How Does NavCoin Differ From Other Privacy Coins?
There are more than four thousand cryptocurrencies on the market. However, many coins do not provide their users with one essential thing ‒ anonymity. All transactions in the Bitcoin, Ethereum, Binance coin network, are public, and anyone can see them.
Competitors use two leading technologies: CryptoNote/RingCT (used by Monero, Bytecoin) and ZKSnarks (used by ZCash).
Both technologies are relatively new algorithms that are not properly researched. Moreover, several scientists question the validity of these algorithms. Once these algorithms break, the entire transaction history will be disclosed.
NavCoin anonymous transactions are based on the RSA algorithm, which is widely used and studied. Currently, the network uses 2048-bit keys, which are considered secure. But if the developers decided to move to a safer 4096-bit length (the longer the bit length, the harder it is to hack), this would not affect the ecosystem from the opposite side.
The next generation of NavTech will be an even more secure mesh network. It essentially means that every wallet will be able to process anonymous transactions. This will lead to absolute decentralization.
What Is SegWit, and Why Was It Activated on NavCoin?
SegWit is an updated protocol aimed to optimize the NavCoin block size. The Bitcoin developers originally proposed it. Since this was a significant change in the underlying technology, it was necessary to vote and support it by 75% of the network participants. This happened in May 2017.
SegWit provides NavCoin with tremendous flexibility on its blockchain. It allows for execution of next-generation planned projects (robust smart contracts and anonymous DApps).
To simplify the process of NAVTech node operation, the developers consider integrating NavCoin and subchain into one multi-chain wallet. It will streamline the processing of anonymous transactions for everyone and be the forerunner of the next generation of the NAVTech system.
Differences Between NavCoin and Bitcoin
- Low fees. The cost of one transaction is 0.0001 NAV, whereas fees are tens of dollars (depending on the workload of the mempool) on the Bitcoin network.
- The big difference in the exchange rate; as of the end of April 2021, 1 NAV to BTC is 0.00001222 BTC.
- You don’t need to buy specialized equipment to mine new NAV coins. It is enough to open a node and be a coin holder. The more coins you store in your wallet, the more rewards you receive.
- The NavCoin network is ideal for micropayments.
- Anonymous payments. The publicity of the Bitcoin blockchain allows tracing the entire history of the coin from the very beginning. Transfering NAV, you don’t have to worry about your privacy.
- High network throughput. NavCoin blockchain can process thousands of transactions per second (Bitcoin can perform 4-8 on average).
- NAV has inbuilt additional means for sending private payments that BTC does not have.
Where Can You Buy NAV?
To date, this cryptocurrency is listed on not so many centralized exchanges. To use them, you will have to register and provide your personal data.
If you want to trade NAV and another 200 other cryptocurrencies anonymously, Godex is the most convenient option. You don’t need to register on this decentralized platform. It does not collect any information about its users, so anonymity is guaranteed.
Go to the calculator tool to convert cryptocurrencies. You can find it on the main page. Select the cryptocurrency pair you are interested in and indicate the transfer amount. After that, you will have to correctly enter the wallet address for funds to arrive. You will receive your coins within 5-30 minutes after payment. Everything depends on the network workload of your chosen cryptocurrency.
NavCoin is a compelling and multifunctional alternative to many other services. The developers pay special attention to its development, better security, usability, and functionality.
Its popularity leaves something to be desired. Moreover, there has been very little news about the team’s progress lately. If you decide to invest in NAV, you’d better carry out your own research. Keep in mind that you should invest only the amount you are not afraid to lose.