The future of NAV as a privacy coin starts today.
It’s finally back.
Privacy has always been in the spirit of NavCoin. Our old nomenclature, NavajoCoin, was a homage to the American Navajo tribe of code talkers, who played a crucial role assisting the Marines during the WWII. Their performance excelled that of the existing code-breaking machines at the time. We wanted to translate that excellence into a cryptocurrency, as we rapidly saw the unsuitability of public blockchains when securing the access to our own financial data. Our goal was to create a value-transfer system which protected the privacy of its users.
Back in 2016, we presented the innovative NavTech, our first privacy solution. Users were able to operate their own mixing nodes, making them collect fees from transactions while providing liquidity for others to shuffle their coins with. Since the release of NavTech, we aimed to improve the system we designed. We sat down and started to research how we could refine it.
There were mainly two weak points in our previous protocol. NavTech appealed to the use of denominations (breaking a whole amount in different multiples) in order to obfuscate the value transacted. While hard to reconstruct the exact amount for a human observer, it was proven that the use of mathematical heuristics could help to link the two sides of a transaction by establishing connections based on how the amounts were split.
A second weak point was the fact that NavTech required trust in the individuals who acted as operators of the mixing nodes. This did not align with our purpose of building trustless decentralised technologies.
2020 just came to an end. It took us 4 years to bring to fruition a substitute for NavTech. Our new privacy proposal, xNAV, solves the aforementioned issues and opens new exciting doors for the future of NavCoin.
Thanks to blsCT, our novel self-developed cryptographic protocol, not only amounts are now obfuscated in a way that observers can’t elucidate the value transacted, but also both the sender and receiver of a transaction. The new private token xNAV and its mixing protocol built on top of blsCT, make the whole network of NavCoin nodes operate as an indestructible decentralized mixing network with no trust involved. This is a major improvement compared to NavTech.
The additional scalability advances result of the aggregation capabilities of BLS signatures and the support for scripting and smart contracts make us very excited about the potential of xNAV. A whole range of applications will be able to profit from its privacy enhancing features. We are looking forward to see NAV and xNAV integrated in some of the most exciting DeFi tools.
The launch of xNAV
Today, 1st of January of 2021, we kick start the launch of NavCoin Core 6.0, which features the first implementation round of xNAV. xNAV is a new private token in the NavCoin blockchain. Using a mixing protocol based on Dandelion and public key cryptography, it is able to shuffle coins while hiding the transaction details from observers unless we authorise them to view those through sharing of the view key.
Our community members are invited to download the release candidate binaries for Windows, Linux, Raspberry and MacOS, and run them on the mainnet. While the upgrade is not mandatory yet, we will appreciate if a majority of users start upgrading their nodes, stake with the new version and report any issue they could find.
We will observe the stability of those nodes during the next 2 weeks, implement fixes for any issue found during this period, and release the final version of the binaries on the 15th of January.
The voting to let the network decide for the activation of xNAV would start on the 1st of February. Once a majority of 75% of the staked blocks signal a positive vote for any of the protocol upgrade proposals during a period of 20160 blocks, such upgrade will get locked in. When reaching the state, every node MUST upgrade to NavCoin Core 6.0. 20160 blocks after the block where any upgrade is locked in, the new protocol will come into effect and every node running an older version will stop staking and accepting new blocks. Nodes upgraded which voted no for any activated change, will still continue to function normally and accept the new consensus rules.
In no case the activation would happen before the 15th of February. The concrete date will depend on how fast the network upgrades and the count of positive votes each of the changes is able to get. Once a new consensus rule gets locked in, we will announce it through our communication channels.
Thanks for your support during the, sometimes, complicated previous years. We are starting a new year and a new age for NavCoin, we hope you share our excitement.
We don’t want to close this article, without wishing you all a 2021 full of success, happiness and health for you and your beloved ones.
Your NavCoin Team