NavCoin (NAV)
| Website | http://www.navcoin.org/ |
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Basics
"NavCoin (NAV) is an open-source and decentralised Proof-of-Stake Version 3 (PoSv3) cryptocurrency that aims to provide affordable and fast digital payments with a focus on privacy and simplicity. Self-funded by a community of volunteers, NavCoin launched in April 2014 with no Initial Coin Offering (ICO) or pre-mine. Volunteers can propose contributions and get paid for work through NavCoin’s decentralised Community Fund (CF).
With the CF’s dual consensus mechanism, the funding of a passed proposal will be locked while waiting for its work to be completed and then paid out if the quorum is met. Examples of CF proposals include www.navexplorer.com, the NEXT wallet, the implementation of ZeroCT (a privacy protocol), and the time when NAV became a carbon-neutral cryptocurrency. NavCoin has also added support for OpenAlias (www.openalias.org), Cold Staking to the NavCoin protocol, and released NavPay, a light wallet to store and spend NAV from a mobile device."
Zerocoin Protocol Vulnerability
- Got a serious vulnerability back in 4-2019. It basically meant their protocol was broken and most projects utilizing Zerocoin stopped their private send functions afterwards. Projects affected were: ZCoin itself, PIVX, Veil, Gravity Coin, Navcoin (who was developing a Zerocoin variant called ZeroCT on their testnet) and NIX. On 19-4-2019 core developer Peter Shugalev found the root cause of the issue and confirmed that it was a failure in the cryptography of the Zerocoin protocol and that it affected all Zerocoin implementations. Forged coins were created, but not exceeding 1% of the circulating supply. The issue was not from a coding error, but from a cryptographic flaw in one of the proofs in the Zerocoin protocol that has existed since its inception.
