Havven, an Ethereum blockchain-based cryptocurrency payment network designed to function like PayPal or credit card networks, is now attempting to gain traction with its stablecoin.
While Havven's existing coin (HAV) isn't yet on many exchanges[1], the payment network is gearing up to put its Havven token and Nomin stablecoin on the EOS blockchain. (It's already on the Ethereum blockchain.)
For the uninitiated, stablecoins are simply cryptocurrencies that seek to maintain a steady price relative to other assets – usually US dollars. But stablecoins for other currencies and non-fiat assets are also now coming online. Havven's is one of them.
What Is Havven?
Havven is designed to be a decentralized, self-sufficient payment network that allows users to store and transfer value without relying on fiat money or external collateral.
In essence, Havven's goal, as it notes in its white paper[2], is to create a decentralized alternative to SWIFT, PayPal, credit card and other centralized payment networks that have "absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time." Also noted is the fact that in centralized payment networks, fees are typically much greater than the cost of maintaining the network, with ever greater profits motivating companies rather than quality and affordability.
Havven's approach uses collateralization by reserves of the Havven (HAV) token, which backs the value of the network's secondary Nomin cryptocurrency, a stablecoin with a floating supply designed as a secondary mechanism to help stabilize its price.
As of writing, Havven has launched only one type of Nomin, the nUSD, which is backed by HAV, but plans to introduce "multi-currency nomins" by the end of November, 2018 (nEURO, nAUD, nJPY, nKRW, and nXAU).
Havven vs. Other Stablecoins
There are several ways stablecoins
