Havven’s crypto-monetary system and stablecoin sale closed within a day, with a total cap of USD$30 million. Tokens will be distributed to sale participants between March 7-13. Havven aims to combat one of the biggest problems of cryptocurrencies at the moment: volatility. The Australian blockchain-based solution seeks to achieve price stability with respect to an external asset.
“The Havven token sale is now complete, with USD$30 million in purchases. The sale generated significant interest with over 25,000 people registering for our whitelist,” blogged Havvan Project Manager Garth Travers. “Due to the high demand the sale closed in just over 90 minutes. Across the two phases of the sale over 3,000 people made purchases, $26m of which was completed during the EOI phase that ended on the 27th of February and $4M completed in the main sale which ended at 13:30 PST on the 28th of February. The USD$30M (AUD$39m) sale is the largest ever by an Australian cryptocurrency project, exceeding the USD$27M (AUD$34m) by PowerLedger in late 2017.”
The Havven token sale is now complete! https://t.co/iitfOLsgzT
— Havven (@havven_io) March 1, 2018
The platform is composed of two tokens: stabilized exchange tokens, called nomins, and the reserve tokens that back them, called havvens. Unlike Bitcoin, which has a fixed monetary policy that does not allow adjustment to the currency’s changing demand, Havven has developed a system of currency which backs itself. This method of stablecoin and reserved collateral is a simple solution to the problem of stability, indicated platform, one designed to provide a practical medium of exchange, a stable cryptocurrency useful for everyday economic purposes, and to accelerate the adoption of blockchain technology to improve the technology of money.
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Havven offers a digital method of payment that fulfills the same three functions that traditional forms of money and asset-ownership do, act as a unit of account, a medium of exchange, and as a store of value. Credit cards, stocks, and online accounts are all modern methods that, while invisible, have demonstrated how technology can strengthen progress and trade. While Bitcoin is the first technological advancement to truly break ground in the world of finance by detaching from any central authority, its increased adoption and constant value growth is setting up the currency for potential short-run volatility, with no mechanism that can adjust to the changing demand. Bitcoin, while being a great store of value, cannot act as a unit of account nor as a stable medium of exchange, averred Havven. The Havven stablecoin system uses a collateral, two-token model to attain the steady value of such fiat currencies as the US dollar, while retaining the desirable characteristics of Bitcoin, such as transaction immutability and decentralisation.
The platform reportedly allows people to:
- Safeguard their crypto-investments
- Transfer money through stable, digital currency conversions
- Safely plan payments in advance as they would with fiat currencies
“There is currently no effective, decentralised unit of account,” noted Havven founder and CEO Kain Warwick. “Through my experience with the founding of blueshyft, I understood that in order to accelerate crypto adoption, we needed a stable currency that all people and businesses could understand. With Havven, we are creating an open-source protocol with the goal to create the first trustless stablecoin.”
To maintain stability, Havven’s system generates cash flow for participants, creating a market value that can be used as the collateral to support the stablecoin. In order to keep the cryptoeconomic system decentralised and trustworthy, each user has full transparency over how many tokens have been issued against the available collateral at all times.
“We are currently conducting a full audit of the sale, and will continue to publish details including a full breakdown of discounts and token prices. We want to thank everyone who has supported the project and we look forward to the launch of the network in the next few weeks. Once the audit of the sale is complete we will begin the process of token distribution, we expect all tokens to be distributed to purchasers, airdrop participants and bounty participants by the 16th of March,” added Travers. “With the sale officially closed, we would like to remind everyone once again to NEVER send ETH or BTC to anyone posing as the Havven team.”
According the Havven blog, BlackTower, Astronaut Capital, TokenStack Partners, Alphablock, BeachHead Venture Capital, YouBi Capital and Sandbar Investments were set to invest in the sale.
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