Havven (HAV) is a decentralized payment network and stablecoin. They have created a platform that allows consumers to use cryptocurrency on a day-to-day basis. Havven provides speed, reliability, security, simplicity, and stability, even as the cryptocurrency market fluctuates. We have the CEO of Havven—Kain Warwick—who will talk more about himself, the platform, where Havven is headed, and what can we expect five years from now.
Thank you for putting some time aside to answer these questions! To start off, tell us about yourself – where are you from, what were you doing prior to cryptocurrency, and what led you to start/join Havven?
"Thanks for having me. I’ve split my time between Australia and the USA, having been involved in multiple startups in both countries. I’ve also run several retail companies, both online and bricks-and-mortar, including a franchise store in Sydney for several years. For the last four years I’ve been the CEO of a startup called blueshyft, a retail payment network of over 1200 locations across Australia. blueshyft has become the largest cryptocurrency payment gateway in Australia, processing tens of millions of dollars in transaction volume.
Having worked at a cryptocurrency on-ramp for several years, the need for a decentralised stablecoin was clear. After investigating how to implement one, we landed on the dual-token Havven mechanism, which is modelled on centralised closed loop payment networks such as American Express. In order to finalise the design of the system, we collaborated with a number of external parties, including the Centre of Cryptoeconomics in Switzerland and several high-profile Ethereum engineers."
With such a big team, how many people make the Havven team and how were they recruited? Getting people behind a project in the beginning is not as easy as people might think! Additionally, people look at the team more than they are willing to admit.
"The experience of already having run a cryptocurrency-related business meant that we already had access to key players in the ecosystem. A couple of blueshyft team members came across to work for Havven full-time, and we also partnered with a blockchain incubator, Block8, who assisted us to specify and build the system. As we got closer to the sale, we reached out to people in our network in order to spool up additional team members as rapidly as possible. We’re also looking to hire more team members in a variety of positions."
How would you explain Havven in a non-technical way that someone who is just starting to understand cryptocurrency would understand Havven?
"Cryptocurrencies, such as Bitcoin, offer many benefits over fiat currency such as decentralisation, speed, security, and reliability. But most cryptocurrencies have volatile values, meaning many people are reluctant to use them for payments, and they are often purchased for speculative reasons rather than for their utility.
Havven provides a stablecoin that leverages all of the best qualities of cryptocurrency, but that also can be used for transactions without needing to worry about price fluctuations. It does this by incentivising certain people to control the supply of the currency, which will ensure its value stays around USD $1."
Havven has a dual-token mechanism that helps the token maintain stability. How does the mechanism work?
"The Havven platform uses two tokens to achieve stability. The havven token provides the collateral for the platform. The nomin token is a stablecoin, and is issued by havven holders against the value of the collateral token. This dual token approach incentivises users to hold havven tokens because network transaction fees are paid to havven holders. As more people use nomins for transactions, the value of havven tokens will increase due to the higher fees generated."
As the network grows, transaction fees increase – is there a cap for transaction fees?
"The transaction fee percentage is planned to be no higher than 20 basis points, and will probably be around 15 basis points. The line, 'As the network grows, transaction fees increase' refers to the total numbers of fees that will be paid and distributed to havven holders, meaning that as transaction volume increases, havven holders will receive a portion of an increasing total of distributed fees."
Could you give some real-life use cases of the platform?
"Any payments people are currently making in cryptocurrencies would be better suited to a stablecoin, but specific use cases include global remittance, trading on decentralised exchanges, everyday purchases, as a unit of account for prediction markets such as insurance and loans, for funding token sales, and as a secure store of value."
Are there any working prototypes for the public to try?
"Yes, this week we launched the first iteration of nomins on mainnet. These nomins are backed by ETH rather than by havvens, and are called eUSD. Anyone can convert ETH for eUSD via the instructions here.
Until some time in early April 2018 we are running a bug bounty program, in which people can try to hack the Havven smart contract that contains 50 ETH as collateral for eUSD. Anyone that manages to hack the contract can keep however much ETH is in it, as well as a 50 ETH bonus if they collaborate with the Havven team on fixing whatever vulnerabilities they might have found."
Where do you see Havven in five years and what is the roadmap to reach that goal?
"It’s extremely difficult to even look a single year ahead in the cryptocurrency space, let alone five. But our focus for the rest of the year is to release several iterations of the maturing platform, having extracted data around market dynamics and the implementation of the stability mechanism. Once havven-backed nomins are released, we will seek to enable the issuance of nomins whose value is tied to a currency other than USD, including EUR, AUD, YEN, and GBP. After that, we will continue what is already a primary focus, which is establishing and leveraging partnerships throughout the crypto ecosystem that will maximize the transaction volume of nomins."
Is there anything else that you would like to mention to the Altcoin Community?
"If you like the idea of a fully decentralised stablecoin, then come join our online community here. We’ll be running promotions there as we continue to roll out the Havven platform."
Token Function: utility token
Project status: V1.0
Consensus algorithm: Asset/token
Circulating supply: 60,275,727 (as of April 2018)
Total supply: 100,000,000
Market cap: $21,916,102 USD (as of April 3, 2018)
Exchanges: KuCoin, QRYPTOS, CoinSpot, Radar Relay, IDEX, EtherDelta, Gate.io.
Token sale opening date: February 28, 2018
Token sale closing date: February 28, 2018
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