Immediate Release: 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
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