Just last week, more than a billion dollars were wiped off the digital currency market cap. This illustrates just how unstable the digital token market currently is. While bitcoin may be valued in thousands, it is of no actual use in such an unstable market.
Rather, Bitcoin has become a joke due to its volatility and the following tweet perfectly explains the current situation.
A stable alternative
Keeping in mind that bitcoin is just not currently practical, Kain Warwick, CEO of Blueshyft, came up with Havven. Havven is a crypto monetary system that backs itself. It is an ingenious method to solve the biggest problem that is being faced by the crypto market, which is, volatility.
According to their official press release, Havven is composed of two tokens. A stabilized exchange token, called nomins, and the reserve tokens that back them, called havven. Just like how a dollar is backed by a specific amount of gold.
Havven will provide a stable medium for trading. Nomins will be the stable digital tokens that can be used for everyday usage. This will not only improve the trading conditions but also accelerate the use of blockchain tech in daily lives.
Just like normal money
Havven is developed to act just like the traditional forms of money. It will act as a store of value, can be used for purchases and will act as an account. However, everything will be decentralized and will be detached from any central authority. By its two-phased nature, it will form a stable value similar to fiat currencies. Moreover, it will retain the properties of bitcoin, where needed.
Havven’s protocol will be based on Ethereum blockchain. This blockchain was due to its transparency and focus on security. The initial token launch is planned for February 2018. There are a number of other benefits that Havven will enjoy, due to its self backed nature.
