Australian blockchain startup Havven will be expanding to the EOS network this year, according to a CoinDesk article today, August 8.
Along with its Ethereum subscription, the said startup will be launching its stablecoin named nUSD on the EOS network as well, with the former passing $1 million in circulation since its launch in June.
The move is part of the startup’s belief that one solution to addressing scalability issues is to “get [the] project to implement platforms across multiple chains,” the startup’s Medium post read. “Complicating this solution is that, even if the larger chains attract a lot of talent, we are seeing strong competition from highly funded challengers.”
The blog continued:
“We at Havven intend to lead by example in this regard. As a critical piece of decentralized infrastructure, and one of the few projects with an operational system, we have made a commitment to implementing multiple chains.”
Kain Warwick, Havven’s Founder, said that for now, it is difficult to say which blockchain will be the best in terms of scalability, as cryptocurrencies are still to mature. He also expounded on the cross-chain implementation, stressing that it’s vital that “projects providing blockchain infrastructure plan to provide cross-chain compatibility” so as to remain unbounded to the success of whatever chain they have decided to use.
Stable And Decentralized
Stablecoins are a new batch of cryptocurrencies or altcoins that are tailor-made to equal an asset or a fiat currency where it is pegged to. For example, Tether is pegged to the US dollar, and regardless of any price change on Bitcoin and other cryptocurrencies, it will strive to maintain a 1:1 ratio with the said fiat currency.
Tech juggernaut IBM announced that it is partnering with fintech startup Stronghold to create a stablecoin named “Stronghold USD,” and will be using the Stellar network, while Alchemint will be launching its “SDUSD” on the NEO blockchain possibly before the year ends.
Yesterday, August 7, Warwick posted that Tether has its own demons to fight, as it struggles in the area of decentralization and transparency, posing the question that “if transparency was the missing catalyst to dominating the stablecoin scene, why wouldn’t Tether implement it?” Nevertheless, he said that the answer to his question was simple: the US government wouldn’t allow for people to create their own currency.
In conclusion, Warwick promised that Havven, along with other decentralized stablecoin projects, will create a stable crypto asset without compromising decentralization.
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