Stable coins are a sign of the crypto sphere competing with fiat currency. We all very well know that crypto prices swing wildly and what might be profit one day, is a loss the next day or even a few hours later! With stable coins, crypto users can move their fiat currency to the digital and be able to sleep at night knowing that they will not wake up to a gut-wrenching red. Having funds in stable coins means it is easier to buy other cryptos when the time is right, without having to wait for the cash to clear the physical to digital divide.
How the stable coin works
Havven, like well-known stable coin Tether offers a haven for users to store value without it fluctuating wildly. There are two tokens Havvens and Nomins. When a user transacts and buys Havvens, 20 percent of it is issued in Nomins, which are a hedge against price fluctuations. According to the website, “Havven solves the scaling problem with the same approach used by closed-loop payment networks, which involves charging fees on transactions as well as hedging fees for idle balances. These fees are paid to users who collateralize the network and provide stability.” The rate for Nomin tokens is regulated by the system through the stimulation of either the release of new tokens or reverse buy-back and the burning of tokens to reduce the volume of available tokens and to push the growth rate to the value of one Nomin equals $1.
Meet the team
Kain Warwick– Founder/CEO
In 2014, Warwick founded the Blueshyft network, one of Australia's main platforms for making crypto transactions. In addition, the platform provides a number of other services, including "over the counter" Bitcoin purchases, deposit management on digital wallets and even logistics solutions. This organization is also a member of the Australian Digital Commerce Association, whose members are companies that are helping develop the national digital economy via Blockchain technology.
Justin Moses- CTO
Moses has more than 25 years of experience in the field of IT and has worked as CTO on various projects since 2009 with Warwick.
Tim Bass- Project Lead
Bass is the co-founder and CEO of the BLOCK8 project, as well as co-founder and director of the myStake platform. Both companies are engaged in the development of Blockchain technology in the financial sector. Bass has more than 10 years of experience in the field of Solutions Architecture for large companies in Australia.
The ICO raised some $30 mln in funding proceeds. While this is a stable coin the rate is relatively fixed however upon further inspection there are some interesting price details. When it debuted on March 14, 2018 the token piece was $0.45. On May 20 the price reached an all-time high of $0.75. Now, the current token price is at $0.08… a far cry from being stable.