It seems we repeat this sentence in almost every weekly update lately, but; it’s been another huge week for Nav Coin. We have successfully activated Segregated Witness on our blockchain, we broke through our previous all time high on the markets and we’ve been making good progress on our top development projects.
Segregated Witness was activated on the Nav Coin blockchain at approximately 3:00AM GMT on Sunday 21 May 2017 after the mandatory 1 week lock in phase. The activation has gone smoothly, SegWit addresses have been created and sent coins. We are currently working on a wallet update which will make it easier for users send SegWit transactions as currently it is largely handled only in the command line interface. While users will soon be able to easily send SegWit transactions, the real power will become apparent as we build and run smart contracts on the Nav Coin blockchain in the future.
The activation of SegWit has seen a lot of activity on the Nav Coin markets with NAV’s market cap reaching $28M USD, a price of $0.46 USD per coin. Frustrations were felt by some users as our highest volume exchange Poloniex had their NAV wallets in maintenance mode over the lead up to SegWit activation, preventing deposits and withdrawals. We have attempted to clarify the reason, but at time the time of this publication we have not received a response from Poloniex on the matter. I can now confirm that the NAV wallet is out of maintenance mode and is again open for deposits and withdrawals.
The dev team is making good progress on the first stage of the Polymorph project in the Auckland office. If you’ve been following the #development channel in slack or our github you will have seen their daily progress on the project as commits and pull requests fire off. They have closed Sprint 2 with 20 points achieved compared to 21 points in Sprint 1. Showing that their pointing of stories and pace of work has been consistent thus far which suggests this method of working will provide to be a good measure for completion times for future features.
We have also received a lot of interest from open source developers interested in contributing to Nav Coin or building surrounding platform tools and services. This is a great sign for the future of Nav Coin’s software ecosystem and we encourage all developers who would like to get involved in our project to join us on slack and talk with the team.
The SD Cards for the branded NavPi’s have arrived to Auckland and Guy has been busy trying to source the best shipping rates and packaging for the units. We are still waiting on the actual boards and cases to arrive and will open pre-orders as soon as we have all the parts on the ground.
Our marketing team have been testing some Facebook ad buys over the last week which are proving to have cost effective results. For a relatively small expense we have increased the reach of our Facebook posts by about 3000%. This plays into the wider strategy the team is building to get the Nav Coin brand to be a household name.
Nav Coin Team