There is currently no effective decentralised unit of account. Previous attempts to create stable tokens have either relied on significant centrali- sation or have been undermined by their complexity. We present Havven, a representative money system which seeks to achieve price stability with respect to an external asset.
Havven is a dual-token solution, composed of a stabilised exchange token and the reserve token which backs it. Users are incentivised to maintain this distributed reserve, and to manage the potential stable token supply so that it is in proportion with the value of the collateral. Because the collateral is encapsulated entirely within the system and distributed among its users, we remove the need for a trusted central authority.
Such a stable cryptocurrency, useful for everyday economic purposes, will accelerate the adoption of distributed ledger technology.
Havven connects collateral holders with those who require low volatility, enabling an incentive based market for stability. Collateral holders are rewarded when users transact in the stablecoin, compensating them for staking the system.
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