Nav Coin Details + Nav’s New White Paper: the Cheat Sheet
NavCoin - NavPi Shipment, Polmorph Update and Team Expansion
It’s been a busy week as always at Nav Coin HQ. We have landed the final piece of the NavPi units so we can begin to build and ship batch 3 in the coming days. We’re steaming ahead on Polymorph and also looking to add some new developers to the Auckland team.
NavPi Batch 3
The NavPi Boards have arrived in New Zealand customs and are currently being processed. We have updated the NavPi image to version 1.0.2 which comes with the 4.0.5 version of Nav Coin Core and the blockchain synced up to the 27th of September. Tomorrow we will begin to flash the cards and by the end of the week we will be building the physical units. Shipping will commence next week and will be shipped in the order the orders were received.
Our previous shipping handler has proven to be less than perfect with a few shipments getting lost on their journey. We have opened an account with DHL and hope to provide tracking & insurance for all future shipments. We will update the store with corrected rates once we are provided these from our DHL business manager and will attempt to offer tracking for existing orders if the cost difference isn’t huge.
We only have about 35 more units available in this batch, so if you would like to get your hands on one make sure you head along to the store and pre-order.
We’ve made some great progress on polymorph this week with another three user stories completed and four bugs fixed. These issues are currently sitting in the code review pipeline and are expected to be closed tomorrow and integrated into our master branch. We’ve also setup a staging server so our Digital Strategy & Design teams can begin to look over what we’ve built and start to shape the aesthetic and user experience of Polymorph.
This sprint will consist of the last of the bug fixes and front end work while next sprint we will change gear and begin to plan and scaffold the back end which will process the incoming transactions returning from Changelly.
Growing the Team
While we are making good progress on all our major projects, we realise that we have a lot of work on for our reasonably small team and have decided to expand the Auckland team again. We have begun interviewing Senior Developers in Auckland to join the Nav Coin team on either a part time or full time basis to work with Craig & Matt at BizDojo.
We are also looking for more people to support our marketing efforts moving forward and will keep you updated as things unfold in that area.
NavTech Server Cluster Added
NavTechServers have added their own third party NavTech Server cluster which is now open for public use. You can choose to use this server by adding its IP address through the Nav Coin Core wallet’s dialog on the send page, or by adding it to your navcoin.conf file in your user data directory. The server is aimed to cater for low volume transactions but also has an extremely low fee. For more information on this cluster or any of the other NavTech clusters available for use, visit their website.
Spanish & Chinese Domain
To help grow our international community, we’re also working with our Spanish & Chinese members to build full translations of the main website. At the moment we have a single page overview for both of these languages, but are now creating full websites that will exist on their own subdomains. We are in the final process of setting this up, and once we get a final approval from the community we will aim to get at least one of these live in the next week. Having fully translated websites will greatly help us for our marketing efforts, and we will start by adding these domains into our community Adwords campaign (targeting Spanish/Chinese users).
We’re releasing an Arabic translation of the website this week, which can be seen here: https://navcoin.org/arabic
This brings us to a total of 11 different languages, and we also have another 3 languages being worked on — including Russian & Korean translations.
Nav Coin Forum
We are also aware that the Nav Coin forum is proving difficult for users to log in to. We are working hard to track down the issue causing the failed logins and hope to have this all working again in the coming days. This is our main technical support channel, so we realise the urgency of getting this working again. Please bear with us as we resolve the issue.
That’s it for this week.
Nav Coin Team
Binace Vote Started, Nav Pi Ready to Ship and Nav Coin ES Launched
This week the Nav Coin Team activated a community vote to get NAV on Binance, commenced building the third batch of Nav Pi, launched a full Español version of the Nav Coin website and fixed the login issue on our technical support forum. It’s been a busy week to say the least!
Binance Community Vote
Nav Coin is in the running to be added to Binance, one of China’s largest Alt Coin exchanges. We have been accepted into their community coin voting initiative which will see the top voted coin get added to their exchange. The voting is only open for one more day (closes 5 October) so make sure you go and vote for Nav Coin today!
Last month they added more than just the top voted coin, so even though it looks like we won’t finish with the most votes, it’s still worth casting your vote to show your support for Nav Coin. Every vote helps to build our case for being added.
To spread the word about the voting, we are also running a Retweet Competition on twitter where you can go into the draw to win 1000 NAV. For more information about how to vote and how to enter the competition please visit our website.
Raspberry Pi Build Started
The Raspberry Pi boards have finally arrived on our doorstep which means we have started the build process for NavPi Batch 3. The first shipment will be leaving for their destinations tomorrow morning.
We have secured a new shipping method which should offer tracking to some of the destinations we ship to. We will be adding this option to the store once the zone rates are confirmed for people to choose moving forward.
We will be updating the order status as the items ship out, so please keep an eye on your email and order over the coming days. We hope to clear all pre-orders by the end of next week.
Español Nav Coin Website
We have been working hard to encourage people from all over the world to use Nav Coin and to be a part of the cryptocurrency revolution. As well as our single page translations in many languages, we have started to work on full translations of the website in our most popular languages. The first full translation we have achieved is Español.
Native Spanish speakers are a huge part of the Nav Coin community. Behind English speakers they are our next largest sub-community when grouped by language. We are please to be able to connect with this community more and we hope to expand the other languages we support in the near future.
Technical Support Forum
Over the last month or so the software that runs our technical support forum has been experiencing an issue where users were no longer able to login to the forum. New users or users who reset their password were able to login via the confirmation link in their email, but using the login form would not work. To make this issue even more difficult to debug, there were no errors being reported by the server and no other sites using the same software were reporting this issue.
After a lot of debugging, reinstalling, upgrading, migrating and head scratching we’ve managed to get the forum working again and up to date with the latest software release. Our senior community members can once again login to help you with your technical difficulties. Don’t forget to search the forum for your issue before posting because chances are, someone else has had the same issue before.
Our development team have continued progress on Polymorph this week with another 10 points of stories completed in the sprint. Polymorph progress will slow a little over the coming sprint as we build and dispatch NavPi’s to the waiting customers. Finishing the NavPay beta release has been held back by some of the urgent tasks at hand like making sure we have a working support channel. Now that these are completed, the dev team will be focused on finding and resolving the issue blocking the beta release of NavPay and getting this underway as soon as possible.
NavCoin - Nav Pay Beta Launched
It’s been an eventful week for both the Nav Coin Team and Community with some big achievements made on our major projects. During this week’s AMA on Discord the team announced the Nav Pay Beta will start today and revealed some exciting information about the upcoming Anonymous DApp platform dubbed “Nav Chain”.
Nav Pay Beta Launched
Today we are launching the beta version of our NavPay wallet family. The NavPay wallet is a fully qualified thin client that can run on Linux, Windows, Mac, iOS, Android, Chrome and even online. It gives you all the latest features of NavCoin including NavTech Private Payments, making it the world’s first mobile cryptocurrency wallet capable of sending anonymous transactions.
The beta test will be run in two stages with an initial group of 20 participants who will thoroughly test the wallets capabilities on the a range of platforms and devices. After this initial test group have logged any issues and the development team has deployed the relevant fixes, we will be opening the public beta. The reason why we’re doing it in stages is purely logistical. Resolving any remaining issues within a smaller group makes it easier for us to manage feedback rather than potentially being inundated with duplicate tickets from thousands of users.
That said, we’ve done a lot of internal testing already and any issues which doe remain are likely to be small and device specific. We are expecting to move out of the closed beta within a week if everything goes as smoothly as expected.
Here’s a quick preview of NavPay in action making a NavTech Transaction.
If you want to be notified as soon as the public beta is released please sign up to our mailing list here: https://bit.ly/navpay-beta
We had a very successful AMA on Monday, with 6 team members hanging around for an hour and a half, answering questions from the community.
For those who weren’t able to make it, here’s a selection of questions & answers from the AMA:
Now adapps planning is complete when might we expect the release of the white paper?
We have finished the planning stage of the Adapp platform and are really happy with the feature set we have designed. We have added a roadmap task to begin work on the “Nav Chain” prototype which is the working title for our Adapp platform. We have largely finished the whitepaper but it is with our technical writers and design team right now to do the finishing touches. We also want to create some other supporting documents and content to support its release.
When might we see navtech 2.0 end of year 2018? Or sooner?
NavTech 2.0 will be built as an ADapp on the Nav Chain platform, so it depends how quickly we can get that running. We are hoping to build it as part of the prototype network so it will be ready faster than the main public platform
Can you share what could be one of the first proposals the dev team would make for use of the community fund?
We will be looking to create proposals around our roadmap projects. So we can create a proposal for building Cold Staking implementation for example, or finishing Polymorph and use the community fund to sponsor these projects. Beyond that, the fund system will be open to the public to submit proposals also, so it’s really up to what the community wants to get involved in building.
All navpi are sold out is what is done about it? Or sales points could be set up in the countries offered for faster processing.
We are looking to release a new batch of NavPi in 2–4 weeks. We have a few logistical creases to iron out before we launch the next batch and are working towards a more streamlined service for the sales of our NavPi. In terms of sales points, it’s a bit of a trust issue. If we were to setup a sales point in say, Europe, we have to trust that the shipper isn’t tampering with the software/hardware of the NavPis before shipping them out to people. Until we’ve figured out a way to solve that issue we will continue to ship from our office here in NZ
Feel free to check out a summary of the AMA on the NavTechServers website here: https://navtechservers.com/ama30102017/
And as a reminder, we’ve started migrating from using Slack to Discord — primarily because of the better safeguards around spam, which is a huge problem for a significant number of Slack channels in crypto at the moment (and has led to people losing money).
So come join us! https://discord.gg/y4Vu9jw
Community Vote Update
The Community Vote has entered its third voting period and is going well so far with over 92% of people who have upgraded voting “Yes” to the community fund.
However, there is still a significant number of people using old versions of the Nav Coin software, which means they aren’t eligible to have their say on the Community Fund.
If you haven’t upgraded — we would recommend reading the following update instructions from Reddit, and make sure to ask any questions if you get stuck (on our technical forum/Reddit/Discord/Telegram). https://www.reddit.com/r/NavCoin/comments/79jrfl/in_95_hours_from_now_a_new_community_fund_voting/
Our Adwords account has been running the community banners since September, and it’s been consistently performing quite well. Our banners have been seen over 1,000,000 times, and we’ve had 20,000 clicks to the Nav Coin website as a result of it.
Banners are famous for receiving quite low click through rates (generally around 0.1–0.4% on average), so it’s encouraging to see such high engagement even after running for 2 months.
We’re paying a very low cost per click of $0.02 (per visit to the website) — so have spent a total of $461 so far — meaning we still have a significant amount of budget to spend in the coming months.
That’s all for this week.
Nav Coin - Staff Onboarding, Team Expansion and NavPay Beta Update
This week has seen the Nav team in planning and strategy mode with the welcome on-boarding of Kieren, Paul and Laura and talks about further team expansion have begun. NavPay Public Beta continues as we iron out the creases proposed in the public beta with our private beta teams on GitHub. Our community fund vote continues as our targeted updating reminders start to reach our quieter community.
On Boarding Staff
We have officially welcomed Kieren, our new full time marketing manager, at the Nav HQ along with Laura our creative director, and Paul our new senior developer. This has launched us into planning mode, knocking over some major strategy sessions as well as implementing key workflow processes to ensure time optimisation and productivity.
With our new team members finally on board, we have really shifted gears and are excited to work towards major milestones with our fresh, accelerated team spirit.
There’s discussion in house of our current staff coming on board full time in the new year, as well as further team expansion to accommodate for our upcoming projects and product launches.
NavPay Public Beta Update
We have been busy this week addressing the minor issues raised by the public beta testers through the GitHub issue tracker. Since launch, we have resolved 9 issues and received 1 pull request for the russian translation which is under review. As well as resolving user initiated bugs, we have been working on a few neat enhancements which will make using Nav Coin and Nav Pay even easier. These new features and bug fixes are being bundled into version 1.0.3b which will be released to our private beta test group. The next public release of NavPay is expected to be the full release next month.
Our mission to connect with communities all around the world continues this week as we launch a full Russian translation of the Nav Coin website. You can check it out here:
We couldn’t do these without the help of our amazing community. If you would like to offer your services to translate our website into your local language, please contact our marketing team.
Community Fund Vote
Our community vote is still running as our targeted reminder efforts continue to reach those who might not follow our social channels and hence miss our persistent update reminders. There are still a large amount of people still using old versions of the Nav Coin software (around 40% of users total), which means they aren’t yet able to participate in our Community Fund poll, keeping us just under that 75% threshold (around 65% currently). We are doing our best to reach these people and inspire them to update their software and cast their vote as well.
We’ve already had an overwhelming response to the community fund with over 92% of people who have upgraded their wallets voting “Yes”. We are excited to learn that our core community is onboard with the vote, and are looking forward to watching the final results as we rally the remaining voters to upgrade their wallets and have their say.
If You Still Need To Vote:
Follow these simple steps to get up to date with all the latest software and have a say over your staking rewards.
First step is to make sure you’re operating on the latest version of the Nav wallet. You can download the latest version of the wallet (v4.0.6) from the downloads page of our website. You should be presented with a popup option to choose yes or no.
If you’re a NavPi user:
For those yet to update to the newest wallet and if you’re using a NavPi to stake, we understand that the updating process can be complicated and time consuming due to the security restrictions of the device. To streamline this process we’ve released a NavPi auto-updater tool. If you are an existing NavPi user we’ve published the instructions for how to install the updater here:
If you’re wanting to setup your Raspberry Pi to stake your NAV for the first time, we have included this autoupdater in the latest NavPi image (1.0.3) which is available from our downloads page:
This update also includes a way to cast your vote for the community fund on the homepage of the NavPi so you don’t have to go and edit your navcoin.conf file manually.
See this explainer video for further support in updating and voting:
We strongly urge users to update to the latest Nav Coin wallet and NavPi interface as soon as possible. NavPi owners are a large part of our staking community and we want you to have your say in the Nav Coin Community Fund vote as well as garner from the latest Nav Coin features.
Nav Coin - NavPay Beta Continues, NavChain Prototype & Team Productivity Tooling
This week — an update on the NavPay beta, the building of the NavChain prototype, a new NavPi batch and the release of the German Nav Coin website.
NavPay Public Beta Continues
Beta testing and bug fixing continues with only one bug left to fix on mobile safari and some minor enhancements yet to be implemented. We have successfully built and tested the iOS version of the app and have been busy preparing all the assets and and registrations required to submit the app to the Apple Store. We are not yet able to confirm the release date of the full public version of NavPay since some of it relies on App Store approval, but we are hoping to have all the development features finished at the end of this coming sprint.
A new version (1.0.4b) of the Beta will be distributed to the private test group today. To check out the public beta (1.0.2b), you can download it from our GitHub here:
NavPay is a secure bitcoin wallet platform for both desktop and mobile devices.github.com
While the main features of NavChain (a working title) have been captured in the whitepaper which is undergoing internal review and feedback, we are also working towards creating a prototype of the NavChain daemon and network, to confirm what we have planned is feasible. Craig is travelling to Berlin once again to work closely with Alex in developing the prototype. They will spend 2 weeks before Christmas building the prototype and further refining the idea from the learnings made. More on this as the project unfolds.
Team Productivity Tooling
With the team growing, we have focused on implementing some great productivity tools this week to lay the foundation for the team’s further expansion. If you follow us on GitHub or watch the Github Discord Channel, you will have noticed a user called “NavTrello” beginning to create, comment and close issues.
One of the major decisions we have made is to move our task management from GitHub to Trello. While GitHub is great for tracking code issues, we are a small team in which the members wear many hats and often tasks each member needs to perform aren’t directly related to a piece of software. To correctly capture, manage and analyse the many tasks each member undertakes, a more multi-purpose tool was needed. Trello is great for tracking work across multiple projects and non-software related tasks.
We have setup bots on both ends, so new issues created in GitHub will post through to our Trello board where we can assess them and fit them into our workflow. We are also able to manage both the Marketing & Development teams workloads in the one platform which makes it easier for everyone involved.
NavPi Batch 4
We have all the components for the next batch of NavPi arrived at the offices this week. We are working towards some UI improvements and a better way for users to clear out their orphaned stakes on the NavPi before we begin flashing the cards and put them on the store for sale. We have scheduled the NavPi improvements for this coming development sprint, so we are hoping to be in a position to release a batch of these to the public in early december.
Checkout the NavPi here and bookmark it for when it goes on sale:
NavPi StakeBox with pre-installed Nav Coin Staking Software. All you need to do is plug it in and send it NAV to start…store.navcoin.org
This week saw our marketing team ramp up efforts on the roadmap and develop some clear strategies to grow our community and brand awareness. We’ve started looking into targeting media relations and developing partnerships, as well as putting the appropriate toolkit together to build genuine relationships with key influencers in the industry. Other important tasks have been ticked off the list such a budgeting, writing press releases and developing a timeline of activities for the next few months.
Also — as by request of our community, we’ve had a Nav team photoshoot! Stay tuned for real life pictures and little videos of us in the flesh in and out of the office.
Community Fund Voting
We released a little update about the Community Fund Vote earlier this week. With a huge amount of support from those wallets which have updated to vote, we have extended the voting period for another 2 months. The wallet currently says in the UI that the vote has ended, but please ignore that message, your wallet will continue to cast votes.
We are currently sitting at around 70% Yes in total, with over 90% of those casting votes voting Yes. We are only a few percentage points away from passing the vote, so keep the votes coming. If you haven’t yet cast your vote, there is still time to get involved, please download the latest version of the wallet v4.0.6 and set your vote in your navcoin.conf file (votefunding=1 or votefunding=0).
Nav Coin is a decentralized cryptocurrency based on Bitcoin Core. On top of a solid foundation, Nav Coin offers modern…navcoin.org
Alex has been hard at work building the community funding system, not just altering the stake rewards, but actually building the smart contract system which can be used by anyone to submit proposals and vote on the release of funds. We are aiming to release this onto the test net at our next minor version v4.1.0 and if the test is successful and the vote to implement the fund passes, deploy it onto the main network in version v4.1.1.
This community funding system will of course help the development team to sustain their efforts, but the main thing we are excited about is enabling the wider community to get involved and get paid adding value to the Nav Coin ecosystem of products and services.
We have had numerous periods over the last week when the block difficulty has been erratic causing slow block confirmation and transaction delays. After performing a lot of analysis and debugging on the blockchain and daemon around the time of these incidents we are confident that there is no malicious behaviour happening and this issue is arising from old versions of the core wallet attempting to mint blocks on the network.
If you’re staking your coins check your wallet version and please update to the latest v4.0.6.
If you’re not staking your coins, it will help network stability if you get your coins off the exchange or your thin clients and stake them in the Nav Coin Core v4.0.6 wallet or on an up to date NavPi.
We will be implementing a fix to help with this stability in the next minor version of Nav Coin Core and if this issue continues we will release a patch that will block these troublesome old nodes from connecting to the network.
Nav Coin German Language Site
Our mission to connect with communities all around the world continues this week as we launch a full German translation of the Nav Coin website. You can check it out here:
Nav Coin ist eine dezentralisierte Kryptowährung, die auf der neusten Version von Bitcoin Core basiert. Aufbauend auf…de.navcoin.org
That’s all for this week — talk soon!
NavCoin - CryptoLark Interview, The NavPay Launch Date, and Xmas NavPi’s sold out
In this week’s update — Craig’s interview with The Crypto Lark, the xmas batch of NavPi’s selling out, and the NavPay launch date is announced.
NavPay launch — 20th December
We’re gearing up for our NavPay launch! On the 20th of December we will be pushing this live — and this will be available on web browsers, the Android app store, and iOS (pending approval).
NavPay is the easiest way to store your NAV, without having to set up a full node but still having the security of owning your private keys. It’s easy to use, comes integrated with NavTech private transactions, has the ability to set up multi-signature wallets, and more.
We’ve been running the beta testing for the last 6 weeks to fix any bugs and make sure that it works on a range of devices. We’re happy with how this has progressed, and look forward to getting it live!
Interview With Cryptolark
This week Craig was interviewed by Lark on his YouTube channel ‘The Crypto Lark’. Here Craig and Lark discuss all of the latest developments here at NAV HQ and what we can be looking forward to including ADapps, NAV tech 2.0 and Polymorph.
Check it out the full interview here:
NavPi’s Xmas Batch Soldout
We’ve sold out our latest batch of NavPi’s in the Nav Store. This was a limited release so that we could get them out before Xmas — but we will be releasing a larger batch of NavPi’s after the new year, so stay tuned for more information.
Exchange Listing Update
We are constantly working with new exchange partners to help promote Nav Coin to new communities and platforms. Over the last few days, there has been some confusion around one of those listings and the community initiative. After some discussion, we have been advised to not publish the details at this time. We aim to keep everyone in the community updated with developments, particularly those who have donated to the community initiative — but rest assured we are working our hardest to making this happen.
The community vote is still running, so we just wanted to remind everyone to make sure they are staking the network, and have voted on the community fund.
We have seen an increase in the number of non-voting stakes in the last week, which is likely from 1) new users in the network who don’t know of the vote, and 2) users who were voting but have stopped.
So please make sure you stake your NAV, and get your voice heard! We will continue to remind the community through our channels intermittently over the next few weeks. More details can be found here: https://navcoin.org/fund-voting
From the Community
Check out this interesting post on Reddit by jwrent34, which looks at Nav Coin’s inflation rate & projected coin supply: https://www.reddit.com/r/NavCoin/comments/7hpfzd/navcoins_total_supply_prediction/
Nav Coin Release v4.1.0 - Community Fund Testnet & Security Updates
Community Fund Enabled on the Testnet
The community fund which we are voting to implement has been implemented to the NavCoin testnet for everyone to try. The testnet stake rewards are reduced to 4% and there is 0.25 NAV per block generated by the staker and sent to the Community Fund Smart Contract.
You can help us to test the proposal, voting and redemption smart contract features we have proposed to implement on the mainnet. We have created a new genesis block for the testnet, so if you’ve been using it previously, please re-sync once you’ve downloaded the 4.1.0 wallet.
New Majority Version Alert
We have added a feature which allows the wallet to track the version number of the other wallets on the network. If your wallet detects a majority of wallets to be on a greater version number than its own version number, it will alert you that a new update is available.
Aside from the early access features, the main priority for this release is to secure the network. Bittrex alerted us to some reported instability of the blockchain they were seeing and after some thorough investigation and we were able to find the cause and we have included a preventative security patch in this latest version of the wallet.
The main changes have been to make improvements to the script check methods and we have also added the nTime & strDzeel parameters to the signature hash. This security patch will prevent the recently seen network instabilities moving forward and resolve the issues Bittrex have reported. It will also make these changes compatible with NavPay which we are still on schedule to release later this month.
Making these security improvements to the script check is a change to the consensus mechanism and requires a majority consensus to be accepted on the network. We have decided the best course of action is to implement the security patch as a mandatory hard fork instead of waiting for a majority consensus to be organically achieved.
The network will reject blocks and transactions from versions older than 4.1.0 from 11 December 2017 @ 11:00am GMT.
The network will take some time to stabilize after the fork occurs, so we suggest not sending any NAV for up to 48 hours after the hard fork time. We will post a message to the community once we see the network is stable and we are starting to bring the exchanges back online for deposits and withdrawals.
To help stabilize the network, please update to the new client before the fork time and stake your coins to mint blocks.
To have a smooth transition to the new version, please download 4.1.0 and install it before the hard fork time is reached. If you're using the GUI you will be prompted to allow the wallet to rebuild the database. If you've running the daemon, you will need to run it with the -reindex flag before you will be able to use the new daemon.
If you're using the NavPi there are some extra steps to get up and running with the new version.
From the control panel page, click the
updatebutton and update the UI from GitHub. Run the updater script located at
/home/stakebox/UI/libs/updater.shor wait for the autoupdater to run if you are on version 1.0.3 or later. When you see the notice on the homepage of your NavPi stating that a new update has been installed, click the button to reboot the device. When your device has rebooted, go back to the control page and click the
Reindexbutton and reindex the blockchain.
Note that in some instances, it will be unable to reindex the blockchain and the wallet will unfortunately be required to resync the blockchain which can take some time.
If you need to resync the blockchain, you can find a bootstrap to speed the process up here:
Full list of updates
- New genesis block for the testnet.
- Community fund enabled on the testnet.
- New block version structure. Rejects blocks with wrong version.
- Blocks will still signal version bits even after activation.
- Nodes with obsolete protocol versions get their messages rejected instead of being banned.
- Improvements in the Script check methods.
- Reason for messages being rejected are now registered in the log file.
- Signature Hash now includes nTime and strDZeel.
- Wallet is able to track other wallet’s versions and displays a warning when a majority has updated to a new version.
- New format of stake voting. Votings can be dynamically be pushed into the network. New RPC method ‘stakervote’.
- Adds ‘donatefund’ RPC method to donate to the community fund.
- Moved many consensus related parameters to chainparams.cpp
- Fixes a bug where a transaction could have a timestamp earlier than the outputs it spent.
- Fixes a bug where the staker thread could be interrupted.
- Fixes a bug which prevents node to start syncing at boot under some circumstances.
Nav Coin The Community Has Spoken
The Nav Coin Community Fund has officially been approved!
In fact we’ve had an overwhelming amount of positive votes since the majority of the network updated to the latest wallet version with the vote period completing at around 81% yes (above and beyond the 75% threshold).
Nav is a community project and we believe that a community led system far better serves the interests of the project than private investment. It allows the project to retain autonomy over itself and empower members of the community to take charge of Nav Coin’s direction and help it grow.
The raised funds are collected into a smart contract, and unlike other community funds they can only be released by two rounds of network voting. There is no single point of failure. No single entity owns the coins that are set aside, and only the community can choose which proposals are funded and whether the funds are released.
The community fund will be extremely positive for the project and community and we are thrilled to be carving out this new milestone in the Nav story.
What This Means
- Proof of Stake rewards will be reduced from 5% to 4% per annum.
- Each block staked will also generate 0.25 NAV per block for the Nav Coin Community Fund (that’s roughly 260–300,000 NAV per year into the fund depending on the actual average blocktime)
- Anyone will be able to propose projects, budgets and initiate network votes to schedule funds.
- The Nav Coin Community Fund will be protected by the consensus layer — proposals will never be accepted without the positive vote from a large majority of stakers allowing the community to decide what is valuable for the project’s future.
- Unlike other funds which immediately release the coins when a proposal is accepted, our funds are locked when the proposal is accepted but are only be released in arrears by a second network vote when stakers agree the proposal was completed successfully.
We are confident this double voting method will ensure that the proposals are completed to a high standard and it will protect funds being taken by anyone who doesn’t intend to complete their proposal. Proposals which fail to be completed by the submitter will have the locked funds automatically returned to the pool for future use.
Although this double voting method is a somewhat slower process than existing community funds or the ICO model it offers a level of accountability, transparency and protection not yet yet seen in either.
About 40% of the total NAV in the network (62mil) is currently used for staking. With a 5% staking reward, the network generates approximately 1.24M NAV per year. The 1% reduction in proof of stake rewards approximately equals the projected 260k NAV per year. This equates to about $1M USD per year (at the current price) to spend on community projects, the core teams development roadmap and marketing initiatives — which will be a huge boost to the project.
Now that the vote has passed we will begin to build the voting interface and thoroughly test the mechanics of the fund. When the community fund is ready for the main net, it will be deployed into a new wallet version in a deactivated state. Once a large majority of nodes are running the new version, the community fund will automatically activate on the main net.
The beta of the community fund has already been deployed to the NavCoin testnet in version 4.1.0. The testnet stake rewards are reduced to 4% and there is 0.25 NAV per block generated by the staker and sent to the Community Fund Smart Contract. We will aim to keep the community updated with how the testing progress, and gladly welcome any suggestions/ideas/feedback that you may have.
Our goal is to make something that is easy to use — from being able to review the projects, to voting for them in only a few clicks. And having all of this integrated into your Nav Coin core wallet or NavPi unit.
You can help us to test the proposal, voting and redemption smart contract features before they are deployed on the mainnet. We have created a new genesis block for the testnet, so if you’ve been using it previously, please re-sync once you’ve downloaded the 4.1.0 wallet.
Creating and voting on proposals on the testnet is done from the command line only so far. We will release some instructions in the coming days on how to get involved and create, view and vote on proposals to help us with the test schedule.
And Last But Not Least
Thank you! The continued support we receive from our community is overwhelming and we are humbled to have such a dedicated community behind the Core Team and the Nav Coin project as a whole. We look forward to a new year with a deeper collaboration with the community, and exploring new capabilities within this exciting industry together.
Take Control With NavPay — The Easiest Way to Safely Store Your Nav Coin.
Today we are excited to be releasing our new light wallet — NavPay!
With governments around the world continuing to show how vulnerable our internet freedoms really are, it’s more important than ever that users have the tools they need to safeguard their rights.
What is NavPay?
NavPay is an easy to use wallet, that allows you to securely store your NAV. It’s the quickest way to safely store your coins, and ensure you’re in control of your private keys.
While our previous mobile wallet was based off the Electrum wallet, we made the decision to switch to a fork of CoPay — as it gives us more features and a much better user interface to work with.
NavPay is available to download on your Android, in your browser, and soon to be on iOS devices. All your private keys are stored locally, with nothing stored on the website/server to ensure your NAV stays safe.
Features of NavPay
- NavPay creates hierarchical-deterministic (HD) wallets, which gives you a 12 word master password and allows for secure in-app wallet generation and easy backup.
- It’s the first mobile wallet to be able to send private payments using NavTech, so that there is no connection between sender & receiver.
- Multi-signature wallets, which allows you to add in extra layers of security, or create shared wallets with friends or family.
- Integrated with Changelly to allow you to swap between different coins within the app.
- Device-based security — all your private keys are stored locally, and not sent across the internet.
- Multi-Language Support.
- An address book feature, which allows you to save your friends details into your wallet and make it easier to pay.
- Control multiple wallets in one app, such as one for your personal funds, and a combined one with your partner — so you get ultimate freedom over your finances.
Why use NavPay?
NavPay is a light wallet, and has been designed to be the quickest and easiest way to safely store your NAV outside of an exchange. There’s no blockchain to download, it’s just a quick & simple way to take control of your private keys.
While we would recommend people eventually move to the Nav Coin Core wallet or NavPi (so that you can receive 5% rewards per annum), we see NavPay as being ideal for first time users who aren’t that experienced in blockchain.
How do I get it?
Click here to get access to the NavPay product page:
Navcoin Release NavTech Wallet v4.1.1 & Block Version Bit Hot Fix
This is a minor update to NavCoin Core wallet including the following fixes:
NavTech GUI Send
Coins sent through a private payment using the GUI were returned to sender under certain conditions. This patch ensures the anon destination data meets the structure expected by a NavTech server.
Version bit used to signal Segregated Witness activation is now correctly set.
Navcoin Release NAVPay Wallet v4.0.1 - Sweep Private Keys
This wallet version includes the ability to sweep funds from an electrum private key. Instructions on how to sweep the electrum private key balance into NavPay can be found here:
Web Wallet: navpay.navcoin.org
Android App: Google Play Store
iOS App: (Coming Soon)