US, September 8, 2016 at 15:01 BST
Preparation For Upcoming Decentralisation
Cryptocurrency innovators Nav Coin have announced the upcoming relaunch of their anonymous network. The relaunch comes with updated security features and improved scalability. Nav Coin differs from other anonymous cryptocurrencies on the market through their unique implementation of a secondary blockchain they call a ‘subchain.’
“We use a secondary blockchain or ‘subchain’ to direct and manage our anonymous transactions as they are encrypted, randomized and routed through the network. From a user perspective, it’s simple to use. All you have to do is tick the “Send NAV Anonymously” box and click send. There’s no premixing, there’s no command line gobbledegook. Just tick the box and press send.” Said Nav Coin Developer Craig MacGregor
One of the main benefits of using a secondary blockchain is the ability for transactions with total anonymity. Bitcoin for example simply sends coins from Address A to Address B which means transactions can be traced back to the source. Other more sophisticated cryptocurrencies use mixers that route coins from address A through addresses X, Y, Z to address B. With a mixer, although harder for a third party to trace there is still a link between sent and received coins. Nav’s implementation of the secondary blockchain removes this link between sent and received coins all together.
You can think of the subchain as a transaction director rather than an agent performing transactions itself. Receiving servers use the subchain to instruct the sending servers who to send Nav Coins to and how much to send. Nav Coins sent by Address A are only ever used to replenish a pool of Nav Coins held by a sending server for future transactions. Thus they are never used in the same transaction chain as what end up at Address B.
“Using two blockchains, we can break the transaction chain between sender and receiver. We have a pool of Nav Coins waiting on an outgoing server, ready for sending upon instruction from the subchain. The subchain doesn’t even have to wait for any Nav Coins to arrive. This is due to the nature of how blockchains work and the way we manage our system. We can trust that the amount recorded to the subchain are correct and send Nav Coins from the pool before the actual Nav Coins even arrive. This means it is not possible to trace the received coins back to the ones sent, no matter how hard you look at the Nav blockchain.” Craig MacGregor
As well as the anonymous properties of the two blockchain system there is also the added benefit of enhanced network durability.
“This approach of using a subchain as a transaction director is unique to Nav Coin and has some inherent benefits. The primary one being resilience. It maintains all the advantages of decentralized blockchain technology and none of the risks of relying on direct communication or a corruptible, hackable database server. If our anonymous servers were blocked, deleted, taken down or destroyed we could just start up a new server somewhere else and restore the affected wallets. They would resume exactly where they left off at the oldest unspent transaction. We can do this because there will always be copies of the Nav blockchain and subchain out there somewhere. That’s the beauty of blockchain technology! I don’t miss the horrors of MySQL for one moment!” Craig MacGregor
The main reason for the upcoming relaunch of the network is the Nav Coin Dev Team’s long term plan for the platform. Porting the codebase from PHP to NodeJS will allow for an easier transition to the fully decentralized platform. Nav Coin developer Craig MacGregor has been perfecting the technology behind the anonymous decentralization for the last year. Today he stated that the relaunch would include an upgrade to 2048 bit encryption, which would take billions of times longer to brute force than the universe has been in existence for.
“We are coming fast to the point where we can decentralize the anonymous network. This will allow users to run their own processing servers. They will be able to earn Nav Coins for processing transactions, and we will become the first decentralized, double encrypted, anonymous system running entirely on blockchain tech! Wow, what a mouthful!” Craig MacGregor
The Nav Coin Dev Team are also working towards becoming the first currency to send anonymous transactions from a mobile wallet. They plan to bring this into effect alongside anonymous merchant integrations. When implemented, this combination has the potential to bring unprecedented financial privacy to our everyday lives.
To download the Nav Coin wallet visit http://navcoin.org/downloads or head to the Google
Play Store https://play.google.com/store/apps/details?id=com.coinomi.navcoin.wallet
You can buy NAV through any of these exchanges http://navcoin.org/exchanges.
For more information and instructions on how to download and use The Nav Coin wallet go to http://navcoin.org
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