What Is Navcoin (NAV)?

Navcoin is an open-source cryptocurrency that stresses privacy-enhanced features. According to the website,Navcoin is a fork of bitcoin. The world today relies more and more on cashless and online payment options. The current events have made the world move from traditional payment methods to the latest trends. As per the whitepaper, transactions that occur on the blockchain are made the peer-to-peer way with no intervention of intermediaries.

The project claims that privacy is a fundamental human right. It aims to provide users the opportunity to transact as per their desire and without the fear of getting their privacy hampered. In short, the project aims to provide the utmost privacy a user can get while transferring any amount to another person around the world. Thus, to protect users, the project has made a privacy protocol available to all its users. The privacy protocol is named as Boneh-Lynn-Shacham Confidential Transaction (blsCT). With blsCT, anyone can transact anonymously unless they choose another person to see the same transaction.

Moreover, the project provides various services that Navcoin supports. NavExplorer is a service that provides real-time data stored on the blocks. Users can see the transactions, proposals, and other on-chain activities. NavPool is the staking pool that seeks to stake users’ coins. Such stakers also participate in the governance of the network. NavBridge is another service provided by the project that seeks to swap the native cryptocurrency and use them on other blockchains such as Ethereum and Binance Smart Chains. Also, NavAlias seeks to transfer tokens quickly.

Navcoin supports a multi-coin system. The two coins are NAV (used for transactions publicly), and xNAV (used to transact privately). The project works on a proof-of-stakeconsensus mechanism. Users can participate in the governance system via decentralized autonomous organization (DAO). Anyone who holds NAV coin can stake them and get their voice heard by voting. Another currency, wNAV, is the wrapped version of the coins used on decentralized applications (DApps).

History of Navcoin (NAV)

The project was launched in 2014 by Craig MacGregor. Craig is a blockchain engineer who founded Taxoshi and is presently handling both projects. Other developers of the project are from different parts of the world and as the project is open-source, anyone can see the code of the project and contribute or reuse.