Introduction to Namecoin : A Blockchain Protocol that Functions as a Naming System

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Name coin is a blockchain protocol that functions as a naming system. It happens to be the very first altcoin derived from Bitcoin. The main objective of name coin is to provide censorship proof stable and decentralized service for registering of domain names. The best part is it provides its services outside the control of the centralized authority and government.

It is considered to be a cryptocurrency used for peer-to-peer transactions because it is an altcoin derived from Bitcoin. NMC mining can be coupled with Bitcoin mining.

Namecoin Development

Different from most cryptocurrencies, Namecoin does not have an organization working behind it,  nor does it have a white paper.  The project development is carried out by members of the name coin community. First undertaken by Vincent Durham, he later abandoned the company. Nowadays, the company is also run by other anonymous members apart from the official team.

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Benefits Of Namecoin

Namecoin records data in pairs.  In this, each key is assigned a value. Each value will be as large as 520 bytes. Every key or name has a namespace attached to it. The names have to be refreshed after every 35999 blocks.

Although it all the name coin follows the Bitcoin the sudden modifications made to the original code. Just like Bitcoin the Namecoin balances a proper network also manages transactions and protection. The only major difference is the mining technique.  Namecoin is a merged cryptocurrency that could be mined.

Name ID is a new technology that has been incorporated by Namecoin.  This service is used to register humanly readable names in a decentralized and secure manner. This facility is a combination of Namecoin and Open ID. Under this, users could convert Namecoin identities to open IDs.

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Buying Namecoin

Doing NMC mining is possible. Therefore, users can acquire NMC coins by merge mining it with BitCoin. Non-mining users can obtain Namecoin cryptocurrency through cryptocurrency exchanges. There are several exchanges, such as, Livecoin, WEX, YoBit, Poloniex, Cryptopia, and Bleutrade which allows you to carry out the cryptocurrency exchange.

Namecoin Storage

NMC coins can be stored through main Coin core client. This includes the Namecoin wallet. Both Linux and windows provide this facility and can easily be downloaded from the official website for Namecoin.  An electrum wallet has also been launched, but it is in the state of Beta.

What the Future Holds For Name Coin

Namecoin market had a  value of 18.5 million dollars in 2018.  There are more than 14.7 million coins of NMC circulating in the market, and the upper limit is 21 million coins. Despite the fast growth exhibited by the cryptocurrency in recent times, it is subjected to display a slow growth in the foreseeable future.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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