Navajocoin is a X13 based cryptocurrency featuring a POW and POS stage. It evolved from Summercoin V2 which was launched in May 2014. We have been following this cryptocurrency since July, 2014 when we reported about their proposed anonymous transaction technology using subchains. It all sounded like another gimmick feature which most scamcoins use in order to attract the attention of investors, however 6 months later, the development team started the beta test for the anonymous network.
Here we are, 10 months after the launch of Navajocoin and today is the day that the asynchronous encryption technology that has been beta tested for 3 months will go live! Here is a brief overview of how the technology works:
According to the official Navajocoin bitcointalk thread:
Asynchronous encryption means that the wallet will get supplied with a public key which can encrypt data but can NOT decrypt data. The Nodes will retain the private key and never broadcast it. The private key is the only thing which can decrypt something encrypted by the public key. This means that at no point in time is anything broadcast which can be used to decrypt the destination address and the destination address is encrypted before leaving the wallet, so the destination address is never ever transmitted in plain text or in a format which can be deciphered.
The one thing that stands out as most impressive to us is the fact that Navajocoin’s anonymous technology will use double encryption. This means that all communication between the API server, the NAV wallet and nodes will ben encrypted and sent over an SSL connection. As a result, anyone trying to sniff out the date being sent to and from your IP address will be presented with an indecipherable chunk of data. But that is not all, as this anonymous technology will also ensure that all recipient addresses [broadcasted via the blockchain] will be encrypted as well, by using the Asynchrous encryption key pair explained above.
In regards to how this double encryption works, the developers explain it as follows: as soon as information is transmitted over the private subchain, the destination is decrypted and re-encrypted with a new asynchronous key pair shortly afterwards. This entire process will be done over a secure SSL connection as well. Asynchronous key pairs are replaced on the NAV anonymity servers frequently, in order to protect previous transactions in the event of a security breach.
We will be closely following the Navajocoin development team for their release of the anon technology. If the release is successful then Navajocoin is a serious contender to Darkcoin, which is also an anonymous transaciton centric cryptocurrency.