NavCoin – An Autonomous Digital Currency

NavCoin – An Autonomous Digital Currency

Nav Coin was launched in June 2014 and is based on the Bitcoin blockchain model. This means it's an autonomous digital currency and is not controlled

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Nav Coin was launched in June 2014 and is based on the Bitcoin blockchain model. This means it’s an autonomous digital currency and is not controlled by a centralized banking authority. Like the initial blockchain system developed by Satoshi Nakamoto, Nav Coin relies on a peer network of miners to provide the computing power needed to control and mange the blockchain ledger.

So what makes NavCoin different from Bitcoin?

For the most part Nav Coin is a regular cryptocurrency, that can be traded in the same way as others. It makes use of a digital wallet from which coin holders can transact. What makes Nav Coin different is their claim to be the first fully anonymous currency. The system offers users the opportunity to transact anonymously through a double encrypted system of servers.

Another difference is that the Nav Coin blockchain is updated every 30 seconds as opposed to every 10 minutes. This will obviously make transacting through their network much faster. This does not seem to affect transaction safety – they claim to have processed trillions of Nav Coins without incurring a problem.

Navcoin is traded through most alt-coin exchanges. This allows users to buy Navcoins by credit card, US Dollars, Euros and Bitcoin or other cryptocurrencies. Using the Na Coin transaction network is subject to a 0.001 Nav Coin transaction fee.

Users of Nav Coin can use them to buy goods from the Nav Coin store and other merchants accepting the currency. A list of merchants is available on their website.

Services available directly from the NavCoin website are:

– Coin Payments. This is a merchant gateway, allowing vendors to accept over 50 cryptocurrencies as payment for goods and services.

– POS Wallet. This is a digital wallet platform supporting 98 digital currencies.

– Lite Paid. This is digital coin trading platform. Where users can trade between various cryptocurrencies. The exchange works like any other currency trader offering buying and selling rates for a particular cryptocurrency.

– Crypto Swim. This is an online calculator where users can determine the value of their Nav Coins (or any other cryptocurrency) if traded for another, at current exchange rates.

In essence Nav Coin is a regular digital currency trading at a rate relative to the demand for the currency. Added anonymity can be beneficial to some users, as can the faster blockchain system. For the most part users will be interested in the buying power of the currency and the chance to profit from future growth. At the time of writing this $100 would buy about 26 800 Nav coins. Between July and October of 2016 Nav Coin showed a sharp increase in value. In December the currency dropped quite substantially. However since the beginning of 2017 there’s been a spike in growth.