Yield App, a platform specializing in digital wealth bridges, announced intentions to Incubate Haven1, a layer 1 blockchain that offers compatibility with ETH’s EVM.
Holders will get the opportunity to participate in the construction of the layer 1 breakthrough due to the growth recently witnessed in the network.
What do these two bring to the table?
The proof of authority (PoA) consensus method, utilized by the Haven1 blockchain, possesses capabilities to satisfy the growing need for reliable on-chain financial transactions.
Layer 1 of the blockchain, which is powered by Yield App Labs, puts an emphasis on the relevance of blockchain security while additionally paving the way for the broad adoption of web3.
The verified identification architecture that Haven1 brings forth removes the need for users to maintain private information on the blockchain while also allowing for safe and legal on-chain financial transactions. This does away with the problem of DeFi limitations inside regulated institutions.
Since the identification of every Haven1 validator and their activities on the network are verifiable in public, the network’s dependability and integrity will be improved.
What makes Haven1 special
Haven1, unlike other on-chain finance platforms, has built-in dispute resolution measures and partnered with reliable organizations to see to it that every asset on Haven1 is backed 1:1 by the matching underlying asset. This is accomplished through Haven1’s partnership with trusted organizations.
That notwithstanding, the cold storage feature on Haven1 advantages customers an additional layer of safety protocol for their assets while maintaining complete clarity for the consumers. When the Haven1 mainnet is finally made available to the public, YLD will be swapped directly for H1 tokens on a one-to-one basis.
It is expected that the network will operate as a side chain that will later transit into a rollup. According to its creator, once the network is up, a far larger number of users than ever before will be lured to use the Web3 platform.
The opportunity proves to be a once-in-a-lifetime opportunity for Yield App lovers to become part of the foundation floor of a layer 1 blockchain. This could prove significant in assisting in the expansion of the web3 community.