Today, the ever-expanding cryptocurrency world has more than 4000 virtual currencies. These currencies are known as alternative coins – altcoins.
While Bitcoin has the largest market cap and trading volume, altcoins boast new and unique features. They provide higher scalability and come at cheaper prices, allowing new investors to earn more at a low rate.
Features That Make NavCoin a Standout Altcoin
One altcoin that’s attracting crypto investors is NavCoin. It tackles one of the main hindrances to global crypto adoption – usability. Here are its most important features:
- The Proof of Stake Consensus
While NavCoin is based off Bitcoin Core, it runs on an open-source blockchain that utilizes the PoF algorithm. Bitcoin runs on the PoW mechanism. As a result, users in this network do not require huge servers to mine NavCoins.
In the PoS consensus algorithm, you participate in mining or new blocks validation based on the number of coins in your staking account. The more coins you have, the higher your validating power.
Therefore, with Navcoin’s PoS consensus, anyone with NAV tokens can validate transaction blocks within the network. You only need to run a staking node on the NavCoin network – done by installing the NavCoin Core wallet – and put in some or all of your NAV tokens for new block creation.
Unlike PoW, this form of mining is energy-efficient and environmentally-friendly. Besides, as long as you have enough coins, you can stake them – without worrying about the NAV coins depreciating, as is common with other mining hardware, such as ASICs.
- Enjoy Fast Transactions and Scalability
NavCoin is the fastest privacy coin. Confirmed blocks appear every 30 seconds on the network. To put this into context, Bitcoin’s block times take 10 minutes, while Monero confirmations 2 minutes.
Sending NAV is also relatively cheap, which allows for frictionless payments. Currently, the fee per transaction is 0.0001 NAV. With faster transactions and low fees, NAV is ideal for business integration. You just have to add their QR code, and you can accept NAV for your goods or services.
Scalability is also a non-issue with NavCoin, since they moved to a PoS consensus and activated SegWit to reduce the network’s block sizes. With SegWit, NavCoin is already lining up Bitcoin’s Lightning Network and atomic swaps, which will help further with the coin’s scalability.
- It Is a Privacy Coin
Being a privacy coin, NavCoin guarantees anonymity and untraceable transactions. The network’s NavTech subchain provides multi-layered encryption and mixing of transactions in a managed token pool. This prevents any chain analysis that may identify senders and recipients.
Therefore, the recipient of your coins doesn’t receive the exact coins you sent. Besides, the NAVTech subchain destroys your IP and tracking info to remove any transaction links.
What’s more, NavCoin is already taking its privacy measures to the next level by implementing dummy accounts and fake transactions in the blockchain. NavTech obscures the trail of your NAV transactions, guaranteeing complete anonymity when trading NAV for other altcoins or carrying out NAV to BTC conversion on exchange platforms.
The dual privacy protocol Boneh-Lynn-Shacham Confidential Transactions (blsCT) also enables you to either store and transact your coins privately using xNAV or publicly via NAV. Moreover, you can earn through xNAV mixing. The process involves requesting coins from different nodes, making it virtually impossible to track.
Despite guaranteeing anonymity in transactions, NavCoin has also introduced the Open Alias protocol to NavCoin’s Core wallet.
With Open Alias, there is no need for the long string addresses when sending or receiving NAV. You create an email-style address that’s easily converted to a crypto address for simplified transactions.
- Open Protocol Governance
Do you want a coin with no one central controlling entity? NavCoin is a true Decentralized Autonomous Organization(DAO). Holding NavCoins allows you to be involved in the governance of the project.
As a NAV holder on the public side, you can stake your coins to participate in NavCoin’s DAO. Even better, there is no minimum staking amount – one stake equals to one vote.
Also, if you are a developer looking into a coin that compensates contributor efforts on the network, NavCoin is worth a shot. The network launched a community fund that helps them manage a self-funded decentralized fund.
The treasury comes in handy when any community initiatives need funding. The community approves payment to a service provider through a dual consensus model for on-chain governance.
Conclusion
NavCoin is one of the pioneer privacy altcoins. While it doesn’t match other popular coins, such as Dash or Monero, in terms of adoption, NavCoin’s features show it is a hidden gem worth investing in. Its roadmap, especially on the implementation of innovations, such as developing an ERC-20 bridge for NAV to be listed on popular Decentralized Finance (De-Fi) protocols, is likely to raise its value even more.
