It’s official. The activation of Segregated Witness was overwhelmingly approved by the Navcoin community, making it the world’s first proof of stake cryptocurrency to do so. Consensus only took 2 weeks – which is one of the fastest activation of SegWit to date.
Why is Navcoin’s vote important when so many other coins are also voting to activate SegWit? It shows how real world cryptocurrency users see the SegWit issue, without all the politics and corporate interests getting in the way. Proof of Work coins are reliant on their large mining groups to approve changes to the network – which they won’t always do if it impacts their profit margins.
However, Proof of Stake coins are so energy efficient, that anyone can be a miner – even if using a 5v Raspberry Pi. Everyone who holds NAV is entitled a vote, and allowed to have their say – which is exactly what decentralization and democracy are all about.
Why did Nav Coin vote for SegWit?
SegWit is an update to the core of the Navcoin technology, which is why it needed to be voted on by the network which will have to support it. SegWit gives Navcoin a huge amount of flexibility in its blockchain, which allows it to implement some of the great projects they have lined up – such as powerful smart contracts, and anonymous dApps.
How have the markets responded and what’s next?
When the vote was announced on the 20th of April, NAV was worth USD$0.10, but soon reached a high of $0.33 (a huge 330% increase).
While the activation vote has successfully concluded, SegWit is yet to be implemented and is scheduled for activation on Sunday the 21st of May. SegWit is just one of the many projects getting ticked off by the Navcoin team, with a bunch of new and exciting developments coming into play this year – so long term growth looks strong.
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