What is NAV Coin? Navcoin is a digital currency based on the Bitcoin blockchain but adds a number of features that provide additional financial privacy by modifying transaction data that would normally be visible on the blockchain, so that this information is no longer traceable. While other altcoins mix, merge, route, or obscure their blockchain data, NAV uses a technology they call subchains. As a result, the transaction relationship is broken and a Navcoin transaction can no longer be traced.
How To Buy NAV
So you’re interested in buying NAV? Currently, there is no way to buy NAV directly with fiat, so the best way to buy NAV is to first purchase Ethereum, transfer it to your chosen trading platform and change it to NAV. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for NAV/ETH and confirm.
3. On the NAV/ETH trading section you can now choose how much NAV you want to buy with your Ether. Once you have chosen your amount, press Buy NAV and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of NAV.
What is NAVCoin?
NAV Coin aims to make the use of blockchain technology to carry out transactions as easy as possible. A combination of simplicity and anonymity makes NavCoin a popular cryptocurrency.
The concept of digital currency (cryptocurrency) is always based on a public purse or public trade repository, the so-called’ public ledger’. This is something that a decentralised system always needs, because parts of the blockchain will otherwise have no place to check and verify the authenticity of transactions. The balance of a wallet is therefore always transparent to everyone on the blockchain by means of a public key, but in order to be able to manage this balance, a private key (private key) is required which only the owner of that particular wallet has:
By default, blockchain transactions can always be traced back, but there is usually a certain degree of anonymity because, unlike a bank account, a cryptocurrency wallet address is not linked to personal data. But if it is in a way possible to find out who the owner of a certain public key (wallet address) is, all transactions related to that wallet can be viewed on the blockchain in question.
NAV Coin is a means of payment that focuses on privacy. To ensure that transaction data cannot be traced, the blockchain uses a unique technology called NavTech: this technology ensures that transactions are processed and anonymised through a secondary blockchain called NAV the subchain:
When you send a quantity of NAV to another wallet by means of another wallet, the transaction is not sent directly to the other wallet but to a NavTech server. The NavTech server is a special wallet designed to process transactions anonymously. The destination address is encrypted (RSA-2048) so that only the NavTech server can read it.
Once the NavTech server has received the transaction, the transaction is encrypted again and sent to a secondary blockchain: the subchain. This subchain then sends the amount back to another NavTech server, but this time the transaction data is fused: from the subchain, the transaction is encrypted and split up at different times, so that the amount of the transaction is no longer traceable.
Once the last NavTech server has received all information about the transaction on the subchain, the correct amount of Navcoins (NAV) will be sent to the original destination.
Pay with NAVCoin or NAV savings
With every technology, including cryptocurrency, a healthy balance between ease of use and security is very important. Not only is NAV Coin a safe and anonymous payment method, but the developers are also constantly working on the technology to make it as attractive as possible in order to increase the chances of adoption.
There are several types of wallets available to save the NAV cryptocurrency and to make payments. In any case, there is the NAV Coin Core wallet which synchronizes the entire blockchain and becomes part of the Proof oftake consensus: the algorithm used by the NAVCoin blockchain to verify transactions. Because in this way you contribute to the stability and security of the network, you receive an interest rate of 5% on the entire balance in your wallet. We call this process a strike.
Of course, not everyone is interested in stopping NAV, some people want to use the digital currency from every device and every location to make payments. That is why there are also online wallets and mobile wallets available. In the 2nd half of 2017, the developers also publish NavPay: a mobile app for NAV payments. Transaction costs for a payment with Navcoin are low and processing time is fast: the costs are 0.0001 NAV and the payment is confirmed within 30 seconds.
NAVCoin price: the current NAV value
The developers of the Navcoin blockchain have been working together for years to make their technology a success. Since May 2014, the digital currency NAV has been traded and since then, the developers have updated almost every week what they are doing. This transparency is something that many investors appreciate.
Since the end of 2016 / beginning of 2017, the value of Navcoins has risen sharply in value despite peaks and falls in the price. In about one year, 1 NAV has become almost 100 times more worth: from just over 1 cent (USD 0.011367) on 15 July 2016, to over 1 euro (USD 1.19) on 10 September 2017.
NAVCoin owes this increase in value not only to the general growth of the cryptocurrency market: in 2017, the developers added a number of good updates to the NAV blockchain. Examples include the activation of SegWit to improve scalability, the development of the NavPay mobile app, the ability to use a NAV Coin Core wallet on a Raspberry Pi mini computer, and the invention of NavTech: a way to obfuscate transaction data to take financial privacy to a new level.