Navcoin is an open source digital asset that was created in 2014 as a fork of Bitcoin, originally called Summercoin. Over the course of time, it was rebranded to Navajocoin and eventually arrived at its current name. The project was self-funded without an ICO or pre-mine, instead growing from its organic decentralized foundations and developing via community contributions.
Open Alias Address System
Navcoin prioritizes high-speed transactions that are very affordable for users, with sub-penny fees. Additionally, ease of use is a distinctive feature, as "Navcoin aims to make paying with crypto so easy your parents can do it." The OpenAlias address system uses simple names for addresses, making sending Navcoin to a wallet "as easy as typing an email address" (source).
Navcoin developers are working on revamping and improving the protocol’s privacy features with the goal of highly secure and private transactions. Navcoin will offer optional private transactions, whereby users can choose to either send public or private transactions. The privacy upgrade uses an extension to the Zerocoin protocol, which uses zero-knowledge proofs, meaning privacy can be achieved without coin-mixing or centralized servers. Navcoin will also use stealth addresses, allowing for greater anonymity when sending and receiving transactions.
Proof of Stake
Being a fork of Bitcoin, Navcoin began its existence as a Proof of Work network, but eventually switched to a Proof of Stake consensus system, mostly for speed and efficiency advantages. Thus, Navcoin’s network is highly efficient and very fast, with far less computational and electrical demands when compared to Proof of Work consensus networks. This allows Navcoin users to confirm transactions in 30 seconds with very low fees, costing fractions of a penny. Stakeholders earn rewards for securing the network via their token stake rather than via any mining block reward processes, with an annual token reward of between 6-10% being awarded to stakers.
Navcoin places an emphasis on community decision-making and a democratic process for development, with stakeholders voting on any changes to the protocol. Craig MacGregor is currently acting as Navcoin's project lead, and works along with many developers from Encrypt S.
Being that this is a decentralized community of developers, it bears mentioning that this is only one of many developing teams working on Navcoin. The project has demonstrated continuous and consistent development from a large, diverse global team of contributing developers. This is at least in part due to what Navcoin calls "The World's Most Advanced Community Fund" -- a decentralized fundraising platform for projects and expenditures that are selected by community vote, with no central authority. Anyone can, therefore, contribute to Navcoin's development and enjoy support from the community.
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