WhalesHeaven is a platform for trading various types of cryptocurrencies that are based on blockchains such as Ethereum and Bitcoin. As a platform, it is suitable for buying and selling in large volumes. These trades are made by sellers listing deals on the platform, and buyers either fully buying or participating in these deals.
What is an offer?
An offer is a deal in which users can participate to swap for their desired cryptocurrency. The participants consist of sellers and buyers, with WhalesHeaven acting as a moderator between these two (or sometimes more) users.
The process of swapping begins when a seller creates an offer to trade their cryptocurrency in exchange for another cryptocurrency.
When listing an offer the seller:
- Chooses the currency that they are willing to sell along with the amount they would like to sell.
- Determines what currency/currencies they will be accepting in return.
- Decides the buyout percentage of gain/loss (offer margin or discount).
- Selects the forensic check buying limit. (optional)
- Selects the minimum and maximum buying limits for each buyer. (optional)
After the seller has provided the details of their offer, they are then asked to provide their receiving address. This is where they will be receiving their exchanged funds.
To confirm the insertion of the receiving address, the WH Cypher extension then asks the user to sign and verify the process.
Downloading the WH Cypher extension will allow you to:
- Sign and confirm your transactions.
- Create multi-signature approvals (cosigners).
- Join or create vaults.
- Sign into WhalesHeaven and trade while maintaining your anonymity.
You can also learn more about the WH Cypher here.
The user is then asked to generate a Threshold signature (TS) wallet or select from existing ones.
Threshold signature (TS) wallets
A threshold signature wallet is a tool that is used to ensure that a trade process is conducted in an appropriate manner. This means that once a user is ready to trade on our platform, they top-up their account on WhalesHeaven and this top-up is then sent directly to the threshold signature vault that ensures no one, including us, has any access to these funds. Once the user finds a buyer on our platform, the buyer will be asked to provide their funds in another threshold signature vault under the same terms. Only once both the buyer and seller confirm and sign the release of these funds from the WH cypher extension will the transaction go through. This confirmation has to happen within a 1-hour time frame after a buyer is found, otherwise, the transaction will be considered unsuccessful. Learn more about the time limit here.
Will I be notified when to continue with my selling offer?
When you go through the offer publishing process you will need to enable auto-publishing on the top-up page. Learn more here.
What happens if I provide the release of the funds before the other party?
The transaction can only occur once both parties have approved their funds’ release through the WH Cypher extension. This means you do not have to worry about losing your funds or receiving anything in return since WH Cypher ensures that both parties must approve first before moving the funds to another party. In such cases, you have the freedom to choose between reverting your funds back into your crypto wallet or participating in other offers.
What do I need to start trading?
For the most part, you simply need to download the WH Cypher browser extension this will enable you to log into WhalesHeaven as well as be able to sign for the release of your transactions from your threshold signature vault.
You can download the WH Cypher extension here for Google Chrome and Mozilla Firefox.