It’s nearing the end of Q3, which means we have only three months left in what has been an eventful year for the blockchain ecosystem. Yes, we’re still in a bear market, but while crypto prices have been declining, the best projects have accelerated the pace of development. This includes Ethereum, which has made significant progress towards a number of independent scaling solutions. As we’re approaching 2018’s final quarter, we are publishing an update on what’s next for Havven, as well taking the time to look back on the key milestones we’ve already achieved this year.
2018 so far
Throughout the year, the Havven team has been working hard to deliver on the plan outlined back in February. We deployed our havven token (HAV) to Ethereum mainnet within a few weeks of the sale, and launched ether-backed nomins (eUSD), a prototype of our stablecoin, soon afterwards. We launched v1 of the Havven dashboard in May, and then in June, HAV-backed nomins (nUSD) were launched on mainnet, just the second cryptoasset-backed stablecoin on the Ethereum after Maker launched DAI in December 2017.
In late July we launched V1 of the Havven mobile app, allowing Havven holders to track wallets and network stats.
Since launching nUSD, we have opened nUSD issuance to over 100 beta testers. This has resulted in more than 10,000 nUSD transactions and $1.2m in circulating supply. We will open issuance to all HAV holders in the next month following the successful launch of Mintr.
We’re getting close to finishing the alpha phase for Mintr, and will soon be ready for a beta release (i.e. a whitelist). Mintr is a critical tool we’re building for HAV holders to participate in the network. It provides a crisp, clean interface for users to perform a variety of actions, including minting and burning nomins, collecting fees, and unlocking escrowed havvens.
We’re currently working on adding multicurrency nomins to Havven.. The multicurrency functionality will allow users to seamlessly transfer nomins between ten different currencies. This is an extremely exciting release for both Havven and the wider cryptocurrency ecosystem, and we are looking forward to releasing more details soon.
Once multicurrency functionality have been released, we will beta test the multicurrency Tradr that will allow users to convert between different currencies.
As part of a total website refresh, we’ll be adding integrations to all of our interfaces, allowing easy access to our various tools, including Mintr and the Havven dashboard.
We’ll also be working on a FIFO (first-in, first-out) queue, which will create a smooth process for HAV holders who’ve minted nUSD to sell their nUSD on-market for ETH.
At the moment, issuing/minting nUSD is only available to HAV holders who applied to join the issuance whitelist, and can only be done directly via the abi. Opening this up to HAV holders who are not on the whitelist has been de-prioritised in favour of releasing multicurrency functionality. Once all of the previously listed releases have been completed, we plan to launch public issuance of nomins.
As previously announced, we’ll be launching our system on the EOSIO blockchain.
Looking beyond 2018
Fee function updates
In the future, we’ll be implementing a number of upgrades to the fee mechanism. These will include reducing the fee period and introducing the differential fee function. We may also add a hedging fee, depending on a number of factors.
We are looking into numerous oracle solutions to reduce the need for a centralised source of price data for the contracts. This work will continue into 2019.
We have planned since the first iteration of the Havven model to decentralise governance, since ultimately a network like Havven cannot rely on a single entity to administer it. It must attract a diverse group of users and developers to ensure that it can maintain continuity even under attack by various actors. This process is critical to the longevity of Havven, and will be a major focus for 2019.
Further cross-chain support
We are already investigating a number of other chains to launch the Havven network onto. As a critical piece of infrastructure for blockchains, we must ensure that each ecosystem has a number of choices in stablecoins to ensure competition is driving innovation.
While we have already achieved a great deal this year, there are still many aspects of the network that require development. But alongside this, much of our efforts will be aimed at driving adoption of the network through the end of 2018 and 2019. So regardless of the macro crypto market trends we are extremely excited by the potential for the growth of the network over the next 12 months.