We use cookies at WhalesHeaven so we can serve up content and advertising that's relevant to you. You can find out more and control how cookies are used by clicking Cookie Settings. By using The Sun's website, you're agreeing to the use of cookies. Privacy and Cookie Policy
Frequently asked questions
Whalesheaven is a trustless platform for swapping large amount of cryptocurrencies in a secure and protected manner. A deal process is based on multisig wallets between each party and platform, which lets the platform have full control over the deal process, preventing any unauthorized access to user’s funds. The platform has a number of security measures in place to ensure funds are only released to an address provided by the counterparty. Such a level of security allows the platform to operate reliable even in case of hacker activity or compromised private keys. During price negotiation process users are placing their bids as discount/margin to current market average price, which allows them to negotiate price even on a highly volatile market. Platform has an optional KYC and Source of funds in place, making it friendly for institutional investors. A personal user rating based on the volume of successful deals assures users diligent behavior. The platform supports many cryptocurrencies including: BTC, LTC, BCH and ETH, USDT (Omni protocol) and ERC20 tokens. Altogether it is suitable for buying and selling at large volumes and allows a number of one-to-many scenarios, making it suitable for IEO or disposal of large amounts of digital assets.
The main differences are:
  • as WH platform is a p2p marketplace, it does not implement a bid/ask model, rather it resembles on auction principal, where users make their offers as a margin or discount to current average market price
  • Another key difference is that deal flow happens through multisig wallets, which are created between each party and the platform. This way the platform can control deal process, but it has no access to user funds at any time. This mitigates traditional risks associated with custody services, like hacking activity or outright fraud.
WH platform has no access to user funds at any moment as the deal process is based on multisigs, whereas the platform creates a multisig wallet with every deal participant. This way WH platform has no access to deal funds, but it has full control over deal process.
Once a user decides to sell one kind of cryptocurrency for another kind, they create an auction. Sellers can select multiple currencies that he’ll accept from a buyer. They also setup initial margin/discount for an auction and have an option to personalize their offer with branding image and public available description or provide a detailed description, including embedded video and documents attached.
Once seller publishes an auction, it becomes publicly available and other users may bid on that auction, lowering the discount or raising the margin. Once the auction ends, the very recent bid wins an auction and deal process gets started.
On demand, the seller may also provide buy out option, which will immediately stop an auction and trigger deal process.
Each user has a personal maximum volume of auctions that he he is allowed to create or participate in. This maximum can be increased by successful trading and will be decreased in case failed deals occur.
Rates are requested every 10 minutes from CoinMarketCap.
CoinMarketCap is widely accepted as a de-facto standard for referencing current cryptocurrency price.
Currently, CoinMarketCap is the only option available on the platform. Further platform updates may include new features, such as selection of which rating source should be used, as a source of the current price for an auction.
The fee rate is regressive and depends on the amount you are willing to exchange. Platform charges between 0.5% for smaller deals and down to 0.125% for larger ones.
WhalesHeaven is a custody-free p2p marketplace. A buyer and seller take their own risks when transacting.
Currently, KYC process is optional. Until a certain limit you may trade anonymously if you are capable of finding counterparties for your deals.
In order to trade over a specific limit you would have to go through compulsory KYC process, which contains provision of your first name, last name, date of birth, nationality and phone number.
It is important that you would be immediately notified once your deal got a winning offer or your bid won an auction. Mobile notification is currently the most efficient notification tool that works almost everywhere in the world.
SMS messages are used exclusively to notify users about deal initiation.
You can use your email as well, although this is not a recommended notification instrument, as you may not always have access to the internet.
Such an option will be provided in future.
You will earn a quarter of the platform’s cut and up to 1000 USD per each referred user.
Although WhalesHeaven makes its best effort to protect the platform from hackers penetration, on an infrastructural level and by limiting access to servers with private keys, there is always a possibility that such cases may occur.
The good thing is that hackers won’t be able to access users funds as WhalesHeaven is a non-collateral platform. The deal process organization prevents hackers from stealing massively from ongoing deals, as this would require an approval from all participants of all ongoing deals. Also there is a very small time frame, until the hacker’s actions are reported to support and the platform will start an investigation. In the worst case scenario, the platform may go offline until the security breach is fixed and once it is back online the process of replacing private keys will be triggered. The possession of private keys in hacker’s hands does little harm to platform operations.
All of this lowers possible bounty for a hacker and make a platform less appealing as a target, compared to centralized systems.
Once the buyer and the seller have matched the price, they both have to provide an address that will be used as a confirmation address in a multisig wallet. Once funds are deposited into a multisig wallet, each party has to provide their transaction approval on a corresponding multisig wallet. Once both approvals are in place, the platform signs both transactions and the funds will be released.
A number of consequences exist once you fail the deal:
  • You will receive a rating penalty. This will affect the size of auctions that you are allowed to create or participate in
  • Your success deal rating will be affected. Besides that, this rating is publicly available to users and may influence their decision to buy from you, it will also decrease the rate at which you earn a good reputation and will increase the rate at which you lose your reputation
  • WhalesHeaven may provide sellers a mechanism to restrict buyers from participation, whose deal rating is below a certain level
No worries, the platform is smart enough to handle such situations and to figure out the responsible party by analyzing the steps of the deal. If you have done everything accordingly and with the best of your effort your rating will not be affected.
Currently this is impossible. You would need to create a new deal.
Currently deal cancelation is not available.
This will be considered as deal failure.
It is the user’s responsibility to make sure that the transaction fee has been set high enough and that funds have reached multisig address before deal expiration has taken place.
Multisig wallet has been known for years, but they had an unreasonable lack of attention from the industry. It is a highly secure mechanism for collaborative control of funds. Multisig wallets are much more agile in terms of shaping the deal and they are much easier to understand and verify for non-tech people. Despite atomic swaps being highly secure as well, they can’t be used to organize one to many trading scenarios and some other trading cases.
The WhalesHeaven platform always provides multisignature wallet details. For script based blockchains, such as Bitcoin, you can ensure that your public key has been used to generate a multisignature wallet. For smart contract blockchains, such as Ethereum, we publish smart contract’s address on independent explorers, like etherscan.com in case of Ethereum.
Once you have confirmed that you are a participant of a multisig wallet, you can be sure that nobody can transfer funds from that multisig wallet without your direct swap approval. For script based blockchains, such as Bitcoin, you provide this approval by signing the transaction with your private key. For smart contract blockchains, such as Ethereum, you need a call a smart contract swap approval method from the address that you provided as a confirmation address.
A confirmation address is an address that was selected by the user for swap approval purposes.
Swap approval is a user’s digital action, with which the user provides an approval for a transaction generated by a platform.
This approval is required by a blockchain to assure intentions and rightfullnes of all involved parties to transfer funds from an account and can be represented in the form of digital signature or calling a method of a smart contract from an authorized address.
A destination address can not be changed, once it has been provided to the platform.
A confirmation address can not be changed, once it has been provided to platform.
Currently, the confirmation process is purely manual, however our team is currently researching this topic. We are looking into how to provide such a feature without compromising user’s security.
WhalesHeaven is currently integrated with the following wallets:
  • On Bitcoin-like blockchains platform is integrated with Gurda’s wallet browser extension.
  • On Ethereum blockchain platform is integrated with Gurda and Metamask wallets browser plugin as well as MyEtherWallet.com.
WhalesHeaven does not restrict you from using a wallet of your choice. All swap approval’s technical details are provided by the platform at each relevant stage of the deal process.
You have 4 hours to perform a deal. Within this time frame you need to:
  • Provide an address that you will be using as the confirmation address and the destination address, where your funds will arrive once the deal is successful.
  • Upload funds to the smart contract
  • Approve the releasing transaction
This time is just enough to perform deal related routine even on such slow blockchains as Bitcoin and yet to reasonably alleviate risks associated with rates fluctuations.
User rating assures diligent user behaviour on the platform. It protects platform users from harmful or disrespectful behaviour, by limiting those who intended to act maliciously.
Such an option is among planned features of the platform and allows users to raise their upper limits much faster. In case a user wants to participate in an auction that is above their upper limit they would have to upload funds on a multisig prior to creating an auction or placing a bid. In case such a deal fails due to user error a 5% commission will be withheld from uploaded funds as a compensation for the platform’s reputation damage.
Currently, users may swap upto 30 million USD in one deal. For security measures any deal larger than 10 000 USD will be split into multiple transactions, to neglect any risks associated with loss of funds.
An actual amount of transactions is calculated by platform’s algorithm, but a simple rule is: two more transactions per each additional digit for deals larger than 9,999 USD, but always less than 10.
WhalesHeaven is currently in beta stage. With respect to this we have a limitation for transactions over 30 million USD. Please contact a WhalesHeaven representative to conduct such deals.