Blockchain Startup Havven To Bring Stablecoin On EOS Network

Announcements, Blockchain, News | August 8, 2018 By:

Blockchain payment network Havven is planning to bring its existing stablecoin on the EOS blockchain.

Based in Australia, Havven is a decentralized payment network designed to enable transactions across decentralized ecosystems. In June of this year, Havven launched its asset-backed stablecoin nUSD, which currently operating on the ethereum mainnet, with the goal of being the first decentralized and scalable stablecoin. nUSD is collateralized by the value of the firm’s collateral token HAV. The value of HAV comes from transaction fees that are generated with all nUSD transactions and paid to HAV holders. The value of nUSD is kept stable by HAV holders, who are incentivized to manage its supply.

According to the company, now that nUSD has been live on ethereum for several months, the next step is to launch the stablecoin on the EOS blockchain by the end of this year. The company said the goal is not to switch the stablecoin’s fundamental network from ethereum to EOS, but to issue nUSD on both networks separately.

“At this stage cryptocurrency is still in its infancy, so it’s not clear which blockchains will manage to scale,” said Havven founder Kain Warwick. “For this reason, it’s important that projects providing blockchain infrastructure plan to provide cross-chain compatibility, so their success isn’t bound to the success of whatever chain they’ve chosen. Supporting multiple blockchains will ensure that critical infrastructure projects are available to developers no matter which platform they choose. Havven is committed to helping to avoid fragmentation within the decentralized ecosystem.”

Like ethereum, EOS is a smart contract-enabled hosting platform built for open-source projects and consumer-facing decentralized applications. EOS enables the development, hosting, and execution of commercial-scale decentralized applications (dApps) on its platform. The EOS software is designed to enable applications that don’t require blockchain users to pay for every transaction, making it possible to create “freemium” applications.

“We are excited that one of the most successful Australian decentralized projects, Havven, is building on EOSIO, and it was great to have them as a guest at our Sydney hackathon,” said Block.One Head of Developer Relations Serg Metelin. “As an open-source initiative that provides unique features to DAPP developers, the Havven project is a welcome addition to the growing EOS ecosystem.”

In June of this year, Block.one, publisher of the EOS blockchain protocol, raised a record-breaking $4 billion in its year-long initial coin offering (ICO), dwarfing most other token sales and more than doubling Telegram’s $1.7 billion ICO. Block.one recently said that it will spend $1 billion investing in funds focused on the growth of the EOS ecosystem.