There’s no question that bitcoin is the top dog in the cryptocurrency world, and will likely remain so for the foreseeable future. With the implementation of the lightning network, many of the issues crippling the scalability of bitcoin transactions will likely be resolved. While many believe Litecoin will ultimately solidify a position as bitcoin’s number 2, due to its ability to quickly innovate around bitcoin’s vision, popularity in transfers and growing integration as a payment platform, there are other interesting projects that are vying for the spot.
Meet NavCoin, a decentralized proof-of-stake (PoS) cryptocurrency based on the Bitcoin Core. On top of a solid foundation, NavCoin offers modern, easy to use wallets which are packed with high-tech privacy features.
Here’s a quick run-down of the major NavCoin features, as compared to bitcoin:
— 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. Which ensures that mining remains decentralised.
— Users earn a 5% yearly return on the amount in their wallet simply by staking.
— Optional, but fully anonymous transactions. Nav Coin uses RSA algorithm for privacy which is widely studied and very safe.
— A highly active development team, with updates sent out every week.
— SegWit has been voted on & activated by the community. Which will lead to huge advances in the tech e.g. ability to use Lightning Network (aka private + instant tx)
— 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 different crypto-coins instantly & anonymously.
— Projects in the pipeline that will make Nav Coin much more than a simple currency – such as the ability to create anonymous distributed apps.
It’s clear that NavCoin is an extremely ambitious project, with a development plan that incorporates cutting-edge tech from the get-go. Simply reading through the list, you can see some distinct advantages to bitcoin: the community came to a consensus on SegWit early, transactions can be anonymous via the RSA algorithm, and core developers aim to build an app ecosystem around their technology.
Looking at the above list, we are most intrigued by two of the features:
Users earn a 5% yearly return on their wallet balance simply by staking.
This is a clear differentiating factor between NavCoin and Litecoin, which runs a proof-of-work (PoW) system with a network that is saturated by ASIC miners. Given the lightweight nature of Nav’s PoS system, we anticipate the coin becoming a more popular long-term hold for investors. Given that Nav’s current market cap is around $100 million, the value of staking has significant upside potential.
From a merchant’s perspective, accepting a form of payment that earns 5% annually would offer an extra incentive to accept NavCoin (albeit small).
A highly active development team with updates sent out every week.
This is something we first look for in any project and is a clear indicator of long-term value creation. While the core team is very active, Nav is an open source and community driven project.
The roadmap is fully available and offers insights into some of the cooler ideas that are planned. We are most excited about the development plan for Valence, a Blockchain Application Platform which allows developers to easily integrate the best parts of blockchain tech into their websites and apps. Valence works to ultimately lower the barrier of difficulty for working on top of a blockchain, which should lend the Nav platform to wider adoption.
NavCoin has positioned itself to make major strides this year towards its goal of becoming the next best thing since bitcoin. We believe the focused development roadmap combined with NavCoin’s unique features, proof-of-stake system and potential for anonymity in transactions makes it a coin worth watching.
Disclaimer: The author(s) of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.