Nav Coin is a variety of decentralized digital currency built on the latest Bitcoin Core framework. Nav Coin provides a robust setup, offering user-friendly wallets equipped with cutting-edge features that enhance privacy and support SegWit. This allows users to conduct anonymous transactions, safeguarding their personal information and data during online dealings. Nav Coin operates on a Proof of Stake algorithmto carry out transactions and maintain network security, thus enabling coin holders to stake their assets and earn a 5% annual return on their balance as a reward.
This manual on Nav Coin delves into its technological aspects, team details, and guides on how to acquire and store Nav Coins to capitalize on staking benefits.
Who Is the Nav Coin Team?
The Nav Coin Team is expansive and includes several key players. Among them are Craig MacGregor as chief engineer, Alex V as the core engineer, supported by software engineers Matt Paul, Paul Sanderson, Victor Jones, and Troy Cornwall. In addition, the team includes community-focused software engineers like Admir Sabanovic, Universal, and Ivan Muller. The digital strategy department comprises marketing director Kieren Hyland, creative director Laura Harris, digital strategist Josh Drummond, operations manager Guy Sinclair, and advisor Melissa Davies. Moreover, six individuals form the legacy team.
What Makes Nav Coin Different?
Nav Coin boasts several distinctive features that differentiate it from other digital currencies. A primary advantage is its notably quicker transaction time, allowing users to send NAV (tokens) globally in a blink, with transactions being confirmed and spendable in merely 30 seconds.
Nav Coin supports Proof of Stake, enabling users to generate income without actively monitoring their investments. Switching the wallet to staking mode allows users to accrue up to 5% interest. This approach is environmentally friendly, negating the necessity for resource-demanding server farms or expensive equipment for Proof of Stake mining. This ecological benefit ensures accessibility for all, irrespective of available resources.
Another standout feature of Nav Coin is its minimal transaction fee set at just 0.0001 NAV. The development team remains proactive, delivering weekly updates to keep users informed of progress, a rarity in the cryptocurrency realm.
The Nav Coin framework undergoes regular upgrades to incorporate the latest Bitcoin developments. Users thus enjoy all Bitcoin's advantages with added privacy exclusive to Nav Coin. The community is exceptionally active and supportive; for instance, it remarkably took just two weeks for the community to vote on and implement SegWit (Segregated Witness).
What Distinguishes the Technology Behind Nav Coin from Other Privacy-Focused Cryptocurrencies?
The lion's share of cryptocurrencies offering analogous privacy levels to Nav Coin relies on emerging algorithms like ZKSnarks or CryptoNote/RingCT, which are not extensively studied. Skepticism looms among scholars, as breaking these algorithms could render transaction histories visible, obliterating privacy.
To sidestep these challenges, Nav Coin employs the well-researched RSA algorithm. It also uses 2,048-bit keys, deemed secure; however, it can upgrade to 4,096-bit keys for enhanced security without adverse effects.
Nav Coin Wallets
To begin using Nav Coin, initially, you'll need to create a wallet to store them . Multiple options exist, especially if you're looking to stake Nav Coins and earn an annual 5% reward for your participation. You'll need to download the Nav Coin core wallet. Opting for this path necessitates downloading the entire blockchain approximately 1.5GB. For staking, it’s essential to keep your wallet open on your computer while remaining connected to the internet. If staking doesn't appeal to you, the Electrum wallet is an alternative, using remote blockchain data.
There's also the possibility of creating a paper wallet for offline storage, and for mobile options, the Coinomi Android wallet can house Nav.
How to Stake Nav Coin
To Stake your Nav Coins for the 5% rewards, proceed to download the Coin Core install the wallet on your computer, execute the program, select an installation location, and wait as the blockchain synchronizes.
To deposit coins into the wallet, navigate to the “Receive” tab to find your address and accompanying QR code. This area allows the generation of limitless addresses.
At this juncture, it's advisable to back up your wallet in case of future restorations. Access the “File” menu and select “Backup Wallet” to create a wallet.dat file. Secure this backup in a safe location, like a USB drive.
Once the blockchain is synced and Nav Coins are within the wallet, staking begins.
For additional insights on Staking, visit this site hosting an array of tutorials on Staking and setting up a Raspberry Pi for staking. They even offer a Nav Coin Staking calculator for calculating electricity expenses and potential earnings.
How to Buy Nav Coin (NAV)
Now that your wallet is configured, you’ll want to acquire Nav Coin to store in it. Direct purchases of NAV with “Fiat” aren't possible, so purchasing another currency first is necessary—Bitcoin or Ethereum are the simplest, obtainable on Coinbase via a bank transfer or card payment, then swapped for NAV on Changelly.
Register at Coinbase
For newcomers to cryptocurrency, we've found Coinbase to be an excellent entry point for first purchases—user-friendly and fully regulated by U.S. laws, ensuring it's among the safest and most reputable cryptocurrency platforms. Coinbase provides for the purchase of Bitcoin, Litecoin, and Ethereum using a bank transfer or card. Though card fees are heftier, the currency arrives instantly.
Signing up entails identity verification as they comply with stringent financial regulations. Validate by using our link to signup and enjoy $10 in free Bitcoin upon a first purchase totaling $100.
To start, click “Sign up”, leading you to a registration form requiring your name, email, and a password.
Coinbase subsequently dispatches an email verification link; once opened, you access a page demanding your phone number and ID photo upload—it could be a passport, driving license, etc. Then, input payment info to either a bank account or a preferred card. Following a brief processing period, account verification occurs, unlocking your ability to purchase.
Purchase Ethereum or Bitcoin
This guide pursues acquiring Ethereum to then convert into our desired crypto asset. Ethereum’s transaction fees are markedly cheaper than Bitcoin’s, and the process is faster. In Coinbase, tap the “Buy / Sell” tab, select “Ethereum”, choose your payment method, and set your purchase amount—either a USD quantity or Ether units.
Thereafter, confirm the transaction. Card payments may demand additional verification from your card issuer. Upon completion, your Ethereum account gets updated.
Using Changelly
Next, navigate to Changelly's site to swap Ether for NAV. Use this link inputting the convertible Eth amount displays the NAV quantity received in return. If satisfied, proceed by clicking the green “Exchange” button.
You then must create an account via social media or your email.
Upon registration, review the transaction details on the next page to ensure their accuracy. Confirm the data by selecting the green “Next” button.
You'll then input your Nav Coin wallet address as the receipt location for the coins. Paste it into the box and hit the green “Next” button.
A final check occurs before completion, with a confirmation screen. Ensure every detail is correct.
Changelly furnishes an address for sending your Ethereum. Copy it, then return to your Coinbase account.
Send Your Ethereum or Bitcoin
Within Coinbase, navigate to “Accounts”, pick your Ethereum Wallet, and select “Send”.
Insert the address from Changelly.
Click “Continue”, and if you enabled two-factor authentication, a verification through email or phone may be necessary.
The Ethereum transaction process begins—expect slight delays. Your Changelly account provides step-by-step notifications:
- Waiting for payment
- Exchanging
- Sending to your wallet
A completion message will materialize once finalized, reading “Transaction Complete”. Check your Nav Coin Wallet to confirm NAV ownership.
Understanding NAVTech
Downloading the latest Nav Coin wallet introduces NAVTech as a preconfigured inclusion. This decentralized open-source system lets anyone use the Nav Coin server or create their own. NAVTech operates a dual blockchain ensuring transaction privacy by encrypting data before sending it through the secondary blockchain, obliterating any connection between involved addresses.
How Does Nav Coin Ensure Transaction Anonymity?
By choosing a private payment, Nav Coin dispatches the transaction through the dual blockchain supported by the NAVTech system, preserving anonymity.
What Projects Has Nav Coin Completed?
If you look at the Nav Coin roadmap Within our extensive list of completed projects, you'll find a wide range of achievements from Mobile and Web Wallets to the exciting realm of Anonymous DApps. We've also overhauled the Subchain and launched various versions of Nav Coin Core, from 4.0.0 to 4.0.4, not to mention our efforts with the NaviPi initiative and NavTech upgrades. Our journey also includes revamping our website, integrating decentralization and anonymous merchant functionalities, developing a merchant gateway, creating a slim desktop client, launching NAVTech publicly, and rolling out advanced tools like NAVTech Node JS, a beta test for NAVTech, Faucet, and Block Explorer.
Nav Coin embarked on its journey in 2014, and by 2016, it had soared to become the third top-performing cryptocurrency. With an array of projects already in the rearview and more on the horizon, Nav Coin is poised to continue its upward trajectory.
What Future Initiatives Are in the Works?
The masterminds at Nav Coin are putting in significant effort to expand it with numerous projects. NAVTech Polymorph is an exciting ongoing project involving collaboration with Changelly, a swift and user-friendly exchange platform. This endeavor aims to ensure anonymous payments while offering seamless conversion among over 25 cryptocurrencies available on the platform. This ambitious project is about 60% finished.
Currently, the marketing roadmap is advancing towards completion, now 75% finished, which includes setting a comprehensive marketing strategy and a detailed plan. Nav Pi 2.0 stands at 25% complete, focusing on refining the NavPi interface and boosting front-end performance for a superior user experience. Meanwhile, the Community Fund is 20% ready, prepared for activation pending a successful network vote.
The NAVTech Wallet is set to revolutionize how assets are managed, uniting NavTech, the Subchain, and Nav Coin into a singular, fully decentralized network. Alongside, the development of Anon Dapps is underway, which will serve as an Anonymous Decentralized Application platform.
Efforts are also in motion for Cold Staking Implementation, enabling NAV stored securely offline to be utilized for staking, enhancing fund security during the process. In parallel, work progresses on a Nav Chain Prototype.
Conclusion
Nav Coin merges the advantages of Bitcoin with robust privacy features, such as the ability to obscure addresses and other sensitive information. This empowers users to benefit from cutting-edge technology while safeguarding their privacy within the cryptocurrency sphere.
In addition to its privacy features, Nav Coin's upcoming Polymorph technology, cold staking capabilities, and future potential for Smart Contracts and Dapps paint a promising picture for its prospects, cementing its status as a wise investment in many eyes.
