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The Finhaven Chain Project

Purpose

The Finhaven Chain project aims to build a public blockchain for sovereign jurisdictions and their regulated entities for the global markets. It is a strategic research collaboration between Finhaven™ Technology Inc. and Blockchain@UBC.

The Background and Problem Statement

  1. Building a CBDC is resource-intensive; however, over 100 countries are working on their own CBDC in a siloed way. 
  2. It will be hard to solve the cross-border settlement issue when CBDCs are developed in a siloed way, and economically and politically stronger sovereign jurisdictions will dictate the protocol of their own economic blocs.
  3. Due to the independent development of CBDCs by each country, central banks tend to rely on an IT company who is selected to develop a proof of concept and beyond. This will pose risks and inefficiencies to financial systems.

Project Principles

  1. There is no central organization that leads this project. Finhaven is an initiator of the project, but will not be in control of the project. All participants including committees should ensure the bottom-up approach and decentralized development, not controlled by any specific organization in every possible way.
  2. Blockchain is used as the underlying technology, with the capability to integrate public and private blockchains. A private blockchain or multiple private blockchains will be used as blockchain middleware. This approach helps solve public smart contract limitations, keeps intact a sovereign jurisdiction’s control and ensures seamless interoperability of multiple chains.

Use Cases

The project will explore the following user-cases

  • Cross-border settlements of CBDCs and securities to be monitored
  • Verified by sovereign regulators

The Initial Tasks

  • Establish tokenomics (90% of FINTokens, 900 million FINTokens will be used as rewards to build the ecosystem.)
  • Establish the framework of open-source development (i.e. multi-disciplinary sub-committees under a central committee)
  • Write the white paper v. 1

TAsks

The initial committee members who will do first tasks

Rewards

  • FiNTokens 
  • Possibility to have your name on the whitepaper as an author
  • Materials that we develop and discuss can be used for your research paper with sources indicated

References

  • https://www.bis.org/publ/othp38.pdf
  • https://www.bis.org/publ/othp52.pdf
  • https://issuu.com/atlanticcouncil/docs/a_transatlantic_approach_to_privacy_in_cross-borde
  • https://www.imf.org/en/Publications/fintech-notes/Issues/2022/02/07/Behind-the-Scenes-of-Central-Bank-Digital-Currency-512174

Organizations

IMF

BIS

Central Banks

https://www.g20.org/finance-track/

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