About NavCoin (NAV)

Overview

NavCoin is a payment centric cryptocurrency focused on usability. The coin has been based on Bitcoin but with a number of key differences. NavCoin uses a Proof-of-Stake algorithm in place of Bitcoins Proof-of-Work approach to secure the network. This means that NAV can maintain much faster transaction speeds while reducing the energy cost and difficulty of processing those transactions.

Technology

As mentioned above, NavCoin uses a Proof-of-Stake algorithm. This means that anybody holding NAV can validate transactions on the network without having to rely on expensive, power-hungry mining rigs like those used to mine Bitcoin. On top of having a 30-second block time and low transaction fees (0.0001 NAV) the developers have build a secondary blockchain technology that operates on the NavCoin protocol called NavTech. NavTech allows the user to send private transactions using an established asymmetric public-private key cryptosystem (RSA). NavCoins adoption of SegWit in 2017 has given the developers the flexibility to incorporate upcoming developments in blockchain technology including atomic swaps and Lightning network.

Future Focus

NavCoin was forked from Bitcoin in 2014 and since then has made a number of key changes to distinguish itself from the cryptocurrency behemoth. The future for NavCoin will see the development and implementation of Valence, a blockchain that will work in tandem with NAV to manage large amounts of application data. The interconnection between the different blockchains that the team is developing enables them to develop specialised applications without relying on one fixed architecture. NavCoin is first and foremost a payment platform while Valence and other future integrations serve to expand the usability of the coin.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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