Author: Samuel

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NAV Coin

What is NAV Coin?

NAV Coin is a self-sustaining entity, built to take advantage of the benefits of decentralization, and to help more people integrate blockchain technology into their lives.

From the basic design, all cryptocurrency is all about decentralization. A product or project that is honestly built to be operated by and for the public must have the element of rigorous truth in it.

Through decentralization and subsequent automation, people who use projects like NAV Coin are in a good position to make informed decisions about some of the systems that they intend to operate. This, therefore, gives them an advantage, because, for the first time, users are able to experience a fair playing field, without interference from overlords in the form of governing bodies and other middlemen.

Apart from offering a decentralized solution to so many problems that we struggle with today, NAV Coin also offers protection to all those who use the project for one reason or the other. Hypothetically, there is safety in numbers when using projects like NAV Coin. Therefore, there is a very limited chance that someone would be able to execute a malicious attack on the system, attack or threaten those who are already using the system.

This all comes down to the fact that there are so many people involved in the project operation, and the nature of their relationships makes it very difficult for malicious attacks to thrive.

NAV Coin is not just a self-sustaining entity, it is also distributed free, as open source code. It is designed to establish and facilitate trust, and in so doing, users who meet these requirements earn rewards in the process.

What is the problem that NAV Coin Solves?

NAV Coin makes use of some of the best features inherent to decentralized tech, alongside some privacy-centered network design features. NAV Coin also uses a dual blockchain system to support the network. However, it does not depend on centralized databases.

While the dual blockchains are decentralized, all the scripts that are run through them, and process all transactions are run on a web server that the public interact with. This means that this is one network point that can easily be referenced with an IP address. All this is maintained and managed by the Nav Coin Development Team.

Safe Subchain Distribution

It is virtually impossible for someone to gain access to the subchain coins for malicious purposes, especially since the subchain is available to the public. Therefore, a supposed attacker would be unable to send the wrong instructions to a server in an attempt to gain NAV Coins from the system.

The way servers are designed in NAV Coin, they are only supposed to respond to instructions on subchains, that are considered truthful sources. Given this concept, if any user learns how to read and identify addresses from outgoing servers and send transaction requests to that address, it becomes possible for them to instruct the server to send NAV Coins to whichever address the attacker would have specified.

Protection from malicious server operations

Building on the concept of decentralization has its benefits and challenges. One of the challenges is that when unknown members of the global population have the opportunity to become server operators, there is always a risk that one of these operators might have malicious tendencies.

There is a possibility of taking advantage of system flaws. For example, the system accumulates all incoming transactions before processing them in blocks in a period of every two minutes. What this means, therefore, is that a cunning server operator has a 2-minute window within which they can take their server offline before any pending funds are processed, and in the process, steal all the NAV Coins that might have been in the input process.

Other than the risk of stealing NAV Coins, there is also the possibility that such a server operator might also be tempted to record or simply monitor all transactions that pass through their servers for whichever reason.

Power to the end user

For such a system to be in operation, there is a lot of trust needed between the users and server operators. On the part of the users, they expect that the server operator exercises due diligence in the operation, wherein they do not record any information, and besides that, offer a guarantee that the shared funds will be delivered to the intended recipients.

In a system that relies on trust, power and choice should be in the hands of the users. The reason for this is because taking away choice from users means they have no control over the platform they are using. Without control, users cannot trust the platform. It is important in the decentralization realm, that users have the ability to establish and use their own systems, instead of depending on intermediaries.

How does NAV Coin Solve the problem?  

While decentralization is an important aspect of the blockchain revolution, it has certain challenges as outlined above, which should be addressed in a technical capacity. With NAV Coin, the most efficient security method that can be used to protect the system from hacks or fraudulent players is to create trusted clusters for the servers, wherein they can transact with one another.

By having servers operating in the same cluster, these servers are able to share different and layered security features. This makes it easier to prevent the processing of unwarranted transactions, hence keeping the system safe.

IP Restriction

This is one of the safest ways of preventing malicious users from gaining access to the outgoing servers. Even in the unlikely event that one such person was able to clone one of the IP addresses that are accepted by the incoming servers and request for credentials, the outgoing server would simply send the response to the original IP address (incoming server) and not the clone. Therefore, the ISP simply routes traffic to the correct incoming server IP address, instead of the one created by the malicious attacker. How is this done?

At the configuration point of all servers set to accept incoming transactions, a list of accepted IP addresses for all the servers that send outgoing transactions is provided.

The servers use this list whenever processing transactions. Therefore, the servers cannot communicate with any IP address that is not on this list.

Unless the incoming servers are undergoing scheduled maintenance, there is no IP restriction on them.

This is important so that their API stays open for prompt communication between potential IP addresses and the NAV wallets. It is also important to note that the outgoing servers are the only servers with a pre-loaded pool of NAV which can be extracted. As a result, it is important that they are given this kind of protection.

RSA Encryption

In order for an incoming server to handle transactions or communicate with the outgoing server, there are several IP restriction tests that it has to pass. If the messages are coming from a recognized IP address, the outgoing server sends a public RSA encryption key to the incoming server.

The RSA encryption key encrypts the secrets, address, and amounts involved in the transaction before committing the transaction to the blockchain. An outgoing server receives the subchain transaction and decrypts the information on it. If the outgoing server is not able to decrypt the transaction, the transaction is sent back to the subchain from where it originated.

What is the role of this encryption? The encryption helps in keeping all information that is submitted to the subchain private as it should be. Other than that, it is only possible to access a public key through the API of an IP restricted outgoing server. For this reason, the only transactions that the outgoing servers can process and those that come from whitelisted incoming server IP addresses.

Use of Secret Tokens

When setting up an incoming server in a server cluster, a 42-character token is generated. This token is then added to a configuration file in the cluster, that identifies all the incoming servers and outgoing servers.

After creating a subchain, the secret token is combined with the address and the amount in the transaction, encrypted with the public keys for the outgoing servers, and then added to the blockchain.

Upon decryption by the outgoing server, the secret token in the transaction has to be similar to the secret that is present in the configuration file for the outgoing server. If this is not the case, the subchain is sent back to the originator.

Even with some of the best supercomputers in the world today, this is one of the most difficult RSA encryption protocols to decode or hack. Other than that, since this secret is not broadcast on any of the servers that make up the cluster, it is impossible for anyone to hack it. In fact, according to experts, it would take someone who is dedicated to hacking the secret at least 143 vigintillion years to hack this through brute force.

Server Whitelists

Each user has the capacity to determine the incoming servers that they can include in the configuration files for their wallets. In case you have already been using the NAV Coin project, your wallet configuration file should have the Official Navtech incoming servers included. In case any of the service operators you use has created a cluster of Navtech servers which you would intend to use, you can easily add the servers in that cluster to your configuration file. Presently there is no limit to the number of servers you can add to the configuration whitelist for your wallet.

What makes NAV Coin better than the competitors?     

Security

NAV Coin offers a highly secure platform for users, and this is one of the reasons why it is a cut above most of the competition. In the blockchain realm, this level of security also inspires confidence in the users and makes them appreciate the project even more.

Malicious attacks

Servers in the NAV Coin project can be operated in private clusters. Because of this reason, it is virtually impossible for a malicious attacker to extract coins from the network. Assuming that the network was to be run as a large network without clusters or boundaries, it would be almost impossible for any user to be confident that their coins would safely terminate to the other end of the transaction since they have zero control over the entity in the network that processes their coins.

Public confidence

The public can be assured of transparency in the mode of operation. The public Github source and community server lists provide a level of guardianship, which helps to bestow confidence in the decentralization of this project.

How can NAV Coin be categorized?

NAV Coin is a digital currency that is built off Bitcoin. Through the Navtech system, NAV Coin presents users an opportunity to protect their privacy when engaging in financial transactions online. It offers a level of anonymity that makes transactions safe, secure and efficient.

What’s NAV Coin’s vision on Security?

NAV Coin is one of the projects that has taken security a notch higher. There are several steps in place to help with this. NAV Coin uses the server MD5 Hash. Other than users being able to add incoming servers to their configuration files, they are also able to specify Navtech hashes that should be considered as genuine.

At the point where the user wallet needs to make a transaction request to an incoming server, it must first of all request the server to hash the running file, which the server will return as part of the response. In case the hash returned by the server is not similar to the hash that was pre-identified as a genuine hash, the wallet notifies the user that the server that it has been in contact with does not have the same source code that is expected. Therefore, you need to remove that server from your list. Other than that, this automatically bars the transaction from completion.

The hash is not backed into the wallet but is user specified. The reason for this is because NAV Coin is an open-source project. In case a user would love to create their own cluster of servers and tweak the source code to meet their needs and have it perform a different transaction, NAV Coin does not intend to stop users from doing that. This is the beauty of open source development. Users are free to do as they please with the source code.

This is also aimed at making sure that whenever update hashes have been posted, they are not forced down on users to download the wallets and update their Navtech source all the time.

Examples of NAV Coin use cases/applications

NavPi Kowhai

This is a rebuild of the NavPi StakeBox with enhanced usability, performance, and security. It is specifically designed to help in making NAV staking easier for users and efficient.

Lightning Network

The implementation of the lightning network is important in the sense that it allows users to access atomic swaps, cross chain and instant transactions between NAV and any of the other cryptocurrencies that might be supported.

Resources

https://coincheckup.com/coins/NAV-Coin

http://www.navcoin.org/

https://info.navcoin.org/

http://medium.com/nav-coin

https://info.navcoin.org/faq/

https://www.navcoin.org/files/navtech-whitepaper-beta-v0.9.pdf

 

 

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WeTrust

What is WeTrust?

WeTrust is a lending, insurance and savings platform. The team behind WeTrust has built a platform that is decentralized, free of friction, is agnostic and autonomous. In the financial world, this is everything that users could ever wish for.

The conventional financial market is always rife for changes, innovation, and advancements. This is the only way to realize the utmost potential of these markets.

WeTrust brings an unprecedented level of innovation to the financial industry, and more importantly because it is hinged upon the benefits of blockchain technology. So what, really is WeTrust?

Like most successful blockchain projects that have been released so far, WeTrust is built on Ethereum.

It is, therefore, an alternative full-stack system whose premise is to make use of trust networks and social capital, while at the same time getting rid of third parties who often make transactions expensive. Because of this, WeTrust can offer users very low fees compared to the traditional financial institutions.

While low fees might seem a very good incentive, WeTrust offers a lot more than that. With WeTrust, users can look forward to decentralized risks on the part of lenders, better incentives compared to the traditional financial institutions.

More importantly, when using WeTrust most of the capital stays with the participants on the network, instead of financial institutions who eventually use the money to invest and grow, while the participants stagnate.

WeTrust is all about innovation. This project offers innovative products to address inherent challenges that have plagued the financial markets for so many years, all over the world. Therefore, what WeTrust has done is to create a system where there is global inclusivity, and this financial inclusion ultimately makes it one of the best platforms for lenders and borrowers alike.

What is the problem that WeTrust Solves?

The driving vision behind WeTrust is to ensure that the more than 2 billion adults in the world who are unbanked or underbanked can become a part of the financial system. There are a lot of roadblocks that make it difficult for such persons to own bank accounts, primarily the contradictions that exist in the conventional financial system.

It is virtually impossible to get a loan from a bank if you do not have a bank account, or a well-paying job, some good credit, insurance claims and so forth. Most people have to resort to using shylocks and other options that are not very friendly.

As a result of the misalignment of interests and the hindrances that exist in the ability to access financial services, the unbanked, underbanked and uninsured usually end up suffering.

Based on these challenges, WeTrust strives to leverage trust networks, social capital and blockchain technology to come up with a financial system that is carefully aligned in such that it meets the needs of everyone, especially the more than 2 billion adults who currently do not have access to the services they require.

It is important to note that WeTrust is not here to replace the traditional financial systems but to make them better. These institutions play a very important role in society, and it would be preposterous to wish them away.

More importantly, WeTrust wants to get rid of the third parties, thereby improving the efficiency in the operation of these institutions, especially by getting rid of their dependence on centralized networks and platforms.

How does WeTrust Solve the problem?    

To solve these problems, WeTrust has developed a system upon trust networks, social capital and blockchain technology. This system works through trusted direct lending, mutual insurance, trusted lending circles, and community-based credit history building.

Trusted Lending Circles

This is a platform that is specifically designed for rotating savings and credit associations (ROSCA). In this platform, smart contracts are used to automate the process of lending and saving. This process includes bidding, contributions and assigning funds to users on each round, and withdrawal of funds.

To make this easily accessible WeTrust has designed a web application that every member can use to effectively manage their participation in whichever lending circle they belong to. Users can belong to more than one trusted lending circle.

In these circles, there are micro-networks. These are aimed at offering incentives to members so that they can invite other people that they trust. This eventually increases the social incentives and the net value of the lending circle. Different groups can also create unique metrics that they use to operate, depending on their circumstances and specific needs.

Sovereign Credit Identities

This is another product that is built into WeTrust. The credit identities are built based on the quality of the social media accounts that are tethered, and the terms of the lending circle. Individuals who are responsible should have a very easy chance of creating and maintaining a very high credit identity.

This eventually improves their creditworthiness in the network and makes it easier for them to use other high-stake features like the power to vouch for a member or establish trust with other persons in other circles out of their network.

Such credit identities can also be shared upon request, with the traditional financial institutions like banks. They help prove the credit history. It is important to note that identity plays a significant role in the lending circles.

This is because they eventually help the circles scale up over time, and evolve into micro-saving groups. Essentially, this will improve the demand/supply matching, and improve the interest rates available in the marketplace.

Lending and Borrowing

WeTrust also has a lending and borrowing platform that is powered by the trust network. In this platform, borrowers are connected to savers, which makes it easier for them to access financial supports directly, and at a very low cost.

What makes this product different from the normal lending facilities in the financial markets? This facility leverages the credit identities that had been created earlier on.

Other than that, it also relies on legal contracts, loan guarantees, trust inferences and loan deterrents. Members who are trusted in the network can vouch for someone to get a loan.

When they do this, they will earn some fees for putting their reputation on the line for the member, and taking up the risk of partial responsibility for the loan that the borrower took.

Mutual Insurance

The mutual insurance product makes use of smart contracts. Smart contracts are an inherent feature in Ethereum. These contracts are essentially code that is written with instructions to perform a specific action when executed. In this case, they evaluate whether the member has met a set of criteria, then allow them access to payouts accordingly.

In line with the need for true transparency within the blockchain, all the criteria that should be met are set out in public, so there is no secrecy in the nature of the contracts. There is a very small fee involved in these contracts.

What makes WeTrust better than the competitors?        

Automation and Efficiency

WeTrust uses smart contracts. Through these, it is possible to automate payments from end to end. Smart contracts also help in efficient estimation of risk models and decentralizing the processing of claims. In the long run, this has helped to reduce the cost of operation.

By using smart contracts, WeTrust introduces autonomous business logic. This is important in running a secure, fast and reliable business product. It is also through this that WeTrust is able to get rid of middlemen like financial institutions who have no feasible role to play in the transactions, but only exist to earn commissions, which when passed down to the user, makes the entire process very expensive.

Easy access for the underserved

The concept behind WeTrust has made it possible for those who are underbanked, underinsured or uninsured and unbanked to have access to financial services that they had been locked out of for a very long time. Those in developing countries or people who are low-income earners are now able to access financial services.

Digital Identity

Because of the digital identities that are created on WeTrust, users can enjoy services all over the world on the blockchain. They are also able to take advantage of opportunities that come their way, without worrying about governance challenges.

Transparency

One of the key features of a blockchain platform must be transparency. WeTrust handles transparency as a feature on a platform level. Any and all data that is relevant to the WeTrust ecosystem can be audited and analyzed by relevant parties, while at the same time, maintaining utmost privacy.

Experimenting

WeTrust is an open-source project. Therefore, there are so many benefits that users stand to enjoy from using this project. Usage is permission-less, there are myriads of options for customization, accounting is very easy and so forth. Individuals and groups are able to use a simple app to engage with one another or their communities, and in the long run, look forward to some serious tangible financial results.

How can WeTrust be categorized?

WeTrust is a collaborative lending, savings, insurance platform that is built on Ethereum to provide an efficient alternative financial system. It uses trust networks and social capital as leverage, and to get rid of third parties from financial transactions.

What’s WeTrust’s vision on Security?

In the WeTrust ecosystem, what is at stake is the money that users have worked so hard to earn. Since the majority of the target market is people who are unbanked or underbanked, this money means a lot. For this reason, security is a high priority concern at WeTrust.

To make sure that the funds in the network are safe and they are used the way they should be, there is a sizeable investment in security audits. Apart from that, the results of these audits are often made public, and the progress thereon.

WeTrust also built a dedicated server specifically for monitoring transactions on the WeTrust network, albeit anonymously. This server is tasked with identifying and addressing any suspicious behavior or fraudulent activity on the network.

Sybil attacks are common in the blockchain realm. These are attacks where an individual is able to create fake profiles, and from these, they eventually generate legitimate credit scores. WeTrust takes identity verification seriously, so it is virtually impossible to execute a Sybil attack.

Examples of WeTrust use cases/applications

The following are some of the use cases wherein WeTrust has been integrated into the financial markets.

App Token

WeTrust created the Trustcoin (TRST). This is the currency through which all services conducted in the WeTrust ecosystem can be performed. It is used to reward actors who facilitate trust or those who are paid in the trust network. The amount of TRST that can be used for every transaction is determined by the market forces of demand and supply.

In the WeTrust ecosystem, the TRST can also be used as collateral in a situation where the parties or one of the parties involved does not have a notable or credible reputation. For the foreperson to receive full fees in the trusted lending circle, there must not be any delinquencies. In case any of the participants becomes a delinquent in the network, the foreperson will be penalized.

This is done by reducing the fees that they receive in the transaction.

To make sure that the participants can feel and stay confident in the ability of the foreperson to build a network of trusted associates, the foreperson has to deposit TRST as collateral. In the unlikely event of delinquencies, this is distributed to the participants who have a good standing.

Allocation of Trustcoins

Research – The coins can also be set aside for research in game theory, actuarial, statistical models, mathematics, computational simulations and so forth.

Software Development – The coins can also be used to budget for development of smart contracts, software development, creating a seamless user experience and security reviews.

Business Development – This is to cater for expenditure involved in growing the trusted lending circle communities, partnering with NGOs, and hiring managers who will help in spreading the word about WeTrust.

Marketing Costs – This is to support all expenditure that should be used for enlightening the public about the WeTrust platform, sponsoring conferences, blockchain events, hackathons and so forth.

External Costs – This is expenditure for things like security audits, regulatory compliance, bounties for bug hunters and anything else that concerns technology and development.

Resources

https://coincheckup.com/coins/WeTrust

https://www.wetrust.io/

https://www.wetrust.io/#blog https://github.com/WeTrustPlatform/documents/blob/master/WeTrustWhitePaper.pdf