The infographic below on NavCoin has been prepared by Cyberius, with express permission from the NavCoin company.
What is Navcoin
Financial privacy is one of the cornerstones of any democracy. NavCoin 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 NavCoin Work
All transactions on the NavCoin network are recorded in the public blockchain so the network can validate them.
NavCoin 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.
NavCoin employs a second blockchain called the Subchain to anonymize all transactions, successfully creating truly anonymous transactions. Both the blockchain and NavCoin, as well as the Subchain are all decentralized, offering unparalleled resilience and restorative capacity.
How Use NavCoin
NavCoin was developed to be used for all of your online transactions in a secure and anonymous way. It can be purchased from most major altcoin exchanges by using Bitcoin, fiat currencies, and other cryptocurrencies.
NavCoin is also accepted by merchants using the CoinPayments gateway. The following exchanges accept NavCoin:
- Best Rate,
Why Use NavCoin
By using NavCoin, 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. NavCoin is also easy to use. The NavCoin wallet has been carefully refined to be intuitive and easy to use.
NavCoin is also eco-friendly. Mining doesn’t require expensive hardware or farms of servers, any computer can do it – meaning less wasted energy. NavCoin 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.
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. And 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 NavCoin feature that allows all of the top coins to be sent anonymously.
What Is Navtech
NavTech is the technology behind NavCoin that makes it possible to run a safe, strong, and anonymous platform for every transaction. NavCoin 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 NavCoin and Subchain daemons.
The NavCoin Wallet is a tool and platform for making transactions with NavCoin. 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 NavCoin Wallet include:
- sending & receiving funds,
- making anonymous transactions,
- and staking investments.
How To Buy NavCoin
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, install 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.
NavCoin main competitors include: Monero, ByteCoin, Zcash, and DASH. There are two main technologies that NAVCoin 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.
NavCoin’s anonymous transactions are based on RSA, which is a widely used and studied algorithm. NavCoin currently uses 2048 bit length keys which are nowadays considered safe.
The Future Of NavCoin
Cryptocurrencies are complicated, NavCoin wants to change that. The NavCoin 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.
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 NavCoin’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.
NavCoin 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.