Safe Haven introduces ThorBlock – A safe way to pool funds

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Safe Haven has announced its first asset management product called ThorBlock. ThorBlock will allow users to pool funds together to take part in the upcoming ICO’s in the VeChain ecosystem.

The ThorBlock solution was first teased during VeChain’s Amsterdam meetup on the 19th of September as the “ultimate way to bring people together” by “the power of collaboration“. You can rewatch the teaser trailer in the tweet below:

ThorBlock – Blockchain powered fund pooling

ThorBlock is the first turnkey solution released by Safe Haven. Using ThorBlock anyone can start a pool to collect funds.

A pool can then take part in one of the VeChain ICO’s.

The steps to create and use a Community Pool

How to create a Community Pool

The pooling procedure looks like this:

  1. The Pool Admin starts a Community Pool. To do so he has to lock down a certain amount of SHA tokens for a period of time.
  2. A new pool is created, to which users can contribute. Pool Admins may choose that whitelisting for the pool is mandatory.
      1. It is not possible to use an existing wallet (node) as the pool wallet.
  3. Funds in the pool always remain available for the contributor, contributed funds can always be revoked and there is no way the Pool Admin can get ownership of the funds in the pool thanks to the smart contract.
A screenshot of how the account page of ThorBlocks looks like

Using the community pool

Private sales of ICO’s often require a substantial investment that is outside the reach of the average investor, but by pooling together a pool can acquire enough funds to join a private sale. By joining a private sale users can often require a nice discount compared to taking part in the public sale.

Users from certain countries (for example the USA or China) currently are restricted from joining certain ICO’s. By joining a pool they can now join an ICO since they no longer have to submit their KYC to the ICO.

 

Update 30-09-2018: we have updated the following section about pooling to start a node after talking with Safe Haven

Although the pool wallet could potentially be used to create a new node (not an X-Node), this is not recommended, since it is not possible to distribute the generated VTHO between pool contributors. Safe Haven is currently working on a dedicated solution for node pooling called TrustNode.

ThorBlock release schedule

The first version of ThorBlocks is expected to come out in the first week of October.

The team is currently looking for testers from the community to do a final test ahead of the official release. If you wish to help out you can apply to become a beta tester here: https://goo.gl/forms/ofz6qBHDwdMIcIvG2.

About Safe Haven

Safe Haven provides various solutions to manage and distribute cryptocurrency assets using VeChain’s blockchain technology.

ThorBlock is the first solution that is going to be launched by Safe Haven.

Another upcoming product from Safe Haven is the Family Circle Plan (TFC). By combining a network of legal entities around the world (the TAN network) with blockchain technology,  users can manage what happens to their crypto coins in case they pass away.

Stay up to date

To stay up to date with the ThorBlock solution:

Telegramhttps://t.me/ThorBlock_Support
Twitterhttps://twitter.com/ThorBlockio

To learn more about Safe Haven:

Websitehttps://safehaven.io
Telegramhttps://t.me/safehavenio
Twitter: https://twitter.com/safeHavenio
Reddithttps://www.reddit.com/r/safehavenio/

What do you think of ThorBlock? Let us know in the comments below!

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