NavCoin Roadmap for 2018 Released

NavCoin team released a roadmap for 2018 sharing its plans, strategies and and vision 
17 January 2018   615

The team of NavCoin announced that there are two major streams of work emerging for the NavCoin Core, and they have divided our roadmap for 2018 into two parts, the first one regarding NavCoin itslef, and the second one regarding Valence.

The upcoming projects regarding NavCoin are stated as follows:

  • Lightning Network: Implementing lightning network transactions to allow instant, cross chain, atomic swaps between NAV and other supported cryptocurrencies
  • NavChange: A Valence powered application which facilitates instant exchange between NAV and other currencies
  • NavDelta: A payment gateway powered by Valence, which enables users to spend NAV at any business which accepts any currency supported by NavChange
  • Business Partnerships: Partnerships with existing Point of Sale operators who are interested in integrating multi-crypto payments into their existing systems using NavDelta
  • Cold Staking: Allowing for NAV, which are stored offline, to sign staking inputs will greatly increase the security of funds used for staking
  • NavCoin 5.0 "Kauri": Rebuilding NavCoin Core wallet as an Electron Application which extends on the current functionality to handle multiple accounts, pin numbers, recurring payments and other functions which you’d be used to seeing inside a banking application
  • NavTech 2.0 “Rimu”: Redesigning NavTech to be a Valence powered application which will make our private payment system completely trustless and distributed
  • Valenodes: Forming the backbone of the network, Valence Masternodes will ensure reliable, fast, and scalable infrastructure to route private application data and seed selective blockchains
  • Encrypted Communication Protocol: Valence’s ECP combined with the Masternode Network should provide highest level of privacy for apps and users
  • App Store & Console: The decentralised and autonomous registration of Valence applications will take place on the blockchain and be accessible through the Valence App Store
  • Crowdfunding Platform: This smart contract-driven crowdfunding platform is designed to protect the funders of Valence Applications by allocating governance of raised funds to the parties who put the funds forward

At the moment of press, these are main market parameters of NavCoin:

  • Average price: $2,30
  • Marketcap: $143 109 962
  • 24h volume: $5 224 250

Bitcoin Gold hit by Malicious Miner`s Double Spend Attack

An evil-minded miner efficiently made a double spend attack on the Bitcoin Gold network, making BTG at least the third altcoin to succumb to a network attack
23 May 2018   122

Edward Iskra, Bitcoin Gold director of communications first admonished clients about the attack on May 18, reporting that an evil-minded miner was using the exploit to steal means from cryptocurrency exchanges.The miner bought at least 51 percent of the network’s total hashpower, which provided them with temporary control of the blockchain. Gaining this much hashpower is extremely expensive — even on a smaller network like bitcoin gold — but it may be monetized in tandem with a double spend attack.

The attacker, after getting the control of the network, started depositing BTG at crypto  exchanges while also intending to send those same coins to a wallet under their control. Generally, the blockchain would resolve this by including only the first transaction in the block, but the attacker managed to reverse transactions as they had majority control of the network.

As a result, they were able to invest funds on exchanges and withdraw them again soon, after which they repealed the initial transaction. This way they could send the coins they had primarily deposited to another wallet. 

An address of bitcoin gold connected with the attack has got more than 388,200 BTG since May 16 (basically from transactions it sent to itself). All of those transactions were associated with the double spend exploit, the attacker could have stolen as much as $18.6 million worth of funds from exchanges. The last transaction was sent on May 18, but the attacker could resume it if they still have access to enough hashpower to reach the control of the blockchain.

Bitcoin gold’s developers recommended exchanges to resist the attack by reaching the number of confirmations acquired before they lended deposits to client accounts. Blockchain data displays that the attacker reversed transactions as far back as 22 blocks, allowing developers to advise raising confirmation requirements to 50 blocks.