NavCoin Review: Introduction to NAV
What is NavCoin?
NavCoin is a cryptocurrency based on the code of Bitcoin Core, but with a slight twist. One modification brought to this coin was the addition of a sub-chain to the main blockchain. The sub-chain called NavTech is what mixes and the anonymizes transactions on the NavCoin blockchain.
NavCoin was first launched in 2014, and since then it has seen continuous upgrades to its codebase. But this consistent development was not enough to allow it to keep up with today’s top popular privacy-centric coins such as Monero, DASH, and Zcash.
– Proof of Stake Mining
Being a descendant of Bitcoin, it initially used proof of work as their consensus method, then it quickly switched to proof of stake mining, being among the first cryptocurrencies to do so. This protocol enabled the holders of NAV tokens to stake some or all of their holding to in order to confirm the block.
If the generated block is verified by the network, then the person staking will be rewarded. However, if you confirm a block which has a fraudulent transaction in it, the proof of stake algorithm removes your stake. This motivates block creation and honest behavior.
– Fast transaction times
What makes this coin highly usable is its 30-second transaction times, which is an advantage to have in a leading digital currency platform. By having fast transaction times, the transaction costs are also kept at minimum levels, enabling more individuals to participate in multiple transactions on a daily basis.
NAV tokens are stored in the NAV wallet, which you can download from the official NavCoin website. The USP of the NavCoin wallet is what allows you to stake. This enables the users to earn NavCoin currency without having to invest in large and expensive ASIC hardware. All they have to do is leave their wallet in the staking mode.
The wallet is compatible with Windows, MacOS, Linux and Raspberry Pi systems, and for mobile and web users looking for a lighter version, there is NavPay.
– Enhanced Security
The dual-blockchain security system enables users to make transactions with the currency while being completely anonymous, and there is also an embedded option which enables the use of the Tor network for an extra layer of privacy.
The NAV Token
The NAV token was released in 2014, and for its initial two years, it was traded under the $0.01 mark. It started seeing an increase in August 2016, and by September it surpasses the $0.05 value. The coin price then fluctuated in between $0.025 to $0.05 for the next six months, and in April 2017 started seeing growth again.
In September 2017 there was a massive price increase which made NAV reach an all-time high of $1.72, followed by a price correction in November when the NAV token mimicked the market trend experienced by other cryptos and reached $4.21 in mid-January 2018.
The price has been going down in a steady progression alongside the rest of the crypto market. The NAV token is currently traded at $0.163800 and has a market cap of $10,469,708.
It should be noted that the NAV network remains small, even after nearly 5 years of existing on the market. 92% of all the NAV tokens are kept in 1000 wallets and 72% of the total tokens are stored in just 100 wallets.
Also, very few exchanges have listed the coin. Only Bittrex, Cryptopia, UpBit, Poloniex, LiteBit.eu and Binance support the NAV. Roughly 70% of all trading volume is generated by the Binance exchange. An advantage would be that you can purchase NAV tokens directly from the NavCoin website using a credit card as it has an agreement with Changelly to enable fiat purchases and coin swaps.
The NavCoin Team
NavCoin’s development team has been integrated into Encrypt S Ltd and the project is an open-source project which accepts contributions from all developers. As a result, there is a fairly large and active team supporting NavCoin.
This level of activity is showcased in the rate at which they release their updates, which happens typically on a weekly basis. The NavCoin version 4.4 was recently released.
Craig MacGregor is the Founder and lead developer of the project and Encrypt S Ltd., which is registered as a blockchain development company in New Zealand.
NavCoin seems to be a coin with much focus on future development, enhanced security, and superior usability and functionality. However, it is still one of the more obscure privacy coins, with others like Monero and Dash easily beating it in terms of adoption and market cap.