NAVCOIN ($NAV) – Freedom, Privacy And Financial Power Back To The Individual

Project Reviews / 02.01.2019
NavCoin is an open-source, blockchain based Proof of Stake decentralized cryptocurrency designed to be anonymous, yet simple to use. Its entire code base is publicly available to everyone while the project is developed and maintained by an ever-growing community. Established in 2014, with no ICO or premine, NavCoin belongs to an older class of cryptocurrencies which stood the test of time very well. Over the past five years it has implemented various upgrades, features, and improvements, and as a result, the platform has seen consistent growth.

NavCoin – Goals & Vision

NavCoin development began when skilled and experienced blockchain developers from various backgrounds realized the need of having a decentralized digital currency capable of refashioning the current centralized and highly inefficient monetary system, in order to return freedom, privacy and financial power to the individual. That’s why NavCoin is not just a payment protocol, it’s a pioneer for a profound change in the way the global economic system operates. Decentralized governance is at the core of the project- there is no central authority for NavCoin, the platform is designed to be ran by its users, for its users capable of providing an incentivized network of nodes verifying payments all around the world.
NavCoin was built on the Bitcoin’s code, but there were several changes made by the developers. One such change was the addition of a sub-chain to the main blockchain. This sub-chain was named NavTech (but is going to be replaced soon by an on-chain privacy system as the team is constantly improving on the technology) and it is what enables mixing and the anonymization of transactions on the NavCoin blockchain. NavCoin also put aside Bitcoin’s proof of work algorithm and went with proof of stake instead making NavCoin far faster and cheaper when compared with Bitcoin.

Community Fund

Since NavCoin is built by the community and for the community, it features the worlds most advanced community project funding system; everyone is welcome to submit their project proposals which are then funded and approved by NavCoin’s decentralized network. This ensures NavCoin’s direction remains firmly in the best interest of the entire network while giving more power to the community- by funding people to get involved, and giving the network more of a voice about the direction of NavCoin. In a few words, the community fund enables anyone to get paid by the network for their contribution to the ecosystem. Let’s see how the Community Fund works through this simple workflow picture:
Nav Coin feature a unique funding program that you can leverage to get funded for your NAVCOIN Environment project

The community fund process can also be summarized in 4 easy steps:

1. Proposal submission – Any individual or team can submit their improvement ideas to the network for voting. It can be done easily by using one of the dedicated wallets. However, to avoid spamming the network with proposals, a fee 50 $NAV coins is required.

2. Voting starts – Once the proposal has been submitted, it can be promoted to the community by using NavCoin’s channelsWebsiteRedditTelegramTwitter, etc. It’s important that the project proposal is well visible and documented in order for the community to start voting it. Anyone who is staking on the NavCoin network can vote ‘yes’ or ‘no’ for every proposal with their network weight and each voting period lasts 20,000 blocks (roughly 7 days).

3. Payment request – Before the project is complete, you can apply for payment from the Community Fund. If there are clear milestones in the proposal, the payment can also be released at scheduled points in the timeline. It’s important to keep the community updated with how things are progressing in the project and you can also ask for help along the way.

4. Vote for Payment – Payment is subject to a second consensus vote among NavCoin stakers, to ensure that the project is on track therefore eligible for the payment. There must be a 50% minimum participation, with 70% ‘yes’ vote to be paid and 70% ‘no’ for payment to be rejected.

Scalability & Fast Transactions

Since the beginning NavCoin has seen fast transactions as one of its strong points. In comparison with block times of 10 minutes for Bitcoin, NavCoin has block confirmations every 30 seconds. That’s even faster than the 2 minute Monero confirmations and the 2.5 minute Zcash or Bitcoin Private confirmations. It’s also faster than the 2.5 minute Dash confirmations, but Dash gets past that with its masternodes, which allow for instant transactions. Even so, NavCoin is one of the fastest of all the privacy coins.
While anonymous transactions are possible with NavCoin, they aren’t required. In fact, anonymous transactions aren’t even standard with NavCoin. Users can choose to enable an anonymous transaction. When they do, the anonymous transaction no longer has any association with the sending wallet or the sending IP address on the blockchain.
NAV Coin embeds multiple privacy features

Ongoing developments

The Valence Platform – is smart contract side-chain project being built on top of NavCoin. Valence is set to be a new approach to developing blockchain applications, by using modular blockchains and reusable components to make it simple to build innovative business applications that leverage blockchain.
While NavCoin is the perfect settlement layer for Valence Applications, the team is looking to create advanced payment protocols like multi-step private payments which utilize multiple cryptocurrencies. See more details about the project and whitepaper.
Kauri Wallet – Kauri is an open-source, multi-currency wallet that will be the foundation for advanced features like merchant tools, atomic exchanges and many more great NavCoin features. Transparency is an important pillar of decentralized software, especially when trusting an application to store your cryptocurrency. The Kauri Wallet will be both free and open source, so you can rest easy knowing the software used to secure your funds can be validated by anyone at anytime. See more details about Kauri Project.
NavCoin ATM – The team is also customizing the Lamassu ATM interface to be compatible with NAV and they will launch in Auckland the world’s first NavCoin ATM.
Kauri DAEx – The team is developing a Decentralized Atomic Exchange which utilizes the multi-currency features of the Kauri Wallet. Users will be able to create safe peer-to-peer atomic exchanges for any currency supported by the wallet.

How to earn staking rewards with $NAV and where can I buy $NAV?

As we explained in one of our guides, buying and HODLing or mining are not the only ways to earn income with cryptocurrencies. NavCoin is providing an alternative way to earn passive income just by holding $NAV into one of the dedicated wallets. Since NavCoin adopted the Proof of Stake consensus mechanism, you only need to keep your coins in your staking wallet and receive coins; the process is literally just set and forget, and is still a nice boost for your budget with almost no effort. You can earn up to 5% of your holdings annually.
At the time of writing, $NAV is traded at $0.166 per coin and has a circulating supply of 63,863,986 $NAV. Being an “old timer” NavCoin is traded at most of the biggest exchanges, included Binance, Bittrex, Poloniex, Upbit, LiteBit.eu, Changelly and many others.

Closing Thoughts

NavCoin has been around longer than most cryptocurrencies and the project is still chugging along, making steady progress. The community behind NavCoin created an interesting project in the privacy space, and is looking to continually improve on it. Looking at NavCoin’s ambitious road-map, developed by a restless community, it’s clear that they are here to stay and they are trying to built a bright future for the project.

Useful Links

avatar
Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.