This week has seen a successful rollout of the new NavTech Subchain and the Core team’s NavTech servers are back online. The Coinomi wallet has been updated and there are some new services that have integrated NavCoin. All while our marketing team prepares to release the first of a series of articles to support our recently published roadmap.
NavTech Subchain Upgrade Success
The NavTech Subchain – our second blockchain which powers NavCoin’s private payments – has successfully been upgraded and deployed. The Subchain’s source code is now aligned with version 4.1.0 of NavCoin Core and it has inherited all best parts of NavCoin.
The old Subchain was hitting its technological limits especially as we look to deploy more advanced applications like NavMorph which require similar infrastructure, and integration with NavTech. This upgrade is a stepping stone towards our roadmap goals to replace the Subchain with Valence as the backbone of the next generation of NavCoin’s applications and beyond.
The Subchain Upgrade has enabled us to halve the processing cycle time which doubles throughput and reduces transaction fulfillment time. We’ve lowered the NavTech fee from 0.5% to 0.1% making it cheaper to send private payments, and plan to further reduce or remove this fee entirely once we are able to fund the infrastructure with the Community Fund. We have been able to increase the RSA encryption strength used to store data on the Subchain to 2048 bit encryption; An encryption modulus so strong it is calculated to take a desktop computer over 6.4 Quadrillion years to crack a single key (source).
We are also working to decrease the minimum NAV required as an input to a private payment which is currently approximately 5 NAV (depending on how the transactions are randomized). NavTech can handle values lower than 5 NAV, but the wallets require some modification to make it happen. You can expect that we will lower the minimum requirement in our next wallet version to accommodate transactions below 1 NAV.
The upgrade itself went smoothly and NavTech private payments are processing without a hitch from both NavCoin Core and NavPay.
Coinomi Wallet Update
We’re pleased to let you know that NavCoin is back up and running in the Coinomi wallet (as of v1.7.11). You can once again access, spend and exchange your NAV within Coinomi. We’ve been working closely with the Coinomi team to resolve the issue originating from our December hardfork and we appreciate their efforts and everyone’s patience.
Roadmap Content Series
We are gearing up for the release our content article series, the first of which is a more in-depth introduction to Valence, the reasoning behind its creation and how it will expand the capabilities of NavCoin for wider adoption. We’re excited to share more information and show the community how ambitious our projects aim to be.
Look for this to come out in the next few days.
NavPay iOS approval
Just as an update – the process of getting NavCoin approved by the iOS store is still underway. We’ve talked to their team by phone about our application, and their questions/concerns were very minimal. We’re still waiting to hear back from them regarding final approval, and unfortunately, they haven’t indicated a timeframe of when we should expect to hear from them. When we know more, you’ll be the first to know.
New Listings For NavCoin
We’ve had a few new services list NavCoin this week.
Godex is an instant crypto-crypto exchange and has listed us as one of their currencies. They charge 0.5% for the transaction, have no limits/maximums, and have over one hundred currencies to swap between. Check them out here: https://godex.io/
We’ve also been integrated into Vaulty.io which is a free tool that helps you accept payments in crypto. Just select the cryptocurrencies you would like to support, and it creates a unique URL for you to send users to. Check out this article for more information: https://hackernoon.com/introducing-vaulty-io-e683aea93c89
We also saw that we NAV was ranked in the top 50 on Crypto Miso, which is a website that ranks cryptocurrencies based on Github activity. We’re pleased that our small team made the top 50, and what makes it even more satisfying is knowing that they only included our NavCoin core wallet repo, so there is a lot of developer activity that isn’t captured by this.
Note: As with all third-party services, please do your due diligence, be careful with sending large amounts of crypto, and don’t blindly trust anyone. While we will alert the community to new services that support us, please don’t take that as an endorsement.
That’s all for this week.