Even though there are thousands of cryptocurrencies on the market today, it goes to show there is still a growing demand for more convenient solutions. NavCoin¬†purports to provide that solution,¬†as¬†it aims to simplify the concept of cryptocurrency altogether.
NavCoin¬†in a Nutshell
NavCoin is, like virtually all other cryptocurrencies, a decentralized form of peer-to-peer money. It uses the Bitcoin code as a base, yet adds some unique features and functionality to the mix. With a strong focus on making online payments easier and cheaper, it is evident this currency brings some interesting competition to the marketplace. Moreover, it seems NavCoin focuses strongly on user privacy, which is something a lot of people will appreciate.
How Does it Work Exactly?
There are many aspects¬†of¬†NavCoin which piqued our interest. First of all, the currency supports Segregated Witness, similar to Bitcoin and Litecoin. There are also a few different wallet solutions to enjoy, all of which offer advanced privacy features¬†for transactions and payments. This is all handled by a functionality known as NavTech, which helps bring more privacy to transactions by checking a specific box in the wallet client itself.
NavCoin also boasts faster transaction times, as transfers can be completed within 30 seconds or less. NavCoin also uses proof-of-stake as a way to incentive users to hold their tokens in a compatible wallet for an extended period of time. Going back to NavTech, it seems this technology serves as a dual blockchain system to make payments private. Transaction information is encrypted and sent through a secondary blockchain to break the link between two addresses.
It is also worth noting NavCoin has its own native payment solution, known as NavPay. This light wallet lets users store their NavCoin without any problems, and it is compatible with most mobile devices as of right now. It also supports NavTech-capable transactions, multi-signature wallet solutions, and it has native Changelly integration, which is pretty interesting. Being able to convert between NavCoin and¬†other cryptocurrencies on the fly is a feature users will certainly appreciate.
The Road Ahead for NavCoin
There is still a lot more to come for NavCoin. For now, the focus is on supporting the Lightning Network and introducing NavChange to combine LN transactions and exchange integrations. We may also see a native payment gateway known as NavDelta. The project’s Valence blockchain application platform is also worth looking into if you are a developer interested in cryptocurrency or privacy.