New projects appear on the cryptocurrency market every day. As of this writing, there are more than 9,000 of them.When you finish reading this article, this number might be different.
The main principles of digital coins are decentralization and anonymity. While most projects have no problems with decentralization, there are only a few truly anonymous cryptocurrencies out there. In this article, we will talk about one of them — Navcoin.
The Navcoin project was launched in 2014, and to date, the coin is listed on seven cryptocurrency exchanges. Most of the trading takes place on the Binance platform. This project is not very popular among the general public. It is overshadowed by the more well-known coins such as Zcash and Monero.
The coin is ranked 677th in the global cryptocurrency rating. The total capitalization of the project is $24 million, which is hundreds of times less than the closest competitors Zcash and Monero.
In this article, we will talk about 7 main features of this coin and show you how underestimated it is.
Fast transactions
On the Navcoin network, transactions are confirmed much faster than on the platforms of competitors. For example, a new block is confirmed in 30 seconds. Compared to Bitcoin, it is 20 times faster. It takes longer for the closest competitors to generate new blocks: 2 minutes for Monero, 2 minutes 30 seconds for Zcash. It turns out that NAV is the fastest anonymous cryptocurrency so far.
Minimum fees
The network charges a nominal fee of 0.0001 NAV for confirming transactions. Considering that the rate of one coin (as of the end of May 2021) is $0.46, there is no need to worry about the commission. However, if you want to carry out an encrypted transaction, you will have to pay a higher fee.
Proof of Stake
In 2014, most cryptocurrencies used the Proof of Work. Navcoin was one of the first to use Proof of Stake. This protocol implies consensus at the expense of the NAV coin holders. That is, to mine new coins, you just need to possess some. To mine NavCoin, you don’t need to install farms, buy expensive equipment, and consume a lot of electricity. You just need to stake NAV coins. The principle is simple, the more coins you have, the more you receive.
To become a candidate for a reward, you should own an open node. For this, download the NavCoin Core client and indicate the amount of NAV you wish to stake. Alternatively, you can purchase a Raspberry Pi and configure it to control the node. The Arduino client for this application is called Nav Pi.
Anonymity
Initially, the developers promoted NavCoin as a confidential cryptocurrency. The main goal was to make each coin fungible so it would be impossible to track its past.
Although anonymous transactions are available on the NavCoin network, they are only optional. Users can choose whether they want to anonymize a particular transaction or not. Transactions are mixed and go through multiple levels of encryption on the NavTech sub-chain. After that, the coins cannot be linked to a specific wallet in the blockchain.
If you want to use a NAV to BTC converter and remain incognito simultaneously, it is better to use decentralized exchanges. Godex.io is one of them.
Navcoin Core 6.1 wallet
Currently, the development team has just released the new Navcoin Core wallet version 6.1. This update provides the wallet with the MCL library. It is used in the xNAV cryptographic protocol to perform arithmetic operations.
Mathematical proofs will be greatly accelerated in the new version of the wallet. The creation and verification process will be much quicker, so users will exchange coins faster.
Navcoin team
Craig McGregor is the leading developer of the project. The legal entity behind the project is Encrypt S Ltd. NavCoin is open source so that anyone can contribute to its development. The project has an active and large team. Weekly updates evidence this.
Many users today call NavCoin the most accessible coin to use with one of the most beautiful interfaces. It is thanks to the hard work of the marketing department, creative team, and developers.
Cold staking
The developers pay special attention to safety, which is why cold staking is one of the essential features of NavCoin. It means that NAV holders can stake without internet connection. It is much safer and much more convenient than having to keep the node online all the time.
Conclusion
Navcoin still must gain popularity for its successful growth. There is not much information about this coin on the net. If you want to become a NAV holder, you must understand that it is a highly risky investment. Buy only the amount that you are ready to lose. It will save your nerves and allow you to survive brutal bear markets that sometimes last for several years in a row.
