What Is Nav Coin?
Nav coin is another Altcoin with a seemingly interesting story. We thought it would be only right to take a closer look, as we’ve been following its trajectory and finding out exactly what it’s all about.
How Is Nav Coin Performing?
And as of recent, there’s a decrease in the price of Nav Coin of perhaps a few percent, so that’s really nothing; as a cryptocurrency itself, Nav is barely moving. In fact, even with a circulating supply of 62 million, we can assume that this price will be worth more than ten dollars.
This is because usually when it's double digits (in the millions), the total supply would be in the 50s to even 100 million dollars if it is popular – assuming the Nav coin is popular.
At its current price, Nav coin is quite undervalued, and if you have done your research about this coin, you can see it has been around for quite a long time.
In fact, it's been around just as long as Bitcoin has, and it's been addressing those issues but has never really become as popular, but that's fine. There's always time for this cryptocurrency to move alongside Bitcoin as well.
So, looking into Nav coin, it’s quite cheap and undervalued. At its current price, it is pretty much bouncing around at that $1.50 to $2.10 mark, with barely any trade volume, or rather not a large amount of trade volume happening right now.
Looking at the main website, it basically tells all about their cryptocurrencies, gives us those download links to the wallet and some cold storage.
But What Exactly Is Nav Coin?
Nav coin is a decentralized cryptocurrency that builds on the latest version of Bitcoin, but with added features and functionality. It also has a focus on making online payments easy to do at low cost, all the while making sure that your privacy is protected. Essentially, Nav coin is aiming to be similar to Bitcoin.
It’s probably not going to be as an intangible kind of commodity, but it is aiming to be like other cryptocurrency payment solutions online, similar to Ripl but with a focus on privacy.
On top of a solid foundation, Nav coin supports easy to use wallets which are packed with advanced privacy features, plus functionality including low fees and fast transaction times similar to Bitcoin. It also has some pretty solid wallet APIs, which mean they're a breeze to use.
As you can see, Nav coin is a privacy-focused cryptocurrency. Navtech essentially has a dual-binary blockchain, which may be better off described as a sub-chain, which is akin to a side chain that the Nav cryptocurrency uses, which allows you to make your purchases private working with that blockchain.
The Privacy Measures Behind Nav Coin
So, the privacy works by having the transaction go through the sub chain, where it gets encrypted and is then returned and processed as an encrypted piece of data. There are also faster transaction times – no need to wait for 10 minutes – allowing you to send Nav anywhere on the planet instantly and have it confirmed and spendable within seconds.
The Proof of Stake Protocol
Another interesting thing about Nav coin is that you can earn money while you sleep. This is because Nav coin has a proof of stake protocol, where you earn up to 5% reward simply by having your wallet in staking mode.
This protocol works by having you run a load, which is your wallet in most cases, where you hold coins. If you have the staking mode running, you will earn dividends based on how much you were holding.
There are also optional private payments using the dual-binary blockchain, which will send encrypted private transactions through the open source Navtech private payment platform, the sub-chain mentioned earlier.
What Nav Coin Hopes to Achieve
Looking at Nav coin’s roadmap, it talks about Valence, which is essentially a decentralized application platform for Nav. This makes it similar to Ethereum and a lot of other cryptocurrencies out there, not only acting as a cryptocurrency for online payment solutions. It will also have a platform where you can run decentralized applications on a blockchain, meaning there will be apps available for use soon.
Right now, this part is still in development, but there'll be a lot of new things available on this platform.
There are also a lot of new upcoming projects as stated in the roadmap, like the veil nodes – these are basically nodes that act on the network. There’s also the encrypted communication protocol which means more privacy with communication, the AppStore and console, which will most likely run on the Valence platform.
There are some crowdfunding platforms too, which mean you can fund the development of applications if you wish as well.
As you can tell from all of these points, you can see that it's developing right now, and they’ll be plenty to see in the future. It also got the lightning network, which is for faster transactions, and Navchain, which works with the underlying network. This is basically for instant exchanges between Nav and other currencies.
Nav Delta is a payment gateway powered by Valence, which should be upcoming too. Coin staking allows you to stake your coins in cold storage, which means when your cryptocurrency is offline, on a USB for example. This means no one can take it from you without getting hold of the hardware.
Nav coin is aiming for the ability to have cryptocurrency in cold storage while being able to stake them at the same time, so you can get returns while having the coins nice and safe in cold storage – making it unhackable.
There’s also a Nav coin 5.0, which is basically an electronic application which will extend the functionality in order to handle multiple accounts’ pin numbers and reoccurring payments, plus other functions that you would be seeing in a bank application.
Nav coin also has a strategic plan, where we can see they’re developing a new plan for the cryptocurrency.
Navmorph, formerly polymorph, is a fusion of Navmorph, private payments and instant exchange technology to enable sending supported cryptocurrencies privately, which basically makes it a private sending exchange.
Nav Coin and the Valence Platform
It’s time to look further at the Valence platform – a utility that makes Nav coin similar to Ethereum.
With the current Navtech sub-chain, Nav goes onto the Navtech platform. It's encrypted, then goes into the sub chain for the confirmations, goes back onto the Navtech platform, and then the Nav coin is sent wherever it's meant to go.
This is the current sub-chain; however, with the Valence platform, the sub chain will go through some evolution in the structure and engineering of the technology in place.
The update will work by having Nav go on to the Navtech platform, then goes into the Valence platform, which is essentially a whole different blockchain in itself. It then goes back, and the Nav is sent wherever it’s going.
When you're exchanging Nav to Bitcoin, the Nav goes into Navchange, then goes onto the Valence platform, then back to Navchange before it is exchanged into Bitcoin. But with the Valence platform, acting as its own external blockchain, it basically leaves a lot of room for scalability.
That means almost anything can happen on the separate blockchain platform. Valence runs its own blockchain for the purposes of scalability, so that Valence can have its own platforms, its own apps and also a lot of other options from this way of working.
Nav can not only act as a payment solution and do plenty of interesting things, but it also has the ability to act as a platform where apps can be developed that are quite anonymous in a sense (simply because Nav coin is always focused on being anonymous).
Is Nav Coin Worth Your Time?
Nav coin presents an interesting solution to the cryptocurrency market. Not content on just being another player amongst the wealth of digital providers, Nav coin brings a well thought out feature set and an abundance of utilities that should help to extend Nav coin past its current iterations and take it far beyond your average cryptocurrency. This is definitely one Altcoin to watch out for!