What is Nav Coin?
Nav Coin is a decentralized cryptocurrency based on the latest version of the Bitcoin Core. It offers the benefits of the Bitcoin network with additional features from Nav itself. Nav makes it possible to make transactions faster, the possibility to earn 5% per year with Proof-of-Stake and offers the possibility to make private transactions. NavTech (the technology behind the Nav Coin) gives you the option to make transactions in addition to normal transactions with extra protection of your data and identity. With the advent of this technology, a significant improvement is made in the field of privacy protection and transactions are more anonymous than ever before.
Why is privacy so important?
Privacy is about protecting your important information. In addition to protection, checking this information is also very important. What information do you want to share and who may or may not see it? If people have information about you, they also have more power over you. Of course you don’t want this power to lie with hackers or the government.
At the moment, violations of your privacy still seem innocent. However, we do not know what the future will bring us. Companies are already paying big bucks to find out about people’s internet behavior, let alone what developments await us in the future. People can now say they have nothing to hide, but we cannot predict the future. Play it safe and make sure that other parties do not learn any information from you and therefore cannot exercise power. For this reason, Nav Coin also says that the status of your information must always be protected.
Privacy coin
Nav Coin is scaled under the privacy coins. The Nav Community is committed to protecting user privacy. In addition to encryption of the transactions, it also obfuscates them. This provides extra privacy. They hide the way transactions are done with this. It is not possible to find out how something is done within the processes. It is designed so that senders and receivers can easily execute the transactions, but to outside observers it looks like a big mess of numbers. It has become an unbreakable code. This makes it very difficult to discover patterns in the numbers and to deduce something from them.
Encryption (encryption)
Cryptocurrencies use asymmetric encryption, or one-sided encryption. A transaction is encrypted by the sender with a public key and then opened with the recipient’s private key. This process only goes in one direction, hence the name asymmetric. It can be compared to an email inbox. You only give out your e-mail address to people you trust. They can send you a message and only you can read it since you are the only one who has the password to the inbox.
Obfuscation (obfuscation)
To make transactions truly private, you need obfuscation in addition to encryption.
In the image below you can see that sender A sends something to receiver B and at the same time sender C sends something to receiver D. It is not difficult to discover that sender A wants to send something to D. With the obfuscation, the shipments are sent in different numbers at different times, making it very difficult to link A with D.
What is NavTech?
NavTech is the option to send the transaction in an extra privacy way. The transmission will be both encrypted and obfuscated. However, the transaction costs are higher. Normally you pay 0.0001 Nav for a transaction, but with a privacy transfer using the NavTech you pay 0.5% NAV in fee.
How does NavTech do this?
In addition to the current blockchain, NavTech also uses a sub-chain to achieve this.
As you can see, the process consists of four steps:
Step 1 : The sender sends his transaction to the NavTech server. The server is a kind of wallet that can perform anonymous transactions. This transaction code contains the information to which recipient this should ultimately be done. Only the server itself can read this.
Step 2 : The NavTech wallet receives the transaction and then sends it to the sub-chain. In addition to the sender encrypting the transaction, NavTech does this one more time so that no one can read it.
Step 3: From the sub-chain, the transaction is sent to another NavTech server on a. The transaction is completely obsfuscated and arrives on the last NavTech server.
Step 4: When the second NavTech server receives the transaction information, it will send the correct amount of NavCoin to the recipient. It all sounds cumbersome and a lot of work and that is precisely the intention. This is what it takes for a transaction to be truly private.
Obfuscation in detail
How exactly does that work, that obfuscation?
1. Encrypted data is added to all transactions that are made, both private and normal transactions. This is done so that it is not possible to distinguish the private from the normal transactions.
2. Each transaction is divided into several sub-transactions. 3. Transaction sending times vary. A transaction is therefore first split up and then each sub-transaction will be sent at a separate time.
More to come for Nav coin
NavCoin takes its status as a private coin very seriously and will come with more features in the future to ensure privacy.
Among other things they will come up with :
1. Dummy transactions
With dummy transactions you can mask your real transaction. When the volume of Nav is low, a large transaction can stand out. It is therefore useful if you can send a number of fake transactions (dummy transactions) to create more volume and send your large transaction in between.
2. Multiple addresses to receive on
They will make it possible that the recipient does not receive his money on one address but on several. As a result, a transaction will be sent to multiple addresses, making it more difficult to trace.
3. Each wallet will become a NavTech server itself
At the moment, private transactions are still done by the servers specially set up for this purpose. Later, each wallet will be reprogrammed into a NavTech server so that each wallet can perform anonymous transactions. This makes everything even more difficult to find out and we really speak of a decentralized network.
4. In addition to the transactions, Nav will also come up with an anonymous DApp platform.
This is a platform with decentralized applications where anyone can develop and download an application themselves.
Earn with Proof-of-Stake
You can earn up to 5% dividend per year on your investment by staking the coins.
You do this by means of a NavPi. This is a raspberry pi device as shown below.
This allows you to earn Nav Coins without having to use a laptop or desktop. You plug the Ethernet cable into the NavPi and connect it to power. Then send your NAV coins here and these coins will earn money for you 24 hours a day.
How do I buy NAV?
Buying NAV on Binance is a piece of cake. With this explanation you will be the proud owner of NAV within a few steps.
- Sign up for free at Binance here
- Login to your account
Please note: keep your username and password safe! - Press Buy Crypto at the top left and choose Bank Deposit
- Fiat tab instead of Crypto and check that it ‘s on Euro
- Choose iDEAL if you want the money directly on your account and Bank Transfer (SEPA) if you also like it if it takes a few days before the money is on your account
- Wait until your euros have been deposited into the Binance account
- Click on Trading at the top and select Classic
- You are now on the trading section of Binance. Click on FIAT on the right and select EUR
- A number of coins can be traded on Binance for euros. But, most of them are traded against Bitcoin. Look up the trading pair BTC/EUR and buy Bitcoin with your euros.
- BTC tab and look up NAV using its ticker NAV
- You will now find the trading pair BTC/NAV . By clicking on it, you can buy NAV
- Congratulations! You are in possession of your favorite cryptocurrency!
Do you want to get in touch with the community?
- Slack
- Website
