Namecoin is one of the first alternate cryptocurrencies based on bitcoin (sha-256) which offers additional features.
Namecoin = bitcoin + domain name services. Namecoin uses .bit domain name pool.
Always use the latest Namecoin client version from the official website to avoid issues.
Namecoin most important features
- Securely register and transfer arbitrary names (keys), no possible censorship!
- Attach values (data) to the names (currently up to 520 bytes, will be extended)
- Trade and transact namecoins, the digital currency NMC
- Name/value pairs are stored in the blockchain attached to coins
- Names are acquired through new transaction types – new, first-update and update
- Names expire after 12000 blocks unless renewed with an update
- No two unexpired names can be identical
Sample usages of Namecoin
- DNS: domain_name => domain_zone_configuration (also for i2p, Tor)
- TLS: https like encryption and secure identification by Namecoin domain/ID/name
- Alias/Identity: user_name => user_public_identity (email, name, gpg key, BTC-adress, etc)
- Timestamping: document_hash => document_infos (name, hash, owner, etc)
- Broadcasting / Messaging
- Web of trust
- Bonds, shares
- Torrent tracker
Total coins: 21 million Namecoins (the same as bitcoin). Each Namecoin is divisible down to 8 decimal places.
Namecoin currently uses the .bit domain. As of January 2014, 123616 .bit domains have been registered.