Nav Coin’s anon send: It works
Beta Testing Is Proving The System Is Rock Solid.
Last week the Nav Coin team released the white paper for their new anonymous send system and began beta testing. The relaunch of the anonymous network is scheduled for public release later this month. Nav Coin developer Craig MacGregor announced that the first round of beta testing has been successful. The Nav team are currently expanding the test group for phase two.
Highlights Of The White Paper.
The problem definition outlined in the white paper, namely anonymous transactions through a blockchain, is certainly is a large one.
‘Blockchains by their very nature are a public ledger. This is a vital part of what makes blockchain based software so powerful. All transactions on the Nav Coin network are recorded in the public blockchain so the network can validate them as being correct. The problem with this model concerning privacy is that it is possible to easily link the sending and receiving address with any of the publicly available block explorers.’
At first glance, the problem of creating anonymous transactions through a publicly verified ledger seems like a paradox. And thinking deeper about the dilemma makes one's head spin. This gives us some idea of the difficulties developers in the field are battling with and why there are shortcomings in current anonymous solutions; namely, coin mixing and coin joining technologies.
‘The main issue with most of these methods is that they are either eventually traceable through the public blockchain (if you have enough computing power), or they rely on insecure and unreliable means (like a database) to keep track of who is supposed to end up with the coins, or both!’
There is no doubt that we are in uncharted territory and the stakes are high. The Nav Coin whitepaper outlines a complex and dynamic solution to the problem by using a second blockchain to break the link between sender and receiver. The twelve-page breakdown dubbed ‘Navtech’ contained in the white paper has so far stood up to scrutiny from other developers and competitors. The white paper also focuses on protection against any circumstantial conclusions that could potentially be made from observing the public blockchain.
The techniques and solutions outlined are clearly designed not just for the upcoming re-release of the anonymous send, but for a larger release of a decentralised anonymous send system. This would be a strong move for Nav Coin as they would have the world's first decentralized blockchain powered anonymous send system.
Nav Coin has been getting a reputation for strong technology with a series of recent releases, including an online Proof Of Stake Wallet, World's First X13 Mobile Wallet, Dedicated Tor Nodes, a Lite Wallet for Windows and OSX, and a full Node Wallet For OSX. With the New anonymous release and decentralisation on the horizon. October is looking to be another strong month for Nav Coin.
For the original white paper and more information go to: http://navcoin.org/
Related News
Darkcoin rises back! After some drama with other anon coins, Darkcoin again has firmly put itself in number 3 position market caps and on a positive upward trend. This story for me is bitter sweet, as I sold on the downward trend, but hey, still made a profit several times over. With Masternode payments to be fixed and new revision of Darksend to implement ring signatures that are set to hit before this month is over, I only see good things for Darkcoins future with slight corrections here and there. Darkcoin will only gain more popularity once more Scrypt ASICS hit the market and miners....
Good news, perhaps, for bitcoin owners frustrated by Apple's recent removal of Blockchain's wallet app from its stores. A service just launched promises to let people make bitcoin transactions via email, promoting itself as a solution that "works natively on the iPhone, and can't be banned by Apple". The fully automated 'Email Tip Bot' is the product of developer Christian Genco, who also moonlights as a stage actor and speaker at TEDx events in Texas. The Tip Bot functions as a standalone system, meaning that once bitcoins are there, they can be transferred around without the need for any....
Cloakcoin, yet another annymous coin. What makes this one different? First, its method of making transactions is one of a kind, by using an extension of PoS (proof of stake). They also have a decentralized peer to peer market in the works, known as Onemarket. They also have a plan to build a prototype coin known as Blockcoin. It owuld be used to test their ledger, which is known as Oneledger. Blockcoin would remove bloat from the Blockchain and minimize and vulnerabilites. Cloakcoins objective is to be a complete all rounder. We’re focused on launching many features and services to make up....
Tatiana Moroz, a singer-songwriter and entrepreneur, is the pioneer of revolutionary crowd funding model. PRLog (Press Release) – May 30, 2014 – NORTH BERGEN, N.J. — Tatiana Moroz, a New Jersey-based, singer-songwriter and entrepreneur is releasing her “Tatiana Coin”, the first-ever artist crypto currency aka “Artist Coin”. “Tatiana Coin” will use a Bitcoin-driven platform to empower fans and music lovers alike to directly contribute to Tatiana’s 3rd album release and subsequent tour. Early fundraising goals are $50,000 up to $250,000. The 30 day crowd-sale campaign will start June 2nd,....
An all-anon team is hoping to realize the long-awaited dream of a flexible DeFi options platform The Anon Powered development team has announced today the launch of Premia, the latest decentralized finance (DeFi) options platform live on Ethereum. In an interview with Cointelegraph, the group of semi-anonymous developers behind Anon Powered — who collectively requested that they be referred to as “members of the Premia Republic,” the name for Premia’s forthcoming DAO — said that out of the gate users will be able to write, sell and exercise “American-style covered calls and puts,” which....