Havven-backed nomins are now live. The Havven Platform has launched the eUSD, the first iteration of its stablecoin. This is a major step following the execution of the largest token sale in February by an Australia based cryptocurrency that raised USD$30 million.
The stablecoin, eUSD forms the initial version of the ether-backed nomin token, and its release will allow the Havven network to observe and extract data that will assist in its rolling out phase. The Australian based cryptocurrency Havven eUSD is directly redeemable for Ether and seeks to observe the stability of value at USD$1. This can be traded on the Havven website as well as on Radar Relay and IDEX. There is already another token in the system. Trading against ETH on Qryptos, Coinspot, KuCoin the haven token, HAV also seeks to keep a stable value.
According to Kain Warwick, the founder of the Havven network, the launch marks a major milestone in the platform’s roadmap for 2018. The release of eUSD stablecoin seeks to demonstrate the network’s commitment to providing a working version of the platform at the earliest possible time. This will help in ensuring that the need for a stablecoin and a decentralized payment network is met satisfactorily. Warwick says that it is crucial for any project to prove that they can quickly and suitably deliver the products as promised.
The eUSD stablecoin can be used to make payments of all kinds and make remittance easy and convenient. Additionally, Havven is set to launch an eStore soon to establish its viability as a suitable payment method for everyday transactions.
Despite eUSD being backed by ether, it is expected that later iterations of nomins will be backed by the value of the Havven token, (Hav). Plans are underway to have the initial release of Havven-backed nomins pegged to USD by June 2018. On the other hand, Havven-backed nomins with a peg to other currencies like YEN, EUR, GBP and AUD should be released by the end of 2018.
How The Havven Platform Works
To achieve stability, the platform uses two tokens- the nomin token and the Havven token. Sold in the earlier token sale, the Havven token’s value acts as collateral for the platform. The nomin token, on the other hand, is issued by Havven holders that have their tokens locked up and is a stablecoin backed by the value of Havvens. When nomins are used to operate transactions, fees are distributed to Havven holders as a reward for controlling the supply of nomins to keep a stable value of $1. Higher fees are generated as more people use the nomin tokens for transactions and the value of Havven tokens increase.