2014 OG Cryptocurrency Makes Aggressive Push Towards Cross-Chain Operability, Following Launch of New Privacy Protocol and Wrapped Token Bridge to Binance Smart Chain with Launch of Yield Farming last month.
Intended to enable frictionless and extremely inexpensive cross-border transactions, the fully decentralized system Navcoin The protocol launched an encapsulated version of its NAV coins – Wrapped NAV, or wNAV – in April, establishing a bridge to the Binance Smart Chain and, through it, to the world of decentralized finance (DeFi).
The Binance BEP-20 token wrap opens decentralized exchanges (DEX) to NAV and xNAV. Ultimately, the goal is to ensure that more wNAV liquidity is concentrated in DEXs. To this end, bridges to Solana and Ethereum are planned in the next 12 months.
The packaged tokens followed the March release of Navcoin’s new privacy protocol and the creation of a sibling token, xNAV, priced one-to-one with NAV. NAV and xNAV can be exchange for wNAV.
The encapsulated NAV is then exchanged for PancakeSwap LP tokens and cold secured in users’ offline bridge wallet for Agriculture on the Navcoin liquidity pool of PancakeSwap’s wNAV / BNB trading pair.
A strong privacy story
Navcoin emerged in 2016 as a two-year-old privacy-focused SummerCoin outgrowth. It aimed to help users perform anonymous transactions by hiding key transaction details, starting with pioneering work on a technology solution that removed the link between coins sent and coins received.
This has led to what Navcoin calls its “unique, fully self-developed privacy protocol called Boneh-Lynn-Sacham Confidential Transactions (blsCT)”. This protects the identity of users by combining two major technical privacy coin solutions: BLS signatures, which will be used in Ethereum 2.0 and are used by Zcash’s zk-SNARK privacy coin, and confidential transactions used by Monero, among others.
More information on Navcoin here
The xNAV privacy system works by causing the node performing a transaction to send encrypted requests to other nodes, requesting that the coins mix with those of its original transaction, thus masking the amount of the transaction and severing the link. between the payer and the payee.
âThe entire DeFi ecosystem is one of the most exciting revolutions that crypto has experienced in recent years and we are very happy to see Navcoin taking big steps to make our privacy features available to people. other DeFi tools and projects that genuinely lack privacy, “said Alex Vazquez, a lead developer at Navcoin.
With roots that took root just five years after Bitcoin’s genesis block, Navcoin has had time to develop into a fully decentralized, autonomous organization – a DAO – in which all administrative protocol decisions and consensus changes are made. proposed and decided by an open and transparent voting system. The DAO process has been improved over the past year and secret balloting is in the process of being activated.
Navcoin also didn’t dominate voters, as the roughly 71 million existing NAV coins were mined from scratch rather than pre-mined or sold in an Initial Coin Offering (ICO). It also went from a proof-of-work consensus mechanism to a proof-of-stake long ago, before growing environmental concerns caused by power-hungry PoW.
NAV can be purchased on Binance, Bittrex, PancakeSwap, and over a dozen other exchanges.
Learn more about Navcoin
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