Temporary Havven stablecoin, the eUSD, now live
The coin will be used to gather data in preparation for the Havven-backed coin launch.
There's a temporary new stablecoin in town, the eUSD. It's backed by Ether (ETH), pegged to the US dollar and can be traded on Radar Relay and IDEX as a trading pair against ETH. The stablecoin will be used to gather data to better fine-tune the complete Havven stablecoin system after launch.
If all goes well, it won't be around for too long and will be liquidated in Q2 2018 and replaced with the Havven-backed Nomin (nUSD) stablecoin. Before this takes place, there will be a window for converting eUSDs, according to the announcement.
Until then, the eUSD conversion tool is letting anyone convert ETH to eUSD.
"eUSD is the initial stablecoin within the Havven network, and is a major step towards the release of havven-backed nomins. The release of eUSD will allow Havven to observe and extract data that will assist in rollout of the network. A full audit report on eUSD, which was performed by Sigma Prime, can be viewed here," Havven developers say.
"Once havven-backed nomins (nUSD) are launched, which is currently planned for Q2, 2018, the eUSD contract will be liquidated. Upon liquidation, there will be a window for converting eUSD back to ETH. Further details will be announced closer to this window."
Converting ETH to eUSD appears to be relatively straightforward, done through a Chrome or Brave browser and the MetaMask extension. It's essentially as easy as putting in the numbers to convert, at a 0.5% conversion fee, and then making payment through MetaMask.
Even in this preliminary stage, it might be one of the more unique ERC20 digital assets being directly pegged to the USD by Ether backing. The eventual Havven cryptocurrency will be even more unique, with the paired Havven and Nomin coins intended to back each other without using any outside collateral.
The idea is that the Nomins are pegged to the USD and backed up with Havven coins held in reserve accounts. A marginal transaction fee is attached to Nomin transactions and is proportionally paid to the Havven holders that lock up their coins in reserve. In this way, they are intended to give each other value.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC and NANO.