The Community Speaks segment is written by select members of cryptocurrency coin or token project communities who want to update the Altcoin Buzz Army about news surrounding the project they represent. The goal of the Community Speaks Segment is to bring these community members in to introduce the Altcoin Buzz Army to their opinions surrounding their respective projects and keep them updated on its progress. Any ideas or opinions expressed here do not necessarily align with those of the Altcoin Buzz core team.
NavCoin was one of the first cryptocurrencies and is one of the few cryptocurrencies to live a long and prosperous life. NavCoin was created in 2014 as an open source and fully decentralized coin, and it continues to maintain this status today.
With a strong community of international developers and supporters, NavCoin continues to prosper in adoption and tech advancement. Every single proof of stake cryptocurrency can look to NavCoin as the wise elder. NAV has trailblazed in transaction speed, user adoption, low barrier usage, and community growth.
The NavCoin values have been laid out for a long time, and the goal is to provide an easy to use and transparent cryptocurrency that gives the people of the world the ability to be your very own bank. NAV is open source and controlled by no one. Craig Mcgregor is the project lead, and he is the forefront of many initiatives and provides excellent leadership for all tech advancements that happen to NavCoin. Nav wants to give freedom, privacy and financial power to the citizens of this world. Let’s take a look at ten must-know facts about NavCoin
- NavCoin is a proof of stake focused cryptocurrency with some of the fastest transaction times clocked to date, with an average 30-second tx speed. PoS, of course, has become a widely adopted algorithm, but NavCoin has been able to get the most out of it with an average 260 transactions per second and a transaction fee amounting to less than a penny.
- NavCoin adopted the “Open Alias Protocol” which allows you to send NavCoin to an email address that’s pegged to an alphanumeric address. To create real-world adoption, this was one of those initiatives to help ease users into NavCoin.
- Privacy has become a key feature for many cryptocurrencies, and the Nav contributors are well aware that this is a feature that needs to be integrated. That is why in the upcoming months ZeroCT or Zero Confidential Transactions will be integrated into the NavCoin. It will combine the power of the Zerocoin privacy protocol feature and confidential transactions while eliminating the factors that have made Zerocoin fail before. A complete and sophisticated explanation can be found here. ZeroCT uses “Bulletproofs” to conceal the number of coins spent in a transaction. A bulletproof is a non-interactive protocol that verifies the coins being sent without revealing the amount and that is in conjunction with the confidential transactions protocol.
- The community fund is a new initiative to help boost NavCoins tech, exposure/marketing, and community-focused consensus. Every year an average of 500,000 NAV is accumulated into the fund. Anyone from the community can create a proposal and seek votes. Stakers can vote yes or no on a proposal, and for each stake, a vote is added onto that stakers original ballet. No one owns the community fund and it can only be spent via dual network consensus. There is a 4 step process that starts with the submission of a proposal which requires a 50 navcoin fee. Then the community members vote yes or no. You have six cycles to get your proposal accepted or denied. Once the task mentioned is completed, you submit a payment request and the community votes on that as well. This is without a doubt one of the most advanced and genuinely decentralized community funds available in the space.
- The NavHub site is fueled by community engagement and features news, projects and current events. The site also contains a guides section to help community members to become contributors to the NavCoin community and the NavHub site. This adds another pillar to its dedication to being a decentralized and community focused cryptocurrency.
- NavCoin has a long list of wallets that provide users with different levels of experience. The original wallet known as NavCore is the most used. It gives users all the necessary tools to send and receive NAV and to participate in community activities. The NEXT wallet was designed to provide the user with a more accessible and more beautiful user interface. It’s a consumer-friendly application that can be downloaded onto your computer. The NEXT wallet gives you access to the community fund proposals and the ability to have several addresses in one location. NavPay is an easy to use a light wallet that can be downloaded to your desktop, mac, android and iOS devices. There’s no blockchain to download, unlike the NEXT and Core wallets. Control your own privacy in a safe and secure light wallet.
What’s been going on recently with NavCoin?
- At the moment NAV is producing some great new features and tools. Cold staking was recently enabled and many community members migrated from online staking to the new cold staking feature. This gives users the ability to earn NAV and secure the network while being offline, it’s an added layer of protection.
- Sakdeniz created the beautiful and easy to use NEXT wallet, but now he’s working on the lite version. One of the new features will be a password protected log in. Without that password, no one can access or see your transactions.
- The “NavDroid StakeBox” is being developed and it’s a web Interface which will be able to be used on low power staking devices like the ODroid XU4. An ODroid XU4 is a single board computer that uses a considerably lower amount of energy than what most stakers need.
- ZeroCT integration is still ongoing and being developed as we mentioned earlier in the article. This is what the community wanted for a long time and it’s finally happening.
NavCoin is the real trailblazer in the proof of stake community. That’s why it’s a perfect contender for the “Community Speaks” segment. Anyone that wants to get involved with NAV can easily visit their telegram and discord and receive help from it’s an active community. This article was meant to give you an overall look at the NavCoin cryptocurrency and the mission behind it. You can visit Navcoin.org to learn more.
This article was brought to you by a member of our Community Speaks team. The Community Speaks team is made up of members of different project communities who want to make their voice heard in the Altcoin Buzz community. If you are interested in becoming part of our Community Speaks team please contact @Garrett59 on telegram.