NavCoin In A Nutshell [INFOGRAPHIC]

The infographic below on Nav Coin has been prepared by Cyberius, with express permission from the Nav Coin company.

WHAT IS NAV COIN?

Financial privacy is one of the cornerstones of any democracy. Nav Coin provides users with a simple way to protect their financial privacy with simple steps. Behind the simplicity, Navtech is powered by cutting edge technology, enabling anonymous transactions using a secondary blockchain known as the Subchain.

HOW DOES NAV COIN WORK?

All transactions on the Nav Coin network are recorded in the public blockchain so the network can validate them. Nav Coin has set out to create a transaction anonymizing system which breaks the link between sender and receiver while not relying on any type of centralized service. In standard transactions, for an anonymous transaction to take place on a blockchain-based cryptocurrency, it’s necessary to completely break the link between sender and receiver. Nav Coin employs a second blockchain called the Subchain to anonymize all transactions, successfully creating truly anonymous transactions. Both the blockchain and Nav Coin, as well as the Subchain are all decentralized, offering unparalleled resilience and restorative capacity.

HOW YOU CAN USE NAV COIN:

Nav Coin was developed to be used for all of your online transactions in a secure and anonymous way. Nav Coin can be purchased from most major altcoin exchanges by using Bitcoin, fiat currencies, and other cryptocurrencies. Nav Coin is also accepted by merchants using the CoinPayments gateway. The following exchanges accept Nav Coin: Poloniex, Bittrex, Changelly, Bitsquare, Alcurex, Litebit, Best Rate, Cryptopia, and C-Cex.

WHY USE NAV COIN?

By using Nav Coin, you’ll have faster transaction times. You can send NAV anywhere instantly and have it confirmed as spendable within 30 seconds. You’ll also have passive earning possibilities. You can earn up to 4% interest on your investment while contributing to the community fund by switching to staking mode in the wallet. You have optional private payments. You’ll be able to send encrypted private transactions through the dual blockchain powered NAVTech system. Nav Coin is also easy to use. The NAV Coin wallet has been carefully refined to be intuitive and easy to use. Nav Coin is also eco-friendly. Mining doesn’t require expensive hardware or farms of servers, any computer can do it – meaning less wasted energy. Nav Coin has also shown signs of steady growth. From its humble beginnings in 2014 to being the 3rd best performing cryptocurrency of 2016, the best is still to come.  

NAVMORPH:

Formally Polymorph, NavMorph is a fusion of NavTech Private Payments and instant exchange technology to enable users to send any supported cryptocurrency privately.

How does it work? The user inputs Bitcoin, NavTech Polymorph uses Changelly API to exchange BTC to NAV, NAV is sent through the NAVTech system with an encrypted destination address and output currency, NAVTech Polymorph uses Changelly API to exchange BTC to NAV and sends to the recipient’s address. Polymorph is the Nav Coin feature that allows all of the top coins to be sent anonymously.  

WHAT IS NAVTECH?

NavTech is the technology behind Nav Coin that makes it possible to run a safe, strong, and anonymous platform for every transaction. Nav Coin and the Subchain are both built using C++ and QT Creator. This is the language used to create most cryptocurrencies available today. NavTech is run on Ubuntu 14.04 to allow for the simplest compiling environment for the Nav Coin and Subchain daemons.

NAV COIN WALLET:

The Nav Coin Wallet is a tool and platform for making transactions with Nav Coin. The wallet encrypts the receiver’s address and sends the transaction to one of the addresses provided by the randomly selected processing server. Features of the Nav Coin Wallet include: sending & receiving funds, making anonymous transactions, and staking investments.

HOW TO GET NAV COIN:

First, you need to download the latest version of the wallet. This will allow you to send and receive payments, and earn 4% on your NAV (when you activate staking). Second, instal and sync your wallet. Once you have installed the wallet on your computer, it will take a number of hours to sync and catch up with the blockchain. Third, send NAV to your wallet by using an exchange platform or a credit card. There are a couple of ways to get NAV… you can exchange Bitcoin for NAV on an exchange, such as Poloniex or Bittrex, or you can use Changelly to buy NAV directly by using your credit card. Fourth, enable staking in your wallet. Once you have some NAV in your wallet, you can enable staking which will earn you 4% per annum and give 1% of your stake to the community fund.

NAV COIN COMPETITORS:

Nav Coin main competitors include: Monero, ByteCoin, Zcash, and DASH. There are two main technologies that NAV Coin competitors use: CryptoNote/RingCT and ZK-Snarks. CryptoNote is an open-source technology that consists of advanced mathematical analysis and innovative ideas to empower end-users with true financial and personal privacy. ZK-SNARKs is a proof construction where one can prove possession of certain information, e.g. a secret key, without revealing that information, and without any interactions between the prover and verifier.

NAV COIN TECHNOLOGY:

Nav Coin’s anonymous transactions are based on RSA, which is a widely used and studied algorithm. Nav Coin currently uses 2048 bit length keys which are nowadays considered safe.

THE FUTURE OF NAV COIN:

Cryptocurrencies are complicated, Nav Coin wants to change that. The Nav Coin wallet is easy to use and has great built-in privacy features. Upcoming projects will continue on the journey of providing great software that gets things done.

NAV CHAIN FUTURE PROJECTS:

Our future planned projects include:

  • Community Funds – Nav is a community project, it allows the project to retain autonomy over itself and empowers members of the community to take charge of Nav Coin’s direction and to help it grow.
  • NAVTech 2.0 – Redesigning NavTech to be a Valence powered application which will make our private payment system completely trustless and distributed.
  • Cold Staking Implementation – Allowing for NAV which are stored offline to sign staking inputs, which will greatly increase the security of funds used for staking.
  • NavChange – NavChange is a Valence powered application which facilitates instant exchange between NAV and other currencies.
  • NavDelta – A payment gateway powered by Valence, which enables users to spend NAV at any business which accepts any currency supported by NavChange.
  • Valence – Valence is a blockchain application platform which allows developers to easily integrate the best parts of blockchain tech into their websites and apps.
  • Lightning Network – Implementing lightning network transactions to allow instant, cross-chain, atomic swaps between NAV and other supported cryptocurrencies.

CREATOR’S THOUGHTS:

The CEO of Nav Coin, Craig MacGregor, had this to say about future projects:

“In 2018 we’re working on some very exciting projects which we think will be game changers to both cryptocurrency and blockchain application development. The continued support of our team from the community as we work towards these goals is nothing short of amazing.”

CONCLUSION: 

Nav Coin is an exciting and innovative cryptocurrency that shows much promise for the future of personal finance using digital currencies. We hope you enjoy the infographic below.

The Cyberius team.  

NavCoin in a nutshell