The previous attempts of implementing payment gateways for cryptocurrencies have been met by several factors that have hampered its growth. Volatility and unwillingness of users to pay using cryptocurrency are some of the causes. Scalability has also hampered its success. However, the solutions it’s finally here. Havven is a decentralized payment network that connects collateral holder. The aim of the network is to help users reduces their chances of being exposed to volatility in the crypto industry. The network also creates an incentive-based market for stability. Overall, the network consists of consist of a stable coin(Nomin) and a decentralized payment network.
How does the payment Network work?
Since the Network consists of two sections, users who use the stablecoin can pay for any fees to those who collateralize the network. The fee is used to compensate them for the risks of providing stability and collateral. Through this system, collateral holders and providers control the fees and the money supply distributed based on the stabilization performance of an individual. Havven uses this system to rewards those supplying stability and change those demanding stability. This results in a balanced stablecoin ecosystem.
Havven is also making significant process when it comes to scalability. Over the next few years, the network hopes to improve scalability since it is focused on identifying and solving the scalability issue. The Havven works by incentivizing and rewarding users who maintain the system.
According to Havven, “there is numerous use case for a stable cryptocurrency.” The numerous use cases include the ability to replace every form of value transfers. This means that short-term adoption is critical and t among the most compelling use cases among cryptocurrency enthusiast. The ability to transact without risk on price volatility drives significant adoption for decentralized platforms.
Token sale and token distribution
The Havven network uses the Havven token as its utility token. The token sale closed recently with a cap of USD 30 million being achieved. All airdrop participants will receive a portion of the token. A Proportional distribution mechanism will be used for the token sale, and participants will receive allocation according to their purchase amount. However, this is after the factoring in any discount is completed.
The Havven team in a multi-disciplinary team with the much-needed ability to deliver complex solutions. The team is led by founder Kain Warwick, Justin Moses, CTO, Jordan Momtazi, VP Partnership and Tim Bass, Project lead among others.
Project is no longer live.