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mark-tencaten · 2 years ago

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What are Stablecoins? Are they Solution to Cryptocurrency Problems?

Mark Tencaten explains that the utility of Bitcoin (BTC) and other virtual currencies as a means of exchange has been constrained by price volatility, which is why stablecoins, a more recent breed of cryptocurrency, are becoming more and more popular.

The list of stablecoins has expanded since Tether (USDT) became the first one in 2014. In addition to Tether (USDT), Havven's Nomin, True USD (USDT), Paxos Standard, USD Coin (USDC), Digix Gold, and Binance USD.

What are Stablecoins?

A currency is most helpful when it serves as a means of exchange and a store of value, regardless of whether it is the U.S. dollar or Dogecoin. For those activities, price stability is essential. Because of this, authorities work to maintain a general level of stability in the prices of traditional national currencies. A daily movement of 2% in the forex market of fiat currencies is a massive shift.

Mark Tencaten says that this does not happen in the Bitcoin world. During mid-November and mid-December of 2017, Bitcoin, the most well-known cryptocurrency in the world, soared from less than 6,000 dollars to more than 19,000 dollars before dropping to roughly 6,900 dollars by early February 2018. More recently, it increased from 5,000 dollars in March 2020 to 44,000 dollars by August 2021, a significant increase. It is not unusual to see cryptocurrencies increase or decrease by 10% over the course of a day, even on an intraday basis.

Such large swings are not indicative of a stable currency. This has raised significant concerns about whether well-known cryptocurrencies serve any purpose other than speculation.

Stablecoins are a new type of cryptocurrency that intends to offer the price stability needed to promote widespread use. The best of both worlds is what stablecoins promise bitcoin supporters: stable valuation without the centralized control associated with cash.

How do stablecoins maintain their value?

Stablecoins aims to reduce volatility by fixing their price to the U.S. dollar and securing the worth of their units with liquid sources of collateral.

Mark Tencaten explains that stablecoins can be split into three categories based on how they decide to pursue price stability.

1. Stablecoins with fiat collateral: The valuation of these stablecoins is supported by fiat money, such as the U.S. dollar. Precious metals like gold and silver, as well as commodities like crude oil, can also be used as collateral. To ensure that the stablecoin tokens are redeemed, collateral needs to be stored by a custodian and constantly audited.

Popular stablecoins Tether and TrueUSD are supported by dollar reserves and are linked at par with the U.S. dollar.

2. Stablecoins with crypto collateral: Stablecoins that are crypto-collateralized are comparable to those that are fiat-backed, but their underlying collateral is a different cryptocurrency or a collection of cryptocurrencies rather than a fiat currency or a physical good.

Stablecoins backed by other cryptocurrencies are typically "over-collateralized," which means the value of the collateral exceeds the value of the tokens issued by a certain ratio to account for the negative effect of the collateral cryptocurrency's volatility.

The collateral for the Dai stablecoin is a collection of digital assets valued at 150 percent of the token value. It is tied to the value of the dollar.

It's a flawed system. The stablecoin's value will crash, contradicting its purpose; if the collateral cryptocurrency entirely fails, there are procedural problems with the auditing procedure, or demands for further top-ups of collateral are not delivered on schedule.

3. Algorithmic stablecoins: Algorithmic stablecoins, whether collateralized or not, depend on an algorithm, or a system of rules, to regulate the supply of tokens and maintain their value.

An algorithmic stablecoin might, for instance, rely on a rule requiring adjustments to the token supply necessary to preserve the stablecoin's value. This is comparable to a central bank's responsibility to change interest rates to maintain price stability. The key distinction is that central banks, such as the U.S. Federal Reserve, establish a monetary system based on generally accepted guidelines and support it with an infinite supply of legal money. Such benefits are absent with algorithmic stablecoins like Basis and TerraUSD.

#stablecoins #Cryptocurrency #crypto #crypto wallet #Mark Tencaten #Binance USD

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jacobhinkley · 6 years ago

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A Complete A-Z of Stablecoins

Stablecoins have proliferated this year, so much so that it’s been hard to keep track of them all. In a bid to remedy that, news.Bitcoin.com has compiled a list of all stablecoins that are currently tradable – plus several others that are on their way. This is the ultimate A-Z of stablecoins. For now, at least.

Also read: An In-Depth Look at the Cryptocurrency Economy’s ‘Stablecoin’ Trend

B is for Basis

Basis, formerly known as Basecoin, is the hottest new stablecoin in town. It’s attracted investment from all the usual crypto bigshots, and intends to adhere to the US dollar via an algorithmically adjusted supply. This essentially means that when demand rises, more Basis will be created, and when it’s falling, more will be bought back. This expanding and contracting supply ought to help Basis maintain its peg.

B is for Bitusd

Bitusd is an old stablecoin now, and it’s starting to wobble. The bulk of its trade occurs on the Bitshares exchange where it was designed to operate, though it’s also available on Openledger DEX. While it would be stretching the truth to call Bitusd a ‘stable’ stablecoin these days, it still functions. Just.

C is for Carbon

Carbon uses an algorithmically adjusted supply based on demand to maintain parity with the US dollar, a bit like Basis. Will it work? We’ll have to wait and see.

C is for CK USD

Little is known about CK USD, whose team are as mysterious as the workings of its stablecoin. Coinmarketcap has no data regarding its total circulating supply, but reports a staggering 24-hour volume of $137 million on BCEX and Allcoin. Whatever CK USD is, it seems to work.

D is for Dai

Dai, created using the Maker Dao, has a market cap 1/20th the size of Tether’s, but it’s a stablecoin on the up, while adhering closely to its obligatory dollar peg. What Dai lacks in market cap it makes up for in transparency. While there are concerns over the possibility of Dai’s collateral-based Ethereum assets being inadequate for maintaining the dollar peg during extreme market volatility, the stablecoin has worked faithfully so far.

H is for Havven

Havven has two stablecoins: nusd and eusd, the latter an Ethereum-based USD-pegged coin, while the n in the former stands for nomins, Havven’s unit of account. Havven’s stablecoins are primarily for use within its own ecosystem, so don’t expect to see this pair replacing Tether anytime soon, though there is an EOS version of nusd in the works.

K is for Kowala

Kowala (KUSD) has yet to be unleashed, but big things are expected of this eagerly anticipated token. A good stablecoin is like a good immune system: you only appreciate the job it was doing when it fails. The measure of any good stablecoin’s success is its ability to cling, limpet-like, to the US dollar through thick and thin.

N is for Nubits

Nubits is a failed stablecoin, and is included here as an example of what can happen when stablecoins go wrong. It’s currently trading on Upbit and Bittrex for $0.15. Despite miserably failing to keep its US dollar peg, which it abandoned sometime around January, Nubits is still performing better than most of this year’s ICO tokens.

R is for Rockz

Billed as “the world’s most bulletproof cryptocurrency”, Rockz is a Swiss stablecoin that’s launching soon. Unusually, it’s entering the world via an ICO. Rockz may not promise the moon, but if its token can remain rock solid with the US dollar, it’ll have done its job.

Rockz claims to outperform other stablecoins.

S is for Stably

All the cool kids (mostly VC funds) are investing in stablecoins right now. Stably raised $500,000 earlier this year ahead of its launch on the Ethereum and Stellar blockchains. Each USD-pegged Stably coin will be backed by a corresponding cash reserve.

S is for Steem Dollars

Dan Larimer is hailed by his acolytes as a visionary. The only trouble is that once he’s gotten cold feet and moved on to better things, the projects he’s left behind have a tendency to falter. Like Bitusd, Steem Dollars only resemble a US dollar in the vaguest possible sense these days. Someone needs to invent a term for a coin that’s no longer technically a stablecoin. Unstablecoin? Fablecoin? Yes, let’s go with fablecoin: a token whose promise of parity with the US dollar proves to be nothing more than fabulous fiction.

T is for Tether

Available on the Omni blockchain and also as an ERC20 token, Tether is the daddy of stablecoins. Supposedly backed by real USD deposits, the stablecoin maintains pretty close parity with its $1 peg. While a controversial stablecoin, largely on account of its creators’ failure to conduct a full financial audit, Tether’s $2.8 billion market cap makes it bigger than all but seven cryptocurrencies. But is it too big to fail? For now, at least, Tether seems to be working, even if its dollar peg is maintained more out of belief than anything.

T is for Trueusd

Trust Token’s Trueusd is backed by collateralized USD assets held in escrow accounts. In that respect, Trueusd’s model is similar to Tether, but with greater transparency. With Binance, Bittrex, and India’s Zebpay all adopting Trueusd, this stablecoin’s star is in the ascendancy.

U is for USD-C

Circle is reportedly working on its own stablecoin, which should first see life on Poloniex exchange, now under the stewardship of Circle. Little is known about USD-C, as the stablecoin has been named, but it will operate on the Ethereum network and will naturally be pegged to the US dollar.

U is for Usdvault

As we explained earlier this week, Usdvault is collateralized with “gold bullion that’s professed to be housed in Swiss vaults. The Vault creators claim the stable coin will be based off a 1:1 USD price ratio, but the asset’s 1:1 value is essentially backed by the precious metals located in Switzerland”.

Over a long enough timeframe, most of these stablecoins, like most cryptocurrencies in general, are probably destined for failure. For now, at least, those that are tradable (with the exception of Nubits), seem to work, give or take. As the saying goes, “Any port in a storm”, and in capricious crypto markets, stablecoins have been welcomed by all who’ve sought refuge in them.

Did we miss out any stablecoins? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post A Complete A-Z of Stablecoins appeared first on Bitcoin News.

A Complete A-Z of Stablecoins published first on https://medium.com/@smartoptions

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joshuajacksonlyblog · 7 years ago

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Havven Launches Stablecoin

Havven, a decentralized payment network and stablecoin, has launched nUSD, the first full version of its stablecoin.

Havven is seeking to provide a decentralized and scalable solution to price volatility. nUSD, which is pegged to the US Dollar, is the first nomin, the stablecoin in the Havven system. Havven plans to release nomins for a variety of global currencies by the end of 2018, including nEUR, nAUD, nJPY, and nGBP.

Havven’s dual-token design enables a stable solution that is decentralized, asset-backed, and on-chain. Nomins are backed by the value of the collateral token in the Havven system, havvens. The value of havvens comes from small fees that are generated by all nomin transactions, which rewards havven holders for staking the system. The value of nomins is kept stable by havven holders, who are incentivized to control the supply with the proportion of fees they will receive.

Havven’s founder, Kain Warwick, is confident that the release of nUSD fills a large gap in the current cryptocurrency ecosystem.

Warwick says:

Price volatility is still a major issue that’s yet to be solved.

The release of nUSD is a major addition to the stablecoin space, which is still waiting for a scalable and decentralized design. The backing we have received throughout the industry shows that people can see in the problem and believe in our solution.

We released havvens just a few weeks after the token sale, and the entire Havven team has worked tirelessly since then to bring nUSD to the public as efficiently as possible. We hope this demonstrates our commitment to executing on our roadmap, and we look forward to continuing to meet the milestones ahead.

Havven is backed by some of the world’s leading cryptocurrency funds and backers, including BlockTower Capital, GBIC, and AlphaBlock Investments, and boasts a group of exceptionally well-placed advisors such as Walter de Brouwer, CEO and founder of doc.ai, and Matthew di Ferrante, a Security Engineer at the Ethereum Foundation.

Havven has previously announced partnerships with a variety of projects that will use nomins as a stable medium of exchange, including MARKET Protocol, intimate.io, Swapy, and many more.

Visit the Havven blog for regular updates: https://blog.havven.io Join the Havven Telegram community: https://t.me/havven_official1

Contact Maria Kaladze, Head of Marketing, for more details: [email protected]

Images courtesy of Havven

The post Havven Launches Stablecoin appeared first on Bitcoinist.com.

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brettzjacksonblog · 7 years ago

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The ICO of Havven, A Decentralized Stablecoin Payment Network Successfully Closed, Raises USD 30 Million!

Havven, a decentralized stable coin payment network, has successfully achieved its hard CAP of USD30 million in its ICO, even before its ending date of March 6, 2018. The company has expressed its appreciation for such a great response shown by the participants and announced that the tokens will be distributed to sale and airdrop participants by March 16, 2018.

About Havven

Havven, a Sydney-based ICO, connects collateral holders with people seeking for low volatility, thereby creating an incentive-based unique market for stability. Collateral holders get rewards when users transact in stablecoin, as a compensation for staking the system. Havven is based on a decentralized payment network and a stablecoin. The stablecoin is the cryptocurrency developed for price stability and to be used within the Havven’s ecosystem.

With this platform, Havven intends to develop a decentralized payment network built on a stablecoin that is able to capture all the advantages of a permission-less system while eliminating volatility.

How Does the Platform Work?

Havven addresses one of the biggest challenges in the cryptocurrency industry, and that is volatility. Havven token holders can issue a secondary token denominated in USD. This locks the value of the stablecoin to the USD.

Those using the stablecoin, pay fees to those who collateralize the network, compensating them for the risks of providing collateral and stability. Through this marketplace, the collateral providers get a control over money supply, while the fees are distributed on the basis of the stabilization performance of each individual. Havven uses this ecosystem to reward suppliers of stability while charging those demanding stability. It leads to a balanced stabecloin ecosystem.

The Two Linked Tokens

Havven operates the stated mechanism via two linked tokens:

Nomin:

It is the stablecoin of the Havven platform. The supply of stablecoin floats. Its price, calculated in fiat currency, must remain same. The token is developed to work as a more sophisticated medium of exchange. Hence, apart from price stability, Havven also brings enough Nomin liquidity.

Havven:

It is the token that offers collateral for the system. It has a fixed supply. Its market capitalization demonstrates the aggregate value of the system. Token holders get the right to issue a value of Nomins proportional to the USD value of Havven held into escrow. If the token holder wants to issue their escrowed Havven, he or she must first present the system with the Nomins previously issued. Havven tokens have been sold in Havven’s recently closed ICO.

The Core Features of the Platform

Havven aims to develop a stablecoin to be used as a reliable holder of value for global money transfers and payments. The core features and benefits include:

Trading on decentralized exchanges

Unit of account for the prediction markets

Funding token sales

Foreign remittances

Online retailing

Secure store of value

The ICO Token Sale

The Havven token sale started on February 28, 2018, and was supposed to end by March 6, 2018. However, the ICO has closed recently as the company successfully raised USD 30 million, the hard CAP set for ICO. Total 100 million Havvens were created, out of which 60 million went to token sale, 20 million to team and advisors, 12 million to the Foundation, 5 million to partnerships and 3 million to marketing and bounties.

To know more about the platform and participate in secondary token trading, please visit https://havven.io/ or access the Official White Paper.

You can communicate with the team on Telegram and Twitter or read the Blog for the latest happenings.

The post The ICO of Havven, A Decentralized Stablecoin Payment Network Successfully Closed, Raises USD 30 Million! appeared first on NewsBTC.

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michaelbennettcrypto · 7 years ago

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The ICO of Havven, A Decentralized Stablecoin Payment Network Successfully Closed, Raises USD 30 Million!

About Havven

How Does the Platform Work?

The Two Linked Tokens

Havven operates the stated mechanism via two linked tokens:

Nomin:

Havven:

The Core Features of the Platform

Havven aims to develop a stablecoin to be used as a reliable holder of value for global money transfers and payments. The core features and benefits include:

Trading on decentralized exchanges

Unit of account for the prediction markets

Funding token sales

Foreign remittances

Online retailing

Secure store of value

The ICO Token Sale

To know more about the platform and participate in secondary token trading, please visit https://havven.io/ or access the Official White Paper.

You can communicate with the team on Telegram and Twitter or read the Blog for the latest happenings.

The post The ICO of Havven, A Decentralized Stablecoin Payment Network Successfully Closed, Raises USD 30 Million! appeared first on NewsBTC.

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cryptominingbro · 6 years ago

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Руководство по стейблкойнам (Stablecoins guide)

https://crypto-hunter.info/rukovodstvo-po-stejblkojnam-stablecoins-guide/

Руководство по стейблкойнам (Stablecoins guide)

Что такое stablecoin?

Stablecoin – это тип криптовалюты, чья стоимость связана с другим активом. Стаблкойны были разработаны, чтобы иметь транзакционные преимущества криптографии, но со стабильностью более традиционных активов.

Некоторые стабильные монеты привязаны к бумажным валютам, таким как доллар, или к товару, подобному слитку золота. Другой тип стабильной монеты – это та, которая поддерживается другой криптовалютой или существует как система автокоррекции, основанная на алгоритмах.

Таким образом, эти типы стабильных монет можно разделить на три категории: централизованные стабильные монеты с долговыми обязательствами, криптообеспеченные стабильные монеты и не обеспеченные стабильными монеты Мы обсудим каждый из них в частности в остальной части нашей статьи.

1. Централизованные долговые расписки

Централизованные долговые расписки являются наиболее прямой формой стабильной монеты. Они привязаны к стоимости необязательных валют или драгоценных металлов, таких как доллар США или другие доминирующие валюты. Централизованные долговые расписки IOU получают свою ценность, представляя стоимость другого актива.

Сообщество не одобряет этот тип стабильной монеты за то, что она довольно централизована, нуждается в доверии со стороны эмитента и должна соблюдать жесткие правила. При внесении фиатных платежей на банковский счет, связанный с стабильной монетой, сеть выпускает новые монеты. А когда вы ликвидируете стабильные монеты, эти монеты сжигаются сетью, и вы получаете залог.

– TrueUSD

TrueUSD (TUSD) – одна из самых известных централизованных долговых расписок. Маркер был запущен в марте компанией TrustToken, которая специализируется на традиционном токенизации активов.

Система TrueUSD имеет несколько трастовых компаний, которые держат доллары США на своих банковских счетах. Эта система отличается от Tether , где залогом является только один банковский партнер. Кроме того, TrueUSD делает прозрачным прои��хождение своих вспомогательных средств, публикуя содержимое своих банковских счетов каждый день и проводя ежемесячный аудит.

На данный момент TrustToken удалось собрать $ 21,7, большая часть которых была собрана в рамках Первоначального предложения монет (ICO) на сумму 20 миллионов долларов США, которое было завершено в июне 2018 года. В число участников ICO входят Андреессен Горовиц (руководитель), DHVC, BlockTower Capital, 8 Decimal Capital, Foundation Столица, ZhenFund и многие другие.

–Gemini Dollar и Paxos

Gemini Dollar (GUSD), созданный Gemini Exchange, и стандартный токен Paxos (PAX), выпущенный Paxos, также являются двумя централизованными стабильными монетами IOU. Обе стабильные монеты были запущены в начале сентября 2018 года после получения одобрения Департамента финансовых услуг Нью-Йорка (NYDFS).

Оба токена основаны на протоколе ERC-20 и обеспечены в соотношении один к одному в долларах США, которые хранятся в застрахованных FDIC банках, расположенных в США.

Близнецы и Paxos получили свои BitLicenses в октябре 2015 года и мае 2015 года, соответственно.Поскольку они соответствуют нормативным требованиям, любая стабильная монета GUSD или PAX, которая используется в незаконной деятельности, может быть подвергнута конфискации или наказанию со стороны правоохранительных органов.

– Digix Gold

Digix Gold (DGX) – еще один централизованный проект стабильной валюты векселя, в котором вместо фиатной валюты в качестве обеспечения используется золото. Каждый жетон DGX привязан к стоимости одного грамма золота.

В Digix используется консенсусный механизм Proof of Asset (PoA), который проверяет владение блокчейном Ethereum. Золото, используемое в качестве обеспечения, хранится компанией в хранилище Safe House, расположенном в Сингапуре. Хранилище Safe House имеет вместимость 30 тонн золота, но Digix рассчитывает на сотрудничество с большим количеством хранилищ из большего количества регионов.

2. Крипто-обеспеченные стабильные монеты

Крипто-обеспеченные стабильные монеты поддерживаются другими крипто-активами, такими как Ethereum или другие токены или монеты.

– Dai

MakerDAO – это известный проект, в котором используется механизм криптоблатерализации и стабильная монета Dai. MakerDAO реализовал модель с двумя монетами: Makercoin (MKR) и Dai (DAI).

Makercoin используется в качестве маркера управления на платформе Maker, в то время как Daiявляется стабильной монетой, которая блокирует Ether в позиции с обеспеченной задолженностью или CDP.

– Havven

Havven – это еще одна стабильная монета , которая обеспечена криптозащитой. Как и MakerDAO, на платформе Havven есть две монеты: Nomins (nUSD) и Havven (HAV).

У Nomin есть переменное предложение, чтобы стабилизировать его цену, в то время как у Havven есть стабильное предложение, служащее обеспечением для системы. Стоимость Havven определяется по прогнозируемым сетевым сборам. Владельцы Havven имеют право получать дивиденды от фиксации средств вумном контракте .

Стабильность Nomins основана на стоимости Havvens и также обеспечена Havvens.

3. Необеспеченные стабильные монеты

Стабильные монеты без обеспечения достигают стабильной цены, используя так называемые сеньоражные акции. Концепция была создана Робертом Самсом в 2014 году.

Акции Seigniorage используют технологию смарт-контрактов и действуют аналогично центральному банку, в котором его единственное денежное обязательство – выпускать валюту на сумму 1 доллар. Проще говоря, сеть выпускает новые монеты, когда цена стабильной монеты слишком высока, и сжигает монеты, когда цена слишком низкая.

– Basis

Basis token – это стабильная монета без обеспечения, цена которой стабилизирована посредством управления поставками внутри сети. Когда цена Basis отклоняется от установленного баланса, умный контракт создает или сжигает токены, чтобы вернуть цену к 1 доллару, и пытается поддерживать ее там.

– CarbonUSD

CarbonUSD , разработанный Carbon, является еще одной стабильной монетой , которая использует механизм без обеспечения для поддержания стабильности цен. В настоящее время CarbonUSD представляет собой стабильную монету, обеспеченную фиатами, но в конечном итоге она превратится в гибридную фиат-алгоритмическую модель, как только достигнет адекватного масштаба в качестве стабильной монеты с фиатной поддержкой.

В настоящее время в основе Carbon лежит блокчейн Ethereum, но есть планы перенести его в крипто-протокол Hedera Hashgraph.

Заключение

В отчете, озаглавленном «Состояние стабильных монет», составленном Blockchain Luxembourg SA, было указано, что, по оценкам, 98% от общего дневного объема торговли стабильными монетами принадлежит Tether. Все вышеупомянутые стабильные монеты в этой статье стремятся стать достойными конкурентами Tether и получить свою долю на рынке. Удастся ли им добиться этого, покажет время.

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mccartneynathxzw83 · 6 years ago

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Synthetic Bitcoin Product Launches On Ethereum

The launch of a new synthetic Bitcoin (BTC) product may allow traders to benefit from crypto bull trends without having to own the underlying asset.

Synthetix (SNX), formerly known as the stablecoin provider Havven (HAV), announced Monday it had launched a new synthetic asset on its trading platform that tracks the value of Bitcoin. It gives holders exposure to the BTC price and that of the wider crypto market, without having to purchase the actual asset or use a custodial solution.

Known as sBTC, it is an ERC20 token that can interact with other tokens and dApps in the Ethereum (ETH) ecosystem. It’s Synthetix’s first crypto synthetic asset, joining other ‘Synths’ made for fiat currencies, like the US dollar, euro and Korean won, as well as one for gold, all released last December.

Synthetics are a type of derivative product. In the traditional markets, they are created by using various financial instruments which simulate the same price movements as a particular asset, without having to actually own it. Synthetic ETFs, for example, are created through various swap agreements between a trader and a counterparty, usually an investment bank.

They can be tailored in such a way as to meet the individual needs and requirements of the investor. The advantage of synthetics is they give traders exposure to markets they would otherwise not have access to. Particularly if, like gold or Bitcoin, its a relatively scarce asset that would be difficult to own.

What makes synthetic Bitcoin so special?

The Synthetix sBTC product works slightly differently to the traditional synthetic. The biggest difference is there’s no counterparty. Users mint sBTC by depositing SNX tokens on the platform as a form of collateral; the amount determined by the dollar value at the time of minting. These can be redeemed at any time by returning sBTC tokens, which are subsequently burnt.

“Ethereum still doesn’t have a programmable synthetic Bitcoin as an ERC20 token without major liquidity restrictions or custodial risk, so sBTC is providing real utility,” said Synthetix founder, Kain Warwick, in a press statement. “It’s an example of the benefits of the flexibility of a distributed collateral pool of cryptoassets, which will allow us to continue to offer new trading possibilities not offered anywhere else.”

The collateralization used to underpin value in Synthetix’s synthetics (say that fast three times) is similar to the technique the project used for the USD-backed stablecoin, Nomin.

Synthetix essentially facilitates a stable value without having to hold onto the asset itself, like projects such as Tether (USDT) and USD Coin (USDC) do. The project, which rebranded in December, has highlighted that the method could be used to create synthetic stocks and indices that can also become tradeable on its platform.

Being an ERC20 token, synthetic Bitcoin allows holders to effectively trade BTC value on the Ethereum ecosystem, similar to projects like Wanchain (WAN) and Wrapped Bitcoin (WBTC). That said, synths require a higher gas fee than many other ERC20s.

The use-cases for synthetic virtual assets overlap considerably those of other projects. A stable store of value, and in the case of sBTC, also facilitates cross-chain transactions. The market is already saturated. Synthetix’s unique selling point is the absence of a custodial solution. It’ll need to convince investors that has value in itself.

The author is invested in digital assets, including BTC and ETH which are mentioned in this article.

Crypto Briefing’s CEO is an advisor to Wanchain, and was not involved in creating this article.

Original Source https://ift.tt/2TdnW6P

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adrianjenkins952wblr · 6 years ago

Text

Synthetic Bitcoin Product Launches On Ethereum

The launch of a new synthetic Bitcoin (BTC) product may allow traders to benefit from crypto bull trends without having to own the underlying asset.

What makes synthetic Bitcoin so special?

The collateralization used to underpin value in Synthetix’s synthetics (say that fast three times) is similar to the technique the project used for the USD-backed stablecoin, Nomin.

The author is invested in digital assets, including BTC and ETH which are mentioned in this article.

Crypto Briefing’s CEO is an advisor to Wanchain, and was not involved in creating this article.

Original Source https://ift.tt/2TdnW6P

#IFTTT #Cryptocurrency and Bitcoin

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vanessawestwcrtr5 · 6 years ago

Text

Synthetic Bitcoin Product Launches On Ethereum

The launch of a new synthetic Bitcoin (BTC) product may allow traders to benefit from crypto bull trends without having to own the underlying asset.

What makes synthetic Bitcoin so special?

The collateralization used to underpin value in Synthetix’s synthetics (say that fast three times) is similar to the technique the project used for the USD-backed stablecoin, Nomin.

The author is invested in digital assets, including BTC and ETH which are mentioned in this article.

Crypto Briefing’s CEO is an advisor to Wanchain, and was not involved in creating this article.

Original Source https://ift.tt/2TdnW6P

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teiraymondmccoy78 · 6 years ago

Text

Synthetic Bitcoin Product Launches On Ethereum

The launch of a new synthetic Bitcoin (BTC) product may allow traders to benefit from crypto bull trends without having to own the underlying asset.

What makes synthetic Bitcoin so special?

The collateralization used to underpin value in Synthetix’s synthetics (say that fast three times) is similar to the technique the project used for the USD-backed stablecoin, Nomin.

The author is invested in digital assets, including BTC and ETH which are mentioned in this article.

Crypto Briefing’s CEO is an advisor to Wanchain, and was not involved in creating this article.

Original Source https://ift.tt/2TdnW6P

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courtneyvbrooks87 · 6 years ago

Text

Synthetic Bitcoin Product Launches On Ethereum

The launch of a new synthetic Bitcoin (BTC) product may allow traders to benefit from crypto bull trends without having to own the underlying asset.

What makes synthetic Bitcoin so special?

The collateralization used to underpin value in Synthetix’s synthetics (say that fast three times) is similar to the technique the project used for the USD-backed stablecoin, Nomin.

The author is invested in digital assets, including BTC and ETH which are mentioned in this article.

Crypto Briefing’s CEO is an advisor to Wanchain, and was not involved in creating this article.

Original Source https://ift.tt/2TdnW6P

#IFTTT #Cryptocurrency and Bitcoin

0 notes

bobbynolanios88 · 6 years ago

Text

Synthetic Bitcoin Product Launches On Ethereum

The launch of a new synthetic Bitcoin (BTC) product may allow traders to benefit from crypto bull trends without having to own the underlying asset.

What makes synthetic Bitcoin so special?

The collateralization used to underpin value in Synthetix’s synthetics (say that fast three times) is similar to the technique the project used for the USD-backed stablecoin, Nomin.

The author is invested in digital assets, including BTC and ETH which are mentioned in this article.

Crypto Briefing’s CEO is an advisor to Wanchain, and was not involved in creating this article.

Original Source https://ift.tt/2TdnW6P

#IFTTT #Cryptocurrency and Bitcoin

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jacobhinkley · 6 years ago

Text

What Is Havven Cryptocurrency? An Interview With Founder Kain Warwick

Havven is an Australian stablecoin project built on two currencies: its stablecoin, the Nomin, or nUSD, and its collateral token, Havven. The project raised US$30 million in its seed funding and ICO stages and launched its decentralized on-chain currency on June 11, 2018. In my interview with Havven founder Kain Warwick, we discussed Havven and the stablecoin market.

Leslie Ankney: Hey Kain, thanks for taking my call. Havven is both a payment system and a stablecoin. The whitepaper states, “Havven rewards suppliers of stability and charges those who demand it.” Could you give us a short description of how the Havven ecosystem works?

Kain Warwick: Sure, Havven uses two tokens. Havven is the collateral token and the Nomin token is the stablecoin, also called nUSD because it tracks US dollars. nUSD is backed by the value of the collateral tokens. What that means is, we need to create value in the collateral tokens and the way that we do that is we charge fees for people who are transacting in nUSD and those fees are paid as a reward, a stability reward, a risk-taking reward, to the collateral token holders. So collateral token holders lock their value and they are rewarded for providing confidence in our network.

Leslie Ankney: Can you get more into collateralization? How do you ensure nUSD and Havven tokens retain value?

Kain Warwick: Our fundamental view and thesis is that demand for a stablecoin will be fairly high, provided it has achieved demonstrated stability. The challenge is, obviously, to be able to scale the network or to be able to scale the circulating supply to a point where it can actually meet the demand in the market.

We’ve got a strong indication from the market that stablecoins will have a lot of demand. Tether, for example, with a market cap at three billion USD, demonstrates that there is demand in the market for a stable token. The challenge, obviously, with Tether is that there is systemic risk built into the centralized system. If we can implement something decentralized but scalable, then we will be able to create significant value. The Havven model is based on the idea that if people have strong demand for a stablecoin, we can charge them for using it. When we charge people for using the stablecoin, we pass the fees they pay through to the collateral holders, holders of Havven tokens. The Havven token has a floating price that varies depending on market demand.

Since there is an underlying reward for posting collateral by locking up Havven tokens, it should be easier to get a sense of what the expected value of holding these token is. This provides confidence for Havven token holders as well as the stablecoin users that there is value underpinning the system. In contrast, MakerDAO uses Ether as collateral to give people confidence their value will remain stable. Our system is very similar except instead of using Ether, we use Havven tokens, and whereas Ether has value because it’s part of the Ethereum ecosystem, the Havven token has value because you can expect a reward for participating in the Havven network.

Leslie Ankney: How would you distinguish Havven and your approach from off-chain collateral models, on-chain collateral, and elastic stablecoin models?

Kain Warwick: Off-chain collateral models like Tether and Digix take a real-world commodity and lock it up as collateral. These models use a trusted system where you need to trust people who are holding those commodities. The second option is on-chain collateral which is at least transparent; you can see the value on the blockchain and it doesn’t require a trusted authority. The third solution is algorithmic, where projects like Basis, Fragments, Carbon, and others essentially want to manage the supply of money in order to maintain the price.

I think in terms of efficiency and capability, algorithmic stablecoins are significantly better than the collateralized models which are somewhat capital-inefficient. Their challenges are implementation and adoption. It’s a very hard problem to solve and it’s going to take a while, whereas collateral-backed solutions are easy to implement, allowing us to get to market, as Tether has, and create network effects. The next six months will be interesting; my view is that collateral-backed solutions will have a significant head start over algorithmic solutions.

Leslie Ankney: What kind of security auditing are you doing to ensure all coding around Havven works reliably? What kinds of changes have you made as a result of audits, and what kind of continued work are you doing?

Kain Warwick: We released the initial Havven contracts in eUSD, our provisional stablecoin [initially backed by Ether]. Those contracts were audited by Australian company Sigma Prime. We also use ZK Labs, with one member from the Ethereum core developer group serving as one of our advisors. He has helped review code, guided us on some of the implementation work. For the nUSD launch and the update with the contracts, we have actually engaged a second auditor, Bloctrax, who just finished the ZeppelinOS audit as well. Both auditing firms have only been with us six months, but they have already added significant value and are working closely with our engineers.

Leslie Ankney: How do you avoid price manipulation? For example, on March 18th, 2018, approximately four million USD was liquidated to repurchase four million in Dai. When this auction occurred, the price of Dai spiked from $1.00 to $1.11 which could net someone almost $300K in profit. Another example happened with Nubits where a group of buyers appeared to have pumped a small market of the collateral token and then dumped it, breaking the peg.

Kain Warwick: One of the challenges collateral-backed stablecoins have is that as floating assets, the market determines price. While it’s fair to criticize a short-term spike above or below the peg if a platform can’t absorb it, the real test comes down to the cost of attacking or exploiting a system. The goal is to have the cost to attack be too high for someone to want to exploit it. For example, once TrueUSD was listed on Binance, it went above the peg, representing the fact it’s being traded and the market is determining its value. For me, an expectation of perfect parity with an underlying asset is probably unrealistic in the short term.

If Tether with USD can’t maintain a peg, such as when the Chinese exchanges were shut down, you’re limited by the market. The ultimate goal is to prevent someone from having an incentive to exploit the market. In our system, the underlying value of nUSD comes from the Havven token. If someone is selling nUSD at below par, collectively all Havven holders are incentivized to purchase it to unlock their Havvens. Our distributed network incentivizes members to purchase below the peg. In the short term, if someone was willing to lose quite a bit of money to de-peg the asset, it would only last as long as they had cash reserves, and ultimately, that’s not a profitable strategy long term.

Leslie Ankney: How do you see mass adoption coming for stablecoins?

Kain Warwick: I see two parts; first, there’s the core crypto use case for trading activity on decentralized platforms. Tether wasn’t a solution for decentralized projects, but other stablecoins can be used on DEXs as well as in prediction markets and lending platforms. Once we have viable stablecoins that can scale, many platforms will begin to use them, in turn, getting the rest of the world to use them.

The second part is real-world commerce. I come from an e-commerce background, so it’s easy to see where businesses who take recurring payments, for example, will have a much more efficient solution for settlement, removing the high costs of converting currencies. For consumers, we’re likely to see loyalty points and rewards platforms that encourage people to use cryptocurrency and stablecoins in the future.

Leslie Ankney: Thanks for your time today. What’s next for Havven?

Kain Warwick: We’re launching on the 11th, a milestone for our project and for Ethereum, with two stablecoins on mainnet. Stablecoins present an unsolved problem and we look forward to seeing more competition in the future. It’s going to take a new decentralized stablecoin with a market cap over $100 million to get exchanges to see past Tether as the default solution; we’re ready to take on that challenge.

What Is Havven Cryptocurrency? An Interview With Founder Kain Warwick published first on https://medium.com/@smartoptions

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joshuajacksonlyblog · 7 years ago

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Entersoft – a New Weapon in the Fight Against ICO Scams?

Brisbane-based platform Entersoft is providing comprehensive security solutions for the ICO industry, saving these companies from the threat of hacks and scams.

Even though 2017 was the year of the crypto, the ICO industry enjoyed a major ripple effect. Startups were springing up and raising millions in just a few hours, or even minutes. Everybody wanted to be a part of the digital revolution, and rightly so.

However, along with this interest in ICOs, came the threat of hacks and cybersecurity breaches. In fact, according to Business Insider Australia, it is estimated that over $400 million has already been lost through hacks since 2015.

Entersoft Fighting ICO Fraud

Fraudsters are finding innovative ways to bypass these platforms’ security systems to get their digital hands on that cash, and this is exactly what Entersoft is helping to prevent. The Brisbane-based platform has been working hard combating ICO scams, including shutting down 24 phishing sites.

Founded by Mohan Gandhi and Paul Kang, Entersoft began offering ICO security services just last year. Gandhi touched on how these breaches could happen:

The majority of the hacks happen due to phishing scams through fake URLs and social media accounts, a lack of security around token sale websites or through exposing flaws in smart contracts.

They’ve assisted over 30 platforms to safely launch their ICOs. One of their latest clients, Havven, is touted as being the biggest ICO in Australia, raising $39 million in March this year.

How They’re Safeguarding ICOs

Entersoft makes use of anti-phishing and smart contract security to protect their clients. However, in order to fight fire with fire, they also employ white hat hackers. These cybersecurity experts, some of whom have a military background, use their combined experience of 40 years to test and improve the online security of these startups before their ICO launch.

Since last year, the Entersoft team has helped launch and secure ICOs worth $1 billion all over the world, and all without a single hack or security breach. In the words of Gandhi:

We have been able to successfully shut down these scams in all ICOs we have supported.

Australia Could be an ICO Hub

Gandhi also discussed how Australia has the potential to be to the go-to destination for ICOs:

With its highly-regarded financial services regulation, and other fintech-friendly policies, Australia should be a natural world destination for ICOs. Other countries have generally taken a neutral or hostile position to ICOs, while Australia has laid out a roadmap for how they can be undertaken. ICO fund-raises can bring significant investment into Australia, as they generally require cyber security and legal support, along with the need to construct a white paper and build technology platforms.

He continued:

Despite the recent volatility in digital currencies, there is still huge global interest in ICOs with some many hundreds of these fund-raises expected across the globe over the next six months. This is an industry Australia should be chasing.

Awards and Big Clients

For such a relatively young business, Entersoft has already made quite a name for themselves. January saw them being voted as the 2017 FinTech Startup of the Year at the Financial Technology Awards in Hong Kong.

The platform has also been nominated for a few of FinTech Australia’s Finnie awards in the “excellence in cyber security”, the “establishing global market presence” and the “excellence in fintech support services” categories.

Well-publicized VR and AR platform, ImmVRse, will also be using Entersoft for their upcoming ICO.

Do you think that the ICO industry is suffering from a lack of security experts? Will we see more platforms like Entersoft enter the industry? Let us know in the comments below!

Images courtesy of Shutterstock

The post Entersoft – a New Weapon in the Fight Against ICO Scams? appeared first on Bitcoinist.com.

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brettzjacksonblog · 7 years ago

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Havven Announces One of the Largest Airdrop Campaigns to Let Users Test out the First Decentralized Stablecoin

Havven’s decentralized payment network and stablecoin, which offers price stability to the crypto economy, announces its first airdrop campaign

Havven, the decentralized payment network and stablecoin is announcing an airdrop campaign in preparation for its upcoming token sale. The airdrop program offers participants and potential users a chance to secure havven tokens ahead of its token sale on February 28th. The blockchain-based platform provides the first decentralized solution to price stability in the volatile crypto economy. Unlike Bitcoin, which has a fixed monetary policy that does not allow it to adjust to changing demands, Havven has developed a currency which backs itself.

The platform is composed of two tokens: stabilized exchange tokens, called nomins, and the reserve tokens that backs them, called havvens. Designed to provide a practical cryptocurrency, useful for everyday economic purposes, Havven uses a stablecoin model to maintain a steady value. Havven’s first airdrop campaign, where participating users will receive a free distribution of tokens, introduces its platform to potential users and offers the community a chance to access tokens ahead of its launch.

Imagine waking up and not worrying about the status of your cryptocurrency, or your digital coins dropping in value from one day to the next. While cryptocurrencies have proven to be a great store of value, they cannot act as a stable medium of exchange or as a reliable unit of account. Havven offers a digital method of payment that fulfills the same three functions that traditional forms of money and asset-ownership do: act as a unit of account, a medium of exchange, and as a store of value. The tool allows people to safeguard their crypto-investments, transfer money through stable, digital currency conversions, and safely plan payments in advance as they would with fiat currencies.

Havven’s “airdrop campaign” will see up to $1 million worth of havven tokens issued to users who participate. The concept of an airdrop has gained popularity in recent months with more projects looking to achieve a wide distribution of tokens to potential users. Airdrop campaigns provide users with an incentive to interact with the system ahead of the launch of a platform. It also generates interest from users who want to use the platform. In order to qualify for the airdrop, users will need to provide some personal information and an Ethereum wallet address where the tokens will be sent at the conclusion of the havven token sale.

The havven token airdrop campaign will take place from February 4-14, 2018. Two million havven tokens will be available in the campaign, worth up to $1 million, the value being subject to the outcome of the havven token sale launching on February 28, 2018. This represents one of the largest value airdrop campaigns in recent times from a prominent Ethereum project.

Founder Kain Warwick said “An airdrop made a lot of sense for us, we want the widest distribution of tokens possible. Our entire project is aligned with the community standards of openness and fairness, and a large airdrop is a great way to demonstrate that.”

Participate now in the Havven airdrop.

For more information:

Website: https://havven.io White paper: https://havven.io/uploads/havven_whitepaper.pdf Blog: blog.havven.io Telegram: t.me/joinchat/F8sPKBGLmGqNJT41tZFlNw Twitter: https://twitter.com/havven_io

The post Havven Announces One of the Largest Airdrop Campaigns to Let Users Test out the First Decentralized Stablecoin appeared first on NewsBTC.

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