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The Nav Coin Network will begin signalling to enable Segregated Witness on 1 May 2017, making history as the world’s first SegWit activation decided by proof of stake users.
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In a display of the governance power of Proof of Stake over Proof of Work, the vote puts the decision to enable SegWit directly in the hands of the Nav Coin community rather than large corporate mining companies.
The primary reason for Nav Coin wanting to activate SegWit is that it will provide better architecture for smart contracts to be enabled on the Nav Coin blockchain.
By untangling the smart contract data from of the transaction inputs and outputs, SegWit allows transactions to be verified without needing to process the sometimes large amounts of smart contract data attached to each transaction.
Smart contracts are an integral part of the Nav Coin roadmap as they look to combine their dual blockchains into the NavTech 2.0 Multi-chain Wallet and move toward processing private payments using smart contracts.
To cast your vote to implement Segregated Witness on the Nav Coin Network, you will need to upgrade to the latest Nav Coin Core 4.0.2 wallet.
When signalling begins on the 1 May, you will be presented with a prompt to cast your vote. Votes are submitted to the network when your wallet mints a new block, so you will need to stake your coins to broadcast your vote.
The latest one week of blocks (20,160 blocks) are monitored for votes and when 75% or more of these blocks show “Yes” votes, then SegWit activation becomes locked in. This means it is important to continue to stake your coins during the signalling period to keep casting your vote as you mint blocks.
Once SegWit is locked in, any users on legacy wallets have one week to upgrade to the 4.0.2 wallet until the block structure changes.
You can monitor the progress of SegWit votes here:
http://navcoin.org/segwitCompany name: Nav CoinCompany site: http://navcoin.orgCompany contacts: Craig MacGregorEmail: firstname.lastname@example.org
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