The Havven.io stablecoin system is a novel form of representative money in which there is no requirement for a physical asset, thus removing problems of trust and custodianship. The asset used to back the stablecoin is a pool of reserve tokens that collectively represent the system itself; controlling these reserve tokens re- flects participation in the Havven system, and are a proxy for its value. Havven generates fees from users who transact in the stablecoin and distributes them among the holders of the reserve token, compensating them for underpinning the system. Havven therefore rewards those who actively participate in maintaining the stability of the system and charges those who benefit from its utility. These rewards are proportionally applied in response to the active management of the supply of the exchange token such that its price mirrors that of the asset it tracks.
Havven is a decentralised payment network and stablecoin designed to enable everyday cryptocurrency purchases. The network, which is modelled on centralised closed loop payment networks such as American Express, reduces price volatility through its dual-token system: havvens, the collateral token, and nomins, the asset-backed stablecoin. Nomins are collateralised by the value of havvens, and the value of havvens comes from transaction fees that are generated with all nomin transactions and paid to havven holders. The value of nomins is kept stable by havven holders, who are incentivised to manage its supply.
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A stablecoin is a cryptocurrency that has a stable value. Many existing cryptocurrencies, such as Bitcoin and Ethereum, have a value that fluctuates frequently based on shifts in demand. This is a major hindrance to using these currencies as mediums of exchange. Ideally, a stablecoin will retain all of the benefits of cryptocurrencies, such as speed, security, and decentralisation.
Why Is Need Stable Coin
- Global remittance
- Trading on decentralised exchanges.
- Everyday purchases
- Unit of account for prediction markets
- Funding token sales
- Secure store of value
Havven’s main competitors in the stablecoin market
There are several other stablecoin solutions that are currently being offered or developed. The primary competitors are Tether, MakerDAO, and Basecoin. These use a variety of methods to attempt to provide stability.
Tether offers its own currency, USDT, which can be purchased directly for USD. Tether claims that all USDT is 100% backed by USD. The value of USDT stays stable because it is pegged to another relatively stable currency. MakerDAO has a stablecoin, Dai, which is collateralised by other cryptocurrencies. Creating Dai involves locking up collateral into a collateralised debt position (CDP), which will allow you to create Dai at a value up to 67% of your CDP.
Havven.io needs a direct incentive mechanism that can correct changes in the global collaterisation ratio, C, when the price of havvens or nomins changes. Some of the equations below are defined in the discrete time domain and are referenced with a subscript t. These will be specifically used in our game theoretic modelling.
Fees Received by Havven Holders
The fee rate paid to a havven holder that has escrowed is αr. The actual fee they receive is Hˇ αr, being proportional with the value they stake. The received fee rate changes with respect their unique collaterilisation ratio, Ci It increases linearly to a maximum αbase at the optimal collaterilisation ratio Copt, before quickly diminishing as Ci approaches the maximum collaterisation ratio Cmax. This function is designed to encourage havven holders to constantly target the optimal collateralisation ratio, by rewarding them with greater fees.
How will the fees work
Whenever nomins are transacted, a small fee will be taken from these transactions and distributed among havven holders who have collateralised their Havven.io. This is a necessary payment to incentivise havven holders for staking the system and backing the nomins. Fees are expected to be no higher than 20 basis points (0.2%). The amount of fees received by individual havven holders is influenced by how close their collateralisation is to the optimal collateralisation at any given moment.
The Havven.io token sale successfully reached its USD$30m hard cap. There was a token sale, which took place on February 28, 2018, and a pre-sale, which took place from February 26 to 27. The pre-sale collected USD$26m, and USD$4m was collected in the first hour and a half of the token sale.
During the sale, there was a number of discounts available based on how long purchasers were willing to escrow (lock-up) their tokens in the system. Here is a list of the discounts available during the token sale:
- 18 months escrow: 20% discount
- 12 months escrow: 15% discount
- 6 months escrow: 10% discount
- 3 months escrow: 5% discount
Havven.io There was also a pre-sale with a 30% discount, which included a compulsory 12 month escrow period.
Kain Warwick Founder
Justin Moses CTO
Jordan Momtazi VP Partnerships
Clinton Ennis Senior Architect
Charlie Karaboga Head of Product
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