EOS, is one of cryptos most notorious ecosystems. Built upon the world’s most drawn out ICO within a network that has seen incredible progression over the past year. Powered by a team known as Block.one, EOS manages to remain as a top five cryptocurrency for market capitalisation, despite it’s ‘ICO’ only ending a few weeks ago.
Moreover, EOS is one of the only major cryptocurrencies to reach a new all time high in 2018, after the cryptocurrency boom at the start of the year. As it stands, EOS is now way below this all time high, though it does indicate that one day, EOS will breach this once again.
According to Coindesk, a new start up by the name of Havven, have designed a stablecoin that will exist on the EOS network. The coin will be pegged to the US Dollar and therefore, it’s value will sit, at around about $1.00 per coin (much like Tether). As it stands, the team already have a stablecoin within the Ethereum network. The new EOS based token isn’t designed to compete with the Ethereum coin, instead, it has been designed to offer a cross-blockchain solution to the stablecoin community.
According to Coindesk, the founder of Havven, Kain Warwick has commented on the project, stating that:
“At this stage, cryptocurrency is still in its infancy, so it’s not clear which blockchains will manage to scale. For this reason, it’s important that projects providing blockchain infrastructure plan to provide cross-chain compatibility, so their success isn’t bound to the success of whatever chain they’ve chosen.”
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This notion of cross-chain compatibility is quite a new idea, but one that holds great bearing and is something that Warwick shares a very good point about. Nobody really knows which blockchain is the best and which will prove strongest in the race for adoption. Therefore, in order for any cryptocurrency project (stablecoins and standard crypto) to succeed, it needs to consider approaches on a range of blockchains. Just because their Ethereum project is a success now, it doesn’t mean it will be in the future.
This versatility is a great way of planning for the future, that’s for sure.