NavCoin released a video on Friday demonstrating the speed and functionality of their digital wallet application, available for Android or desktop. The video shows a fast transaction speed of 5.4 seconds from the time the cryptocurrency is sent from one Android device, to the time it is received on the second mobile device.
The NavCoin Core team has put together a demo of NavPay showing how fast and easy it is to use. Download today on your Android or desktop https://t.co/B60N8tg0ma #Bitcoin #Blockchain #Cryptocurrency #Android $NAV #InstantPayments #FinTech pic.twitter.com/ueVejLeKIl
— NavCoin (@NavCoin) March 2, 2018
One of the challenges that most ICOs and other blockchain projects face is the lack of a working product. This leaves investors to rely solely on the marketing materials presented on a given website, including the White Paper, the project roadmap, the project team and the board of advisors. NavCoin addressed this problem over a year ago, by presenting a demo of their desktop wallet’s functionality at the time.
NavCoin has more projects underway according to their project roadmap, and they have encouraged open-source developers to contribute to the project on Github. Their goal is to make NavCoin the most usable cryptocurrency in existence. There are other competitors and this fierce competition is excellent for bringing cryptocurrency usage further into the mainstream.
Among NavCoin’s expanded functionality is of course support for the Lightning Network. This framework allows for scalable, instant Bitcoin and other blockchain transactions at a much lower cost than moving Bitcoin directly from one wallet to another. It does so by using the native smart-contract scripting language within Bitcoin itself to create a secure network of participants who can transact with one another in high volume and at high speed. The system works with bidirectional payment channels, where two participants create a ledger entry on the blockchain, and both must sign off on any spending of funds. It also affords people the ability to conduct transactions off-blockchain, without limitations, thereby eliminating the standard fees that are built into blockchain transactions. By implementing this functionality into their wallet, NavCoin will also allow for instant, cross chain, atomic swaps between NAV and other supported cryptocurrencies.
The NavCore team also has other projects underway. NavChange combines lightning network transactions with exchange integrations, as a Valence-powered application. Valence is a platform that enables developers to build dApps in a way that lets each application store and share decentralized data. Traditionally blockchain application development requires an understanding of math, economics, cryptography and computer science. Valence is designed to simplify the process so that developers can build applications without the deep knowledge in fields outside of their comfort zones.
NavDelta, another project on NavCoin’s roadmap, will be designed as a payment gateway also powered by Valence. It will enable users to spend NAV in retail environments, with businesses that accept any digital currency on the NavChange platform. Other expansions on NavCoin’s roadmap include cold staking, NavCoin 5.0 “Kauri”, NavTech 2.0 “Rimu” and a Java Block Explorer.
NavCoin’s underlying Valence technology also has a roadmap for further development. Projects underway include Valenodes, Encrypted Communication Protocol, App Store & Console, and Crowdfunding Platform.
The team’s roadmap is ambitious as they seek to solve a number of inherent problems with using blockchain technology in commerce. The detailed explanation of their model on the website adds credibility to the likely success at each milestone, and the newly released video of their e-wallet is the icing on the cake. The NavCoin wallet is available for download to Android phones now.