Nav Coin is one of the first major and successful cryptocurrency that offered a decentralised, trustless and anonymous solution to the transactions over the chain. It was one of the first cryptocurrency that addresses the Bitcoin's privacy shortcoming while keeping the majority of the code work similar to Bitcoin.
Nav Coin is designed and built on dual blockchain system called Nav Tech, the main blockchain and another called the subchain, for sending private Nav Coin payments. Nav Tech is optional for users to send anonymous transaction.In the standard form, the transactions are added to the blockchain and the amount sent is shown in the recipient's wallet once it is confirmed.Under the anonymous type, when a user initiates a transaction, the amount of Nav Coin and recipient's address is sent to the Nav Tech incoming processing server. The server then creates a transaction of random size on the Subchain and encrypts the recipient's address, and sends it to the randomly selected outgoing server. The outgoing server then decrypts the transaction details and sends Nav Coin from the pre-filled pool to the correct recipient.The incoming server then collects the Nav Coin sent in an anonymous transaction and sends it along the blockchain to the outgoing processing server, thus refilling the pool, while also breaking the chain from sender to recipient making it completely anonymous.
Faster Transaction and less transaction cost: Nav Coin enables faster transaction across the chain with transaction times less than 30 seconds and a possibility to trade between 25 listed cryptocurrency. Using Nav Tech servers, users need to pay only 0.5 percent of the transaction amount.Optional Private Payments: The Nav Coin ecosystem uses dual blockchain to offer optional private payments using subchain. Users can also complete transaction in the standard form where transactions are directly recorded on the blockchain.Proof of Stake: With proof of stake, users can simply earn interest up to 5 percent annually on your investment in Nav Coin by simply switching your wallet to staking mode. Currently, 40 percent of all Nav Coins are collecting interest.
The coin was created on 2nd June 2014 and was initially called SummerCoinV2, later it was rebranded as Nav Coin and comes with Segwit activated. The Nav Coin team is based in Auckland, New Zealand and Craig MacGregor id the chief engineer and CEO of this company. Nav Coin was rated 3rd best performing cryptocurrency in the year 2016.
Nav Coin's roadmap is packed with the highly ambitious projects and update the progress of each project each week on its website. Some of the important projects lined up for 2018 to be integrated into the platform are:NAVTech Wallet: Combining with Nav Coin, Subchain and NavTech into a single wallet which will enable a fully decentralised mesh network.Anon Dapps: A suitable and best way to develop decentralised application platformNAVTech Polymorph: Partnership with instant exchange Changelly to provide private and secure payments and exchange between any of their 25 plus listed cryptocurrencies.
NAV Coin is one of the earliest cryptocurrency that uses an innovative dual blockchain technology that offers a decentralised, trustless and anonymous solutions to the transactions over the chain while staying true to the principles.