Havven, a decentralized payment network and stablecoin, has decided to launch on the EOS blockchain and will airdrop half of its new HAV tokens on the EOS blockchain to existing HAV holders on Ethereum. Havven wants to ensure that the payment network’s success does not depend on one blockchain.
The Havven/EOSIO partnership was announced at the EOS Hackathon in Sydney, Australia as part of Havven’s plan to be blockchain agnostic and operate on several blockchains. Stablecoins such as Havven’s nUSD are designed to prevent price volatility and are used for enabling transactions across different projects.
Blockchain Agnostic
“Havven chose to launch on the EOSIO blockchain because we see the need to remain blockchain agnostic,” Garth Travers, Havven project manager, told CCN via email. “If all useful projects remain exclusive to any particular blockchain, it will create ecosystem fragmentation, which will cause friction to the adoption of decentralized systems.”
Nothing will change for the 100 million HAV tokens on Ethereum, which will stay on Ethereum, Travers said. There will also be 100 million HAV tokens on EOSIO, half of which will be airdropped to HAV holders on Ethereum. Havven has no plans to leave Ethereum.
Havven is open to launching on other blockchains in the future, Travers said, but there are no immediate plans beyond focusing on EOS.
A Scalable, Decentralized Stablecoin
Havven introduced nUSD in June as a scalable and decentralized stablecoin. The nUSD tokens are backed by the collateralized HAV tokens, and the nUSD transactions generate fees for HAV holders.
Launching on EOSIO marks the next step to support numerous decentralized platforms since nUSD has been live on Ethereum.
“EOSIO allows greater transaction throughput which means dApps can support significant volume,” added Kain Warwick, founder of Havven. “Our goal is to support these projects by providing a stable medium of exchange for them to build on. Many categories like decentralized marketplaces or gaming applications will open up further and be able to deliver comparable transaction numbers to centralized systems. Havven is well placed to be a stable payment token within these ecosystems.”
Also read: EOS block producers vote to raise RAM supply to lower cost of running dApps
Cross Chain Compatibility Needed
“At this stage cryptocurrency is still in its infancy, so it’s not clear which blockchains will manage to scale,” Warwick said. “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,” Warwick continued. “Havven is committed to helping to avoid fragmentation within the decentralized ecosystem.”
“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 Serg Metelin, head of developer relations at EOS creator Block.one. “As an open-source initiative that provides unique features to DAPP developers, the Havven project is a welcome addition to the growing EOS ecosystem.”
EOS launched in June after raising $4 billion. Block.one has noted it will invest $1 billion in the EOSIO ecosystem.
Images from Shutterstock
Follow us on Telegram or subscribe to our newsletter here.
• Join CCN’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.
