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Navcoin (NAV) is an open-sourced digital currency with privacy-enhanced features. Transactions that occur on the blockchain of Navcoin are made in a peer-to-peer fashion with no need for intermediaries. Following the release of Navcoin Core 6.0, it’s possible to store and transact coins both publicly (NAV) and privately (xNAV). When making a private transaction, it will not be possible to link the transaction to its sender or receiver, or even view the amount that was sent. This is made possible by Navcoin’s self-developed privacy protocol called Boneh-Lynn-Shacham Confidential Transactions (blsCT).
Navcoin was invented in 2014 and had no pre-mine or ICO. With block times of 30 seconds, one can stake their coins to earn rewards through Proof of Stake Version 3 (PoSv3) for helping to secure the network. Navcoin’s current spendable supply is 69M NAV with a block reward of 2.5 NAV, hence a decreasing inflation model. From the 2.5 NAV, 2 NAV are redirected to the staker who found the block, and 0.5 NAV are accumulated in a decentralized treasury used to fund community initiatives based on the outcome of DAO votings. Navcoin’s decentralized autonomous organization (DAO) enables the community to be self-funded through its treasury, self-guided through consultations, and self-governed through consensus changes.
NAV and xNAV each represent a currency on Navcoin’s network. NAV is the public coin used for transparent payments, staking and governance, and xNAV (based on blsCT) is the private coin used to hide payment details from external observers, unless they are authorized to see the transaction history through a shared view key. NAV can be purchased or traded on exchanges, and then swapped to xNAV at a 1 to 1 rate.
Navcoin enables private transactions via xNAV built on top of their self-developed privacy protocol blsCT that merges Boneh-Lynn-Shacham (BLS) Signatures and Confidential Transactions (CT). BLS enables a group of signatures to be compressed into a single compact signature that can be used to authenticate the entire group, thus effectively helping to shield the origin of a transaction. CT is a well-established privacy protocol used to obfuscate the amount of coins in a transaction. In addition to blsCT, xNAV further ensures personal privacy by using Stealth Addresses, public-key cryptography and the innovative Dandelion++ protocol. Stealth Addresses are private addresses which ensure complete privacy for the receiver of a transaction. Dandelion++ is a communication mixing protocol which breaks the link between a message and its source.
When using blsCT, two xNAV transactions can be merged into one, and transactions can be aggregated an infinite number of times. This allows Navcoin to scale effectively and support a high quantity of transactions across the network and users’ transactions are completely shielded and untraceable. Anyone trying to monitor transactions being made through Navcoin’s network is unable to tell if a transaction has been aggregated or not, and users are able to merge their coins with other individuals making transactions. When doing so, a user’s wallet uses Dandelion++ to send an anonymous request for coins from other nodes. These nodes can then connect and communicate between them using public key cryptography to broadcast the session and their coins to mix. From those, the sender can randomly select several coins from the responses received. These coins are in turn mixed together with the original user’s coins, and then sent to the network, and this system ensures true privacy while also enabling anyone who helps to facilitate the mixing-process by providing liquidity to receive a fee for their service, and generate a passive income.
Navcoin’s network is secured by a Proof of Stake (PoS) consensus mechanism, which means that anyone can use their NAV to help validate transaction blocks. The PoS mechanism is inclusive in nature and allows all community members to act as network validators. By comparison, the Proof of Work (PoW) consensus mechanism that Bitcoin uses requires miners to operate powerful computers that are able to calculate huge mathematical problems in order to process transactions. The first computer that ‘solves’ the problem receives a reward for doing so and this mining process requires expensive hardware, access to cheap electricity, and is extremely energy intensive. PoS does away with these resource intensive requirements and a 5v Raspberry Pi can successfully take part in staking on the network.
In addition to helping to secure the network, Navcoin’s PoS consensus mechanism enables all public NAV holders to get involved with governing their platform. There is no central authority controlling Navcoin, and community members play a crucial role in maintaining a fair and decentralized system of decision making. As a result, Navcoin operates as a Decentralized Autonomous Organization (DAO) with all protocol administration and consensus changes being subject to an open voting system. All community members holding their NAV on the public side can participate in the DAO by staking their coins, and each stake is the equivalent of one vote. This gives each wallet holder a say in protocol governance, and allows them to vote on any proposals that arise. To ensure widespread participation, there is also no minimum staking amount required for anyone to take part in voting. Navcoin’s governance system also incorporates a decentralized treasury to ensure that contributors and projects can be compensated and funded by the network.
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Jan 07, 2018 (3 years ago)
Oct 31, 2014 (6 years ago)
|유통 공급량||70,780,683 NAV|
|총 공급량||70,780,683 NAV|
|최대 공급량||데이터 없음|