NavCoin lets you send and receive money from anywhere on the globe. Transactions with NavCoin are private, quick, safe, and anonymous.
NavCoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of NavCoins gets carried out collectively by the network. The NavCoin blockchain is an open-source project created by the community that can be adapted for other uses or repurposed entirely into your projects.
NavCoin was founded in 2014 by Craig MacGregor to create a digital currency based on Bitcoin Core’s codebase but without any of its flaws (like slow transaction times). MacGregor wanted to create something different. A cryptocurrency that could get used for everyday purchases rather than just getting used on the cryptocurrency markets. Or a store of value as an investment tool like Bitcoin has become.
He wanted people from all over the world to use this new type of money so they could take advantage of its many benefits such as privacy, security, and freedom from censorship.
What Is NavCoin?
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NavCoin is a decentralized cryptocurrency based on the Bitcoin protocol. NavCoin uses a proof of stake algorithm, which means that instead of mining blocks with expensive computing power, you can earn coins just by owning them in your wallet and keeping it open.
Because NavCoin doesn’t use any mining at all, its network is much less secure than Bitcoin’s and other Proof of Work systems. To combat this risk, there are several things you can do to help secure the network:
- Only use trusted nodes when downloading the blockchain or sending coins/transactions (see below).
- Don’t share your public key unless necessary (and even then don’t give out a full address!).
If someone has access to one of your addresses they will be able to see all transactions sent from it and therefore know how many coins get stored at that address! It’s better if no one knows about any specific amount you own for security reasons – especially if you’re holding onto large amounts (>1000 NAV).
What Makes NavCoin Different?
NavCoin is one of the few cryptocurrencies that uses a different proof of stake system than popular coins like Ethereum, Bitcoin, and Litecoin. The NavCoin network uses what’s known as a dual-blockchain system.
The main blockchain contains all the transactions on the network and acts as a ledger for each transaction keyed off block height. This blockchain gets generated by mining nodes and functions in much the same way as other blockchains do. The transactions get stored, mined into blocks that link together to form a chain (hence “blockchain”), and then added to the chain when they get confirmed by other miners to keep them secure (more on this later).
The second blockchain, called Subchains-Core Protocol or SCP for short, stores data related to user accounts but not financial transactions themselves. This allows users who want privacy while still participating in cryptocurrency networks without having their personal information become a public record as it would if they used an anonymous crypto algorithm such as Monero or ZCash instead of NavCoin’s dual-blockchain system.
What is the Purpose of NavCoin?
NavCoin (NAV) is a fork of Bitcoin, with a few key differences. First, it uses a Proof-of-Stake consensus algorithm instead of Bitcoin’s Proof-of-Work. This method allows users to earn NavCoins by staking their coins to validate transactions on the network and earn rewards in the form of transaction fees or newly minted coins. It also ensures that no one can control more than 50% of all NAV tokens, making it more decentralized than most other cryptocurrencies out there.
Additionally, NavCoin runs an innovative platform called NavPay which allows users to send and receive funds privately over the internet without any regulatory oversight from governments or big banks – something many people are looking for when choosing an altcoin investment strategy!
How Does NavCoin Work?
NavCoin is a fork of Bitcoin. It uses the proof-of-stake algorithm and the NavTech protocol, which is a decentralized platform that allows users to make anonymous transactions.
NavCoin uses two types of coins: the original Nav Coin (NAV) and NavCoin Core (NBC). The former can be used for making purchases, while the latter is used as a staking token.
The NavTech protocol uses two different blockchains: one public blockchain that holds transaction data and another private blockchain called Subchain that holds user information. This makes it impossible for anyone to connect your public key with your personal information without being able to access both blockchains simultaneously.
Fast, Simple, and Decentralized Cryptocurrency
NavCoin aims to be a fast, simple, and decentralized cryptocurrency. It is peer-to-peer (P2P) and open source. NavCoin is not a fork of Bitcoin or Litecoin.
It got coded from scratch based on the Bitcoin protocol. The main difference between NavCoin and other cryptocurrencies is its unique Proof of Stake algorithm called NavTech. This algorithm allows anyone to run a full node that confirms transactions on their computer without having to trust any single entity or storing the entire blockchain history locally.
NavCoin has many built-in features that users love about their favorite altcoins: fast transactions with low fees; an easy-to-use web wallet; mobile wallets for iOS and Android devices; support for atomic swaps allowing cross-blockchain trading between different currencies like BTC & LTC without needing an exchange service provider; cold staking which allows users to earn interest by keeping their NavCoins locked up in “staking wallets” while still being able to spend them!
Conclusion
NavCoin is a decentralized cryptocurrency that gets based on blockchain technology. NavCoin got created in 2014, and it has grown to become one of the most popular cryptocurrencies in the world. The NavCoin team consists of developers from all over the world who collaborate to create innovative software projects for the network.
The NAV token got initially released as an ERC-20 token on Ethereum’s blockchain, but it has since migrated to its blockchain called NavTech 2.0. This migration occurred on April 30th, 2019, at which point all existing NAV tokens got swapped for new ones that exist solely within this new ecosystem (and not on other platforms).
NavCoin uses a hybrid proof-of-stake/proof-of-work consensus mechanism known as “Proof of Stake Velocity” or PoSV. This means that you can earn interest by holding onto your coins instead of needing expensive mining equipment like Bitcoin Cash or Litecoin.
