About Nav Coin
A cryptocurrency is essentially a virtual currency that can be used to buy and sell goods and services (similar to USD etc). Transactions are encrypted and transferred from one virtual “wallet” to another, without needing to go through a traditional bank or credit card provider. This allows you to avoid the fee’s you usually face when going through a bank (e.g. currency exchange, processing fee’s).
A key feature of cryptocurrencies is decentralization, as all transactions are recorded into the network, which prevents against fraud and attacks (as there is no single source that holds all the data). It also uses cryptographic code to secure the network, which makes it near impossible to counterfeit.
A key difference is that we use the Proof of Stake algorithm to secure the network (Bitcoin & most others use Proof of Work). The benefit of using Proof of Stake is that it’s much more lightweight and you don’t need huge servers to mine NAV. All you need to do is install the wallet, turn on ‘staking’ mode, and you’ll earn 5% on the amount in your wallet.
Blockchain technology has the potential to completely revolutionise the world – making the world a more trusting place, and giving ordinary people the power to take control of their lives.
Nav Coin is built around 2 key principles – privacy & usability.
- We believe that privacy is one of the cornerstones of any democracy. In fact, we argue that in a monetised society, without financial privacy, there can be no freedom of speech.
- The biggest problem with the current blockchain technologies is that they are far from user friendly. We believe that for blockchains to take off into the mainstream, it has to be so easy that the average person wouldn’t need to know anything to use it.
- Faster transactions times (30 seconds versus 10+ mins).
- Low cost transactions (only 0.0001 NAV).
- A Proof of Stake wallet, that doesn’t require a huge server to run. Even a 5v Raspberry Pi can run it.
- A highly active development team, with updates every week.
- Users earn a 5% return on the amount in their wallet simply by staking.
- Optional, but fully anonymous transactions.
- A proactive & forward thinking community of users. Our users voted on, and activated Segregated Witness (SegWit) in only 2 weeks.
- We’ve built trust the hard way – by being around for 3 years now, and with no intention of stopping.
- A partnership with Changelly that will allow people to switch between coins anonymously.
- Projects that will make Nav Coin much more than a simple currency – such as the ability to create anonymous distributed apps.
If you’re interested in the details of how this happens, click here to take a look at our white paper which explains it all.
Both of these are new algorithms that don’t have many studies behind them. And there are several academics that question the validity of these algorithms (such as here https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony ). As soon as those algorithms are broken, the whole transaction history would be unveiled.
Nav Coin’s anonymous transactions are based on RSA, which is a widely used and studied algorithm. We currently use 2048 bit length keys which are nowadays considered safe, but if we decide to move to a safer 4096 bit length (the longer the bit length, the harder it is to brute force crack), we could do it and it wouldn’t negatively affect the ecosystem.
The next generation of NavTech will be even more secure mesh network, which essentially means that every wallet will be able to process anonymous transactions and bring us to 100% decentralisation.
Proof of Work (used by Bitcoin) requires powerful computers to calculate huge mathematical problems in order to process transactions (this process is called ‘mining’). The first computer that ‘solves’ the problem, receives a reward for doing so, which incentivises people to mine. The issue with this approach is that it is very energy intensive – experts have argued that bitcoin transactions may consume as much electricity as Denmark by 2020. Because it is getting so expensive to mine (the cost of electricity, hardware etc), what has happened is that mining is now becoming more centralised, with only a handful of groups (mostly in China) running the majority of the Bitcoin network.
Proof of Stake on the other hand is much more efficient, which makes it so that anyone can become part of the network (and earn 5% for doing so). It would be very expensive to attack the network, as an attacker would need to buy 51% all the coins before doing so, and in doing so would suffer from their own actions.
It can take a while to earn rewards from staking, so don’t worry if you don’t see staking rewards show up straight away. But over the period of a year, you should earn 5% on the amount in your wallet.
SegWit gives Nav Coin a huge amount of flexibility in its blockchain, which allows it to implement the next generation of projects they have lined up – such as powerful smart contracts, and anonymous DApps.
How To Get NAV
- Buy Bitcoin – using LocalBitcoins is probably the easiest way to get started.
- Join an exchange such as Poloniex or Bittrex (it’s free) and transfer your Bitcoins to this account*.
- Once there, find the NAV/BTC exchange, and to make a transaction you simply choose the price at which you would like to buy NAV (look to see what others are bidding), how many NAV you would like, and then let the market do it’s thing.
- You’ve got your NAV! So the next step is to send this to your wallet and unlock it to start staking and earn your 5%.
How To Stake Your Coins
To unlock the wallet, go to ‘settings’, and click on ‘Unlock wallet for staking’. You then enter you password, and it’s done! Your coins will start staking once you have fully synced with the blockchain.
Here are some estimated staking times:
1000 NAV = 1-2 stakes per month
10,000 NAV = 1 stake per day
What does change is how often those rewards are received, because as the difficulty increases (when more coins are staking in the network) it will take more time to get a stakes.
But as the reward amount does not change, it will accumulate until a reward is obtained.
Getting Started With NAV
We recommend you get a Raspberry Pi 3, an SD card, and a case for your NavPi to keep it safe.
The wiki has a full instruction page on how to set this up properly http://wiki.navcoin.org/index.php/Make_a_raspi_stakebox
Otherwise, feel free to use the Coinomi wallet if you mostly use your mobile phone.
2) Wait for your wallet to sync to the blockchain.
3) Unlock your wallet for staking.
4) Once you’ve sent coins to your wallet, the staking will automatically begin.
And always remember to backup your keys!
The best way to contribute is to help spread awareness of NAV – on social media & with your friends.
And like us on Facebook & Twitter to stay up to date with all the latest news.
If you come across any issues, then complete the following steps:
1. Open your wallet, click on ‘File’, and run ‘repair wallet’.
2. You should also check if your wallet is up to date.
3. If you’ve tried both of these steps and you’re still experiencing issues – then contact the team with as much info as you can.
Find your installation of the Nav Coin wallet, and look for a file called ‘wallet.dat’. This is the file that you need to backup somewhere secure.
Please visit the technical issues section on our Forum here
There could be several reasons why:
- Your wallet hasn’t fully synced to the blockchain yet
- You haven’t unlocked you wallet to enable staking
- You don’t have any NAV in your wallet.
The lower the amount of NAV you have staking, the longer it will take to get a reward – and it can take sometime.
- The first thing you should do is backup your wallet.dat file.
- Then download the latest version of the wallet from the Nav Coin website, and install it. Once you have installed you will be given the option to create a new wallet or import one – this is where you will want to select the wallet that you backed up.
If you click on ‘Help’ in your wallet, there is a button to get access to the debug window – if you are experiencing technical issues then this information will help get to the bottom of it.