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Born out of the ashes of the Bitcoin code and network, NavCoin is an easy-to-use cryptocurrency enabling fast, secure, and peer-to-peer (P2P) payments with the overall goal of lowering.
Specifically, the NavCoin website emphasizes one core principle – usability. And that's exactly what they've done since 2014, creating and deploying countless applications and projects on top of the NavCoin protocol, all furthering mainstream permeation and adoption.
At the very heart of the NavCoin blockchain are 3 fundamental layers:
- Protocol: the foundation for the entire NavCoin ecosystem, which is secured by nodes running all across the globe.
- NavHub: the second layer of NavCoin's comprehensive platform, sanctioning the creation and deployment of various projects.
- Community: anyone can contribute to NavCoin and be rewarded for their efforts.
NavCoin's "By its users, for its users"Approach is run entirely by its community, which ultimately enables a transparent and truly decentralized governance. It is also open source, allowing anyone to contribute and audit the NavCoin blockchain.
Finally, if you're wondering what separates NavCoin from other P2P cryptocurrencies, look no further. NAV boasts:
- Extremely fast transaction times (30 seconds vs. an average of 10+ minutes for other cryptos),
- High scalability (current capacity of 260+ transactions per second),
- Low-cost transactions (only 0.0001 NAV / transaction),
- Payments based on RSA – an asymmetric cryptographic algorithm – for heightened encryption and security,
- Proof-of-Stake (PoS) mining (capable of even being run on a 5v Raspberry Pi), and
- Highly active community which delivers weekly updates.
Cryptos, it's rare for a project to support all without sacrificing in other fundamental and important areas. This is what makes NAV a unique and promising cryptocurrency to watch this 2019.
Now, let's get to it. Below are 3 reasons why NavCoin is worth keeping an eye on this 2019.
Why you should keep an eye on NavCoin in 2019
1. NavTech: Tried and Tested Encryption
At the core of a functional and effective transactional coin is encryption, something that NavCoin has tested and refined over their 4+ year tenure in the crypto-sphere.
Most notably, NavCoin improves upon 2 core vulnerabilities plaguing traditional blockchains and cryptocurrencies:
- A great public transactional link between senders and receivers, which opens up privacy to malicious actors and other third-parties, and
- Sensitive data and information vulnerability, which requires blockchain databases to "roll back" to various backup points after corruption, triggering missing transactions and value.
But how does NavCoin remedy the above 2 vulnerabilities? Simple. A dual blockchain.
Through the utilization of NavTech, to dual blockchain-based private payment option operating in parallel to the Navicon blockchain and protocol, transactional information and data is "optionally" encrypted and sent via to secondary blockchain, severing any transactional link between a user's private and private data and information.
For example, when executing a transaction across the NAV network, they will send their NAV to the NavTech subchain (skirting direct transfer to the recipient). The NavTech subchain then uses several layers of encryption to randomize and obfuscate the metadata inference of the NavTech transactions, ultimately splitting transactions with time-delayed outputs.
The final payment is now sent to the recipient from a NavTech-controlled and controlled token pool. Simply put, the original tokens first sent by a sender are completely different from the actual tokens the recipient receives.
The NavCoin blockchain and NavTech both use RSA encryption, which has been widely studied and praised as a "robust encryption method" two to its use of 2 separate cryptographic keys (public and private) – one key (public key) ) is retained and kept private by the user.
The core advantage of RSA is encryption is attributed to the realizable difficulty of the product of 2 huge raw numbers, which in turn prevents decryption of sensitive information / data. And, unless a malicious actor has the knowledge of both the first numbers, the decoding of the subject message and the information is likely infeasible.
They are like their transaction to be anonymous.
NavTech (NavTech 2.0 "Rimu") for 2019, to make the private payment system entirely "trustless and distributed running at a protocol level."
NavTech 2.0 is set to roll out and several heightened privacy features, such as:
- Dummy Transactions: used to cloak real transactions among a barrage of "fake" transactions.
- Multiple Receiving Wallet Addresses: receiving NAV Walls to multiple addresses to further obfuscated transactions, meaning when the NavTech subchain transacts with a receiving wallet, it does not
- NavTech Server Wallets: instead of finite and limited number of private processing transactions, every NAV wallet will become a NavTech server (or mesh network).
You can read more on NavTech 1.2 and the upgraded with 2.0 by checking out this past NavTech guide.
2. Growing Merchant Adoption
Thanks to seamless transactions and near-zero costs, NavCoin is ripe for merchant adoption and implementation. NavCoin touts itself as the go-to payment solution for business and enterprise, as it has already been tried and tested, and is currently in use / accepted by over 70 merchants across the world.
At present, NavCoin's "Merchant Gateway" – which allows for NAV use / acceptance in both physical stores and websites – supports merchandise ranging from a full service ambulance company (Mile High Ambulance), to the popular vape accessory website (101vape.com) service (Lurento).
NavCoin website cites that a core issue plaguing the implementation and implementation of blockchain technology in the mainstream is the lack of user-friendly features.
They also note that for P2P cryptocurrencies to truly establish themselves in everyday use, they need to be a bridge between blockchain technology and payment systems whereby users need zero to minimal technical expertise or understanding of blockchain technology to actually use it.
NavCoin's payment features further such a simplicity, requiring customers / users to only scan to QR code in order to transfer funds to a merchant.
And that's not all. NavCoin 's integrated payment gateway supports plugins for all major accessible webcarts, such as WooCommerce and Shopify – all of which also enable users and merchants to auto-convert cryptocurrencies and execute fiat settlements.
Coupled with easy-to-use and implement NAV payments in the midst of bringing cryptocurrency payments and blocking security to the masses through a highly functional and easy-to-understand user interface while empowering merchants to effectively become their own bank.
3. Bustling Community With Countless Upcoming Projects
As noted above, NavCoin is a project of the people for the people – meaning anyone can contribute to the NAVS busking ecosystem and get paid for their efforts.
Driving NavCoin's community-oriented push and growth is their Community Fund, which authorizes literally anyone to propose to project or idea, "nurture it, and build a team to bring it to life."Projects on the NAV blockchain are funded and approved by its decentralized network of actors.
That's right, the users comprising the NavCoin network ultimately decides what's most valuable for the protocol and choose its future direction and evolution. This community increases awareness of their voices and are heard and listened to.
But what happens if a project secures funding from the NAV community but never materializes? Do users then lose their funds?
This is the first Community Fund in all of blockchain to enforce a "dual-vote consensus" to protect against misappropriated funds. And the Community Fund is decentralized, so the only way can be appropriated and distributed through the dual network consensus vote.
It is also worth noting that NAV is the net that is estimated to be roughly 500,000 NAV per year, incentivizing the network and its users to create and grow.
In early December 2018, NavCoin rolled out their 4.5.0. updateand wallet, with the NavCoin wallet, easing the process of voting on the fund, and using the NavCoin wallet. "Yes" or "no").
NAV users are now promptly notified anytime a new payment request or proposal goes live on the network, sanctioning project
Blockchain by the community. Below are just several of the projects along with a short description of NavCoin.
- NavPay: an easy-to-use light wallet for the NavCoin blockchain. It's just a fast and simply way for users to take control of their private keys.
- NavPi: a low-energy solution for NavCoin based on the Raspberry Pi platform, enabling an energy-efficient way for users to validate transactions and receive stakes.
- OpenAlias: a simplistic and unique email address for users to easily send and receive.
- Nav Explorer: an alternative NAV block explorer in Java to provide redundancy should the original CryptoID explorer suffer any issues or downtime.
- Kauri Wallet and DAEx (Upcoming): an open-source, multi-currency wallet geared towards advanced transactions, and decentralized atomic exchange employing multi-currency features of the Kauri Wallet for secure P2P atomic exchanges.
- NavCoin ATM (Upcoming): the world's first NavCoin ATM in Auckland, New Zealand.
You can find (and create) the above are just a sliver of the numerous projects being rolled out on the NavCoin platform this 2019. your own proposal here.
Final Thoughts
While January 2018 saw the market churn out project after project, most of the time in the blockbuster ecosystem, NavCoin spent its 2018 increasing the depth and reach of its ecosystem. blockchain.
With numerous upcoming projects on top of the NavCoin blockchain, a bustling community, tried and tested encryption, obfuscation, and security, and merchant adoption increasing by the day, NavCoin is definitely worth keeping an eye on this 2019.
