Receive all Cointelegraph news immediately in Telegram.
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.
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
Follow us on Facebook
This is a paid press release. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
For updates and exclusive offers, enter your e-mail below.
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact: