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Australian Startup Team To Launch Stablecoin On EOS Blockchain

Published: 09/08/2018
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What is it for?

The team of an Australian startup project Havven has announced that it will launch their own stablecoin, called nUSD, on the EOS blockchain. Tied to the US dollar, the token has been available on Ethereum since July. The developers expect that nUSD will be supported by both blockchains simultaneously by the end of 2018.

 

The startup team is developing a cross-blockchain solution for digital payments. As Havven representatives explain, their task is not to simply switch the basic network from Ethereum to EOS, but create a stablecoin that will be fully functioning on different platforms. According to the founder of Havven, Kain Warwick, cryptocurrency projects should ensure their tokens' compatibility with various blockchain systems, since it is not yet clear which platform will be more successful in future.

 

The team decided to engage with the EOS blockchain after the long-anticipated launch of the main network in June. The team of the blockchain platform conducted ICO of its tokens, gaining almost $4 billion. The decentralized EOS network is controlled by block producers, who vote to make decisions about new updates or innovations.

 

Screenshot of nUSD chart on CoinMarketCap

 

Nomin USD (nUSD) is designed as a typical stablecoin, which adapts to market trends in order to stabilize its value. Such tokens are tied to a fiat currency, making their usage convenient for business, as volatility level is reduced to minimum.

 

According to CoinMarketCap, the price of one nUSD token is $1.00, and its market capitalization amounts to $1.1 million, with the number of users exceeding 4800.

 

Screenshot of nUSD page on CoinMarketCap

 

There is also another form of fiat money and cryptocurrency interaction called tokenization, when real assets are transferred via blockchain. As previously reported, an Israeli billionaire invested in a tokenization startup project.

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nUSD cryptocurrency Australia
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  1. Ray Ben:
    08/09/18 at 10:41

    Austaralians have one of the best IT branches in the world so I really think they will succeed.