NavCoin ($NAV) is an open-source (developers from India, Poland, Germany, and New Zealand) project created in 2014 – making Navcoin one of the longest standing projects to date. Navcoin is best described by the team as;
“a decentralised cryptocurrency that uses peer-to-peer technology to operate with no central authority or banks. Managing transactions and the issuing of NavCoin is carried out collectively by the network. NavCoin is open-source; its design is public, nobody owns or controls NavCoin and everyone can take part” – Nav Team
The NavCoin project has been built on the original Bitcoin code but with many important upgrades and significant changes for example – NavCoin runs on a Proof-of- Stake algorithm (PoS) which is resource-friendly, efficient (vs Bitcoin’s Proof-of-Work PoW) and rewards users with up to 5% back as a staking reward per year.
However, NavCoin is no copy-paste project with major innovative features introduced which only now the blockchain community is taking greater notice e.g “NavCoins Dual Blockchain Technology.”
Nav has also by design focused on user privacy as a major feature and point of difference and also allows users to choose from a wide range of user-friendly wallets which work across most major operating systems (OS).
Lastly, the Nav team and community are active with weekly updates giving crucial insights to recent developments and achievements, let us delve deeper into one of the leading privacy/blockchain projects.
TITLE/TICKER : NavCoin (NAV)
COMPANY ORIGIN : Global
PLATFORM : NAV
PURPOSE : Private/Public blockchain, fast & efficient decentralised P2P payments & business applications.
POINTS OF DIFFERENCE : Dual Blockchain technology
WEBSITE : NavCoin Website
WHITE PAPER(S)/DOCS : Valence Whitepaper
FUNDRAISING/ICO : No
WORKING PRODUCT ? : Yes
CURRENT PRICE ACTION :
How does NavCoin work?
NavCoin runs two separate blockchain’s (“dual-chain technology”) in order to fulfill their NavTech Private Payments. Each blockchain has their own token: NAV (NavCoin) and SUB (Subchain).
1. NavCoin Blockchains
- NavCoin (NAV) – Public blockchain
- Subchain (SUB) – Private blockchain
Each time a private payment is made SUB micropayments are initiated and encrypted private payment data is written to the SubChain, broadcast it between nodes that value is transferred as the result of writing data to the SubChain is NAV and a private payment is fulfilled.
2. NavCoin Blockchain Framework changes (Valence Platform)
Currently, still under development, the Valence Platform is looking to create an easy to access suite of tools and resources for any business applications, blockchain websites or decentralised applications (dAPPS). A major and highlighted feature of the Valence platform is focusing on creating “advanced payment protocols” for example NavCoins Private payments feature.
Valence’s major features/changes are;
a) to replace the Nav Subchain
b) be the first ever anonymous DAPPS (Decentralised Apps) platform where developers can plug in and add code directly on the blockchain – groundbreaking!
c) Valence to have its own token – this is directly used for micro-payments to create/write data – compare this to NEO/GAS = NAV/VALE – therefore leaving NavCoin as still the major currency to purchase.
d) To connect all blockchains creating a true decentralised, interoperable network and ecosystem.
One of the most important benefits Valence will bring to the Nav Ecosystem is that and as stated by one of the Developers – Paul (Nav) ;
“The advantage of not storing app code on the chain is that real world Business Applications can be applied today in current business models, while offering a path to new and greater blockchain offerings.”
3. Kauri Companion app.
An open-source, multi-platform blockchain interface compatible with multiple blockchains including NavCoin, Bitcoin, Ethereum and Valence. – Valence Platform
Navmorph can be best described as a;
“fusion of navtech private payments and Kauri DAEx exchange technology to enable sending Kauri Wallet support cryptocurrencies privately.” – NAV Website
Navchange is designed as an “instant exchange platform” which will allow for NavCoin to be exchanged with many other cryptocurrencies with very low to zero fees.
7. NAV Pi Stakebox
The NAV Pi Stakebox is a simple, easy way to begin to hold and earn up to 5% all while contributing to the NAV ecosystem.
Below is a detailed video of a setup and configuration.
Purchase your Nav Pi Stakebox here
8. NavPay & Merchant Integration
NAV by design is one of the easiest cryptocurrencies to use and the Merchant integration side is no different. Businesses can easily begin to accept NavCoin with an easy integration process (reach out if you want to learn more).
9. NavCoin Community Fund
NavCoin like any genuine project is open-source which enables anyone to contribute to the Nav project. As NavCoin did not pre-mine or ICO which has been the major trend of 2017/18 as a way to fund and gain major capital. Learn more about NavCoin’s community fund, proposals, rewards and how you can contribute here.
What problems is NavCoin looking to solve?
Nav is looking to create a fun, fast and resource friendly blockchain and P2P payment gateway. Nav is tackling the major issues to date which have hindered further adoption of the likes of Bitcoin and Ethereum.
One of NavCoins most important feature is that of is users have the option of sending and receiving payment anonymously, this gives Nav a major point of difference vs major mainstream cryptocurrencies such as Bitcoin.
2. Fast Confirmation times/user-friendly
NavCoin prides itself on having less than 30-second confirmations – this level of speed and efficiency is paramount if Nav or any cryptocurrency is to be taken seriously for real-world adoption and usage, see NavPay in action below;
3. Team Transparency
Craig and the team are one of the most active projects to date with frequent – weekly/monthly updates which can be rarely seen in the majority of the projects which have raised tens of millions at an ICO stage – see what Craig, Alex and the team are up to here.
4. Creating a truly connected, decentralised ecosystem
With the development of Valence, Kauri companion and many more innovative projects to follow – Nav is truly building towards a decentralised future and ecosystem where all blockchains will be interoperable with the barriers of entry are very low for merchants, developers and consumers alike.
The NAV team is made up of experienced developers who have been working on developing pre-2014 and entrance of blockchain projects. Since 2014, however, the team has been dedicated to NAV and surrounding projects. Check out the latest interview with CryptoLark and Craig the lead NAV developer below;
NavCoin vs Competitors
Nav is going head to head in one of the most contesting and competitive spaces – micro/macro P2P payments, looking to rival and compete with traditional fiat, Bitcoin and many other decentralised cryptocurrencies.
However because of Navs features including Privacy (which Bitcoin, Ethereum, Litecoin and more do not offer) the project is already finding unique points of difference which real-world adoption demands and competitors are lacking.
NavCoins major competitors would any major privacy based cryptocurrency including but not limited to;
NZ Spin-off article – “The Kiwi behind the ‘Cheaper, faster, more eco-friendly alternative to Bitcoin”
Where can you purchase NAV tokens?
How to protect & store your NAV tokens?
Nav tokens can be stored via NavCoins official wallet which is easy to use, safe and secure – while you’re at it, stake and earn up to 5% in your sleep.
Outlook for NAV
The outlook for Nav seems positive with the team being around since 2014 and are one of the most active teams that we have looked into. Navcoin also is providing solutions to the many hinging obstacles of major blockchains or projects to date and is raising the bar & pushing new initiatives/projects more than most in the blockchain space – all while having no ICO or pre-mine. NAV is a project for the long-haul and here for the right reasons.
The real battle will be how Navcoin’s adoption rate goes vs Bitcoin and privacy-focused cryptocurrencies or if the market will allow for a line-up of the different cryptocurrencies which all work seamlessly with each other.
NavCoin is one we will be watching very closely.
Disclaimer : The Author of this article was not holding Navcoin $NAV at the time of writing, however the Cryptolab team is working with Navcore on education and community/business support. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries please contact [email protected]