Haveno: No KYC Monero
"Haveno is a peer-to-peer marketplace to buy Monero without official KYC processes."
Haveno Reto
Open Source
This is journalism of publicly available open source software on Github and their website:
https://haveno-reto.com
https://github.com/retoaccess1/haveno-reto
Overview
Haveno is a peer-to-peer marketplace to buy Monero without official KYC processes. It works using multi-signature wallets with arbitrators over Tor. You buy Monero (XMR) from a random dude, with it locked in an arbitration wallet in-case he doesn’t deliver after you send fiat. Both the trades and the servers are peer-to-peer.
P2P Trades
The trades are peer-to-peer, so you’re not buying it from a centralized company.
P2P Servers
The servers share data peer-to-peer like torrents over Tor.
What to Expect:
It’s fairly simple to use this, but it will take an hour to download the software and setup your account. But once you do it will be fast and easy for the future. If you’re buying Monero, expect to pay at least 5% above what it would cost on a regulated KYC exchange, but it may cost more than that depending on liquidity (who is online).
Legal Disclaimer:
This is an educational free speech article discussing publicly available information with no opinion or endorsement in any country. We are not running or operating the market. We are not paid for this free speech and do not break laws in your country.
Arbitrators
What is Multi-Sig?
All cryptocurrencies have a public address and a private cryptographic spend key. In a 2 of 3 multi-signature transaction, two of three members who control a wallet have to sign for it to release the funds.
Haveno arbitrators
When a trade happens, the XMR seller deposits the funds in a 2-of-3 multi-sig wallet. If the seller recieves fiat funds, but refuses to release the XMR, then the arbitrator sides with the buyer, and releases the funds to buyer.
While if the buyer refuses to send fiat, then the arbitrator sides with the seller, and signs the other way. However, the arbitrator can not steal the funds.
Control?
Haveno vs Reto
Haveno is open source software that anyone can use to make their own marketplace. Reto is one team that is operating one specific market. If you go to the main Haveno website, it appears to be dead or in-beta, but the Reto website has the actual downloads.
Who picks arbitrators?
Haveno works like torrents, where one server “peers” or shares the other peers in the network. This is how it “bootstraps” or gets started. The seeder picks therefore who is an arbitrator. It is their responsibility to make sure collusion doesn’t happen.
Benefits
Privacy
Trades appear to the bank, Paypal, CashApp, Wise, Revolut, or other providers as one random person paying another person. This provides much stronger privacy than buying from a KYC exchange. Even if the XMR seller sees your identity, this still doesn’t appear to be a cryptocurrency trade on your official financial statements. And of course, cash in the mail is the most private.
Charge-back Risk
There is significant charge-back risk for the SELLER, but as a buyer of Monero there is very low risk. However, because the seller faces extreme “fraud charge-back” risk with Zelle, EU SEPA, Paypal, and other methods, they may ask to see ID and verify accounts. Also this is why there is a higher price as they risk their accounts.
Software
What is the software like?
Haveno Reto looks like a traditional financial market. On the top left tab, it shows all buyers and sellers with a graphical interface.
Buy Tab
If you hit the buy tab, one can see various offers to sell Monero and the percentage above the spot price. Along with what payment method is used.
Spot Price
In the top right corner is the official spot Monero price on KYC exchanges. Then anyone can observe the price each vendor charges above spot. For example from this image we can see that the vendor for Cash in the Mail charges 5.5% above spot, and clicking his name gives contact information.
But if you do it at a different time, you will get different results. This is just an example. Please note: We can NOT vouch for this person, this is just an example.
Accounts
If you hit the accounts tab, you can add accounts to begin a trade.
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