NavCoin
$0.12758 -1.16%
NAV · 138w

NavCoin beginners guide :)

What is Nav Coin?

Nav Coin is cryptocurrency designed to be anonymous and simple to use. Established in 2014, it belongs to an older class of cryptocurrencies that came before the current wave of ICOs. Nav Coin has stood the test of time well. Over the past four years it has implemented various upgrades, features, and improvements. The team is dedicated and knowledgeable, and as a result the platform has seen consistent growth.

However, Nav Coin has not seen the kind of growth that the other competitors in the race to be the top privacy coin have seen. Dash, Zcash, and Monero have all outstripped Nav Coin in terms of adoption and funding. Recently, the project has seen a comeback, as they’ve begun to emphasize design, usability, and experience. Nav Coin wants to make it simple and fast to use private transactions.

The original Bitcoin code is the bedrock for Nav Coin’s code, but the developers have changed several key features of Bitcoin. First, Nav Coin implements a secondary sub-chain known as NavTech. NavTech enables transaction anonymization and mixing (see below). Second, Nav Coin exchanges Bitcoin’s proof of work algorithm for proof of stake. Additionally, Nav Coin transactions are faster and cheaper than Bitcoin. In the future, they will also support decentralized applications coded direct to the blockchain.

Transaction Times, Fees, & Scalability

Since the early days, one of Nav Coin’s strong suits has been its fast transaction times. Nav Coin sees block confirmations every thirty seconds as opposed to Bitcoin’s ten minutes. This is faster than Monero (2 minutes) and Zcash (2.5 minutes). Dash also averages about 2.5 minute block times, but its masternodes make it possible to send instant transactions. That said, Nav Coin has the fastest standard block time of any privacy coin.

These fast transactions aren’t expensive either. Where currencies like Bitcoin and Ethereum are having trouble with high miner fees, Na...

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