Havven stablecoin hedges with separate Ethereum and EOS tokens
When you’re not sure which platforms are going to scale, it makes sense to get on them all.
Why not both?
“At this stage, cryptocurrency is still in its infancy, so it’s not clear which blockchains will manage to scale. 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,” Havven founder Kain Warwick said. “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.”
The Australia-based Havven project is an ingenious paired stablecoin system, with its own engineered economy designed to maintain the peg of the nUSD stablecoin by essentially letting each user become a miniature central bank of their own, issuing and buying back stablecoins from the economy through the speculative Havven token.
It was launched on Ethereum, but is now casting a wider net in search of scalability, with plans to bring another nUSD stablecoin to EOS. After the launch, 50% of the EOS version will be airdropped to existing Ethereum-based Havven owners.
The launch on EOS is expected by the end of the year.
It’s been a careful process to far, with the Ethereum nUSD transitioning through a temporary Ethereum-backed stablecoin to gather data and then going live as the nUSD more recently. The move is intended to help ensure the success of Havven as a payment network even if individual protocols collapse.
It’s probably a sensible move. Ethereum is being continually dogged by scaling issues and gas price problems, and although it’s near the forefront of finding a solution, there are still no guarantees.
Similarly, it might not be a good idea to depend on EOS alone. It’s entirely dependent on a centralised network of 21 historically untrustworthy block producers, and if people start demanding actual decentralisation in the future, it might hit a wall.
Remaining blockchain agnostic, like Havven aims to be, might be a suitable medium-term solution with the long-term answer being either interoperability or widely used standards.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and ADA.
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