and have the duty of releasing the funds to one of the two parties in case of a conflict. To do so, they use the third key of the 2/3 multisig protocol.

Using arbitrators has drawbacks:

These issues are solved by employing a small number of trusted arbitrators with strong operational security knowledge that will serve in their roles anonymously.

Will there be an Haveno token like Bisq has BSQ?

No. The BSQ token is meant to be the key factor of Bisq’s DAO. We won’t implement Bisq’s DAO and the trades on the platform are based on multisignature transactions. There is no need for a token in the Haveno protocol.

Why no DAO?

Bisq’s DAO is an interesting and innovative governance mechanism, but currently seems to be an unnecessary complication that takes a lot of resources to maintain. Bisq contributors earn BSQ tokens according to how much they contribute to Bisq and the roles they cover inside the project. The more BSQ a person has earned, the more voting power they have.

Bisq’s DAO has several important flaws that make its effectiveness as a tool for decentralized governance dubious: