NAV COIN - Simplifying Cryptocurrency
Price Info - www.coinmarketcap/currencies/nav-coin
NAV Coin was initially created in June 2014 as SummerCoin (a fork of Bitcoin). It has gone through many rebrandings and was finally rebranded to NAV Coin. NAV is a cryptocurrency based off Bitcoin but the developers have changed several key features of Bitcoin. First, Nav Coin implements a secondary sub-chain known as NavTech.
NavTech enables transaction anonymization and mixing (see below). Second, Nav Coin exchanges Bitcoin’s proof of work algorithm for proof of stake. Additionally, Nav Coin transactions are faster and cheaper than Bitcoin. In the future, they will also support decentralized applications coded direct to the blockchain.
Established in 2014, it belongs to an older class of cryptocurrencies that came before the current wave of ICOs. Nav Coin has stood the test of time well. Over the past four years it has implemented various upgrades, features, and improvements.
Nav Coin’s strong suits has been its fast transaction times. Nav Coin sees block confirmations every thirty seconds as opposed to Bitcoin’s ten minutes. This is faster than Monero (2 minutes) and Zcash (2.5 minutes).
These fast transactions aren’t expensive either. Where currencies like Bitcoin and Ethereum are having trouble with high miner fees, Nav Coin keeps its transaction costs low. The average fee is only 0.0001 NAV to send a standard transaction. Private, encrypted transactions can be more expensive.
Nav Coin is also looking ahead for scalability concerns. They already use a proof of stake consensus algorithm that reduces the energy consumption associated with mining. The community has also already voted and activated SegWit, making block size smaller. Future proposals will implement an equivalent of Bitcoin’s Lightning Network, taking some transactions off-chain with instant settlement.
The community firmly describes Nav Coin as a “privacy coin.” However, the reasons for wanting privacy aren’t sketchy or malicious. In fact, token privacy and untraceability is an important function for a financial system and a currency. It contributes to a token’s fungibility – the ability for anyone to accept any token, because the token’s history can’t be traced. Each NAV token is equally valuable and has no known history, much like the fiat currency in your pocket.
Anonymous transactions are not required or even standard on Nav Coin. They’re optional. But if you choose to enable Nav Coin’s anonymous transactions, the transaction is fully dissociated from your sending account and IP address on the blockchain.
These anonymous transactions take place using the NavTech subchain. This unique solution enables a user to send NAV to a recipient via a subchain of the main blockchain. The transaction is encrypted, and the sender transmits the NAV for the transaction to the NavTech subchain, instead of sending it directly to the recipient. The NavTech subchain involves multiple servers and layers of encryption passing the transaction around. NavTech then sends the final payment to the recipient from a token pool that the NavTech contract manages. The original tokens from the sender are not the same as the tokens the recipient receives.
The layered encryption and mixing in a managed token pool is Nav Coin’s privacy method. It ensures no one can follow a NavTech transaction to its final destination. In the future, Nav Coin hopes to implement even more robust privacy measures like fake transactions and dummy accounts that increase the circulation of NAV through the NavTech subchain, further obfuscating the trail of real transactions.
In line with their emphasis on anonymity, there is not much information on the team behind NAV. However, most of the team is based in New Zealand, with Craig MacGregor as Chief Engineer, and supported by a team of software engineers.
NAV has attracted a strong following since its inception as it is one of the first cryptos that are completely anonymous. It does this by scrambling and randomizing any transactions to make sure that they are completely unidentifiable.
Projects that are currently in progress include: Mobile and web wallets, upgrading Nav Coin and Subchain to implement smart contracts (anonymous decentralized apps), marketing their roadmap (wider branding message and marketing strategy), and NavTech Polymorph (partnering with Changelly).
NAV will continue its development e.g. NAV Tech Polymorph, which partners NAV’s anonymous technology with Changelly’s exchange market of over 35 cryptocurrencies. This will allow users to anonymize any coin listed on Changelly by using NAV Tech.
NAV offers the benefits of Bitcoin, plus extras such as quicker transactions, the ability to earn 5% interest on your NAV, and optional private payments.
Nav coin can be bought with Bitcoin on the below exchanges. It is delimited in the BTC/NAV pairs.
Binance conducts over 50% of all NAV trading.
Bittrex with around 20%.
Upbit - 15% of all trades.
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