What is Navcoin?
Navcoin (NAV) is an open-source, decentralized digital currency that uses the PoS consensus to operate without a central authority. It offers fast, low cost and energy-efficient payments with innovative privacy and technological features. It was established in 2014 without any ICO or pre-mining. Also, it's important to mention that the Navcoin crypto project operates as DAO.
Check out the Navcoin price chart above if you're interested in seeing the live NAV price.
Navcoin was built on the Bitcoin Core code, with several changes made on the way. Developers added a sub-chain named NavTech to the main blockchain, which enabled the anonymization of transactions on the original blockchain. Finally, it became one of the main privacy coins, much faster and cheaper than its predecessor – Bitcoin.
A distinguishing feature of the Navcoin ecosystem is the 1:1 conversion of NAV tokens to xNAV, ground-breaking privacy coins that ensure untraceable transactions. xNAV uses several innovative technologies and protocols to ensure privacy and efficiency. This includes:
- blsCT privacy protocol. The protocol fuses Boneh-Lynn-Shacham (BLS) technology, which combines several signatures into one, and the Confidential Transactions (CT) protocol, which conceals the number of coins used in a transaction.
- Stealth Addresses. Private addresses that ensure complete transaction receiver privacy.
- Dandelion++. A communication mixing protocol that removes the source-to-message connection.
Also, a wrapped version of the NAV token, called wNAV, is available. wNAV can be used on Ethereum, BSC, and other chains.
As mentioned before, the Navcoin network is secured through the use of the Proof-of-Stake consensus mechanism. It allows users to earn rewards through staking and validating blocks. As of writing this, block rewards are set at 2.5 NAV for each block. Blocks are created every 30 seconds.
Besides, there is a mixing mechanism that ensures the secrecy and anonymity of xNAV. It can be facilitated by users mutually merging their xNAV coins over different nodes. Reasonable compensation is given to users in exchange for this service.
It should also be noted that another strength of the Navcoin token is the ability to process transactions quickly. While Bitcoin transactions can take anywhere from 10 to 15 minutes to be processed, Navoin does that in around 30 seconds. Continuing comparison to Bitcoin – Navcoin’s fees are much lower with an average of 0.0001 NAV per transaction.
Lastly, by staking NAV tokens users also get governance rights. This means they can vote on various decisions that are made on the Navcoin DAO.
Planning to acquire Navcoin crypto assets? Before doing that, make sure to complete a thorough NAV price analysis. Use the aforementioned Navcoin price chart for doing that.
