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The answer is no with the integer-translation and dilation conventions of this multiresolution analysis. The orthonormal basis axiom forces $V_0$ to consist of $L^2$ functions constant on the cells $[k-1/2,k+1/2)$. Dilation forces $V_1$ to consist of functions constant on $[k/2-1/4,k/2+1/4)$. However, the proposed scaling function changes value at $1/2$, in the interior of the $V_1$ cell $[1/4,3/4)$. It is therefore not in $V_1$, contradicting nesting:Changing values at endpoints makes no difference in $L^2$. The usual Haar wavelet instead uses the scaling function ${\chi }_{[0,1)}$; an arbitrary half-unit translation does not preserve the required refinement grid.

With $N$ vanishing moments, a wavelet annihilates every polynomial of degree below $N$. A Taylor polynomial then explains small wavelet coefficients on smooth parts of a signal, and efficient best N-term approximation. Compact support localizes coefficients near a feature, limits the number of boundary interactions, and permits a finite filter implementation. Increasing the number of vanishing moments while keeping an orthonormal basis generally requires a larger support of a function: a finite orthonormal filter with $N$ vanishing moments needs at least $2N$ taps, and the minimal-support Daubechies wavelet has support length $2N-1$ in the standard normalization.

The Haar wavelet, $\psi ={\chi }_{[0,1/2)}-{\chi }_{[1/2,1)}$, has one vanishing moment, unit support length and discontinuities. It is inexpensive and particularly suitable for piecewise constant data with sharp jumps. A Daubechies wavelet of a larger order has more vanishing moments and a longer finite filter; sufficiently large orders also provide greater regularity. It is useful when smooth trends should yield small coefficients, although the wider support of a function can spread a jump across more coefficients. Choose Haar for compact jump localization; choose a higher-order Daubechies wavelet for smooth polynomial structure. More vanishing moments alone does not make every low-order wavelet highly differentiable.