The New Privacy Protocol xNAV Got Activated on Navcoin’s Mainnet: Here’s How to Use It

Swapping from xNAV to NAV, and vice versa

The activation of the new privacy protocol introduces a new token, xNAV, that will co-exist with NAV. You don’t need to swap between them if you don’t want to, your existing NAV will stay safe with no actions required from you. With NAV, you will maintain the ability to stake, vote in the DAO, and transact publicly.

Checking your xNAV balance

When you have done your first swap from NAV to xNAV, the “Balance” tab of the wallet interface will update to reflect the change.

Sending and receiving xNAV

The “Send” tab has been updated to accommodate the new functionality in a very simple UI. Next to the label of “Use”, you will find a selection box where you can choose to use the public NAV or the private xNAV as input to your transaction.

  • Sending from public NAV to public NAV: the sender, receiver and amount will be public.
  • Sending from public NAV to private xNAV: the sender will be public, while the receiver and amount will be private.
  • Sending from private xNAV to private xNAV: the sender, receiver and amount will be private.
  • Sending from private xNAV to public NAV: the sender will be private, while the receiver and the amount will be public.

How xNAV mixing works

Your wallet will work in the background offering your xNAV coins to other nodes for their use in mixes with other coins willing to transact privately. You will earn a small fee every time a node selects your coins. For this reason it is good to keep your wallet open for long periods of time to have better chances of getting selected. At the same time, your wallet is collecting coins from other nodes for using them when you wish to send xNAV.

There is much more to come.

The activation of xNAV is only the beginning. The next step in our roadmap for 2021 is the launch of a wNAV (wrapped Navcoin) bridge to enable cross-chain swaps with other DeFi-capable chains. To start with, we will release the bridge for Binance Smart Chain and Ethereum, and we plan to expand to other chains very soon after that. This will allow NAV to be listed in many Decentralized Exchanges and its use across the DeFi ecosystem.

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