If you simply held onto your Bitcoin, Litecoin or Ethereum over the past couple of years, you would have made a handsome profit. But did you know that there is a cryptocurrency that will pay you ~5% interest per anum! It’s called Nav Coin and here is why I think it could be interesting.
Proof of Stake
Nav Coin uses proof of stake as opposed to Proof of Work. Bitcoin and other Proof of Work currencies, require computers to solve complex algorithms in order to validate transactions and mine new currency. Nav Coin and other proof of stake currencies, use a different approach which is based on consensus.
When you use the Nav Coin wallet, you will “stake” transactions and basically propagate consensus. And when this happens (all under the hood obviously), you earn interest on your coin.
Cryptocurrencies such as navcoin have some big advantages. Firstly, the speed at which transactions happen. It’s much much faster than on Bitcoin. One thing that has really been bothering me recently with Bitcoin is just how slow transactions are. And they are currently really expensive as well. It’s just not economical to use as an actual currency at the moment.
Because there is no complex algorithm solving needed to be done, Nav Coin is also environmentally friendly. Bitcoin mining uses a lot of power. A Nav Coin wallet can be run on any low end hardware. Even a Raspberry Pi!
An Interesting Investment
Nav coin is currently priced at around $1.10 – although this price fluctuates around. I don’t know where the price will go, and to be honest, although I hold a bit of Nav Coin, I’m more interested in it as a currency. I would love to see something like Nav Coin take off more and be used to replace more and more fiat transactions.
That being said, it could also be an interesting investment for those looking to get into alt coins. It has a solid foundation (it’s built on the Bitcoin Core), an excellent user friendly interface (important for mass adoption) and has been under active development for 3 years. There is a solid future road map, so Nav Coin could really take off big time.