Namecoin (NMC) was the first fork of bitcoin (BTC), meaning it operates on the same code as Bitcoin, but with a separate blockchain.
It is the first cryptocurrency that acts as a decentralized domain system (DNS), allowing you to store personal identity information within its blocks.
Decentralized TLS (HTTPS) certificate validation, backed by blockchain consensus.
You can now register your domain name on the blockchain.
“Namecoin is an experimental open-source technology which improves decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identities.”
Through the Namecoin-based applications nmcontrol and ncdns, it is possible to create your own private or public DNS. Your DNS can be privately shared with friends, or it can be used by other Namecoin users.
Registering your website on a bitcoin (.bit) platform makes it resistant to being hacked or shut down as there is no central server. No corporate or government entity has any editing capability as the authority rests within the network itself and no personal information whatsoever is required to register.
You can remain completely anonymous.
The only link between you and your blockchain website is a physical private key that comes with each .bit domain name.
Namecoin Can Be ‘Merged’ Mined
Go to any bitcoin mining pool that supports ‘merged‘ mining and you will be able to mine Bitcoin and Namecoin simultaneously.
There are several mining pools that offer merged mining, including BTC.com, BitMinter, BTCC Pool, and Eligius.
It is also possible to run your own merged mining pool using the software offered through Eloipool and p2pool.
Benefits of merged mining include a more predictable block generation time and a decreased vulnerability to what is known as a 51% attack (as JP Morgan recently demonstrated). Merged miners have an increased hash power, having combined that of the lower-hash network with the higher-hash network.
Namecoin is then produced as the by-product.
The following exchanges offer the ability to trade NMC: Kraken, BTC-e, Kryptsy, Cryptonit, ExchangeMyCoins, Bter, Ripple Israel, 24Change, Vircurex, Lilion Transfer, CryptoTrade, Ebay, 247Exchange, Shapeshift, and CoinMKT.
Namecoin is Considered To Be One of the Most Secure Cryptocurrencies in Existence.
There are only 2 ways data could be compromised: either shutdown all internet providers simultaneously (this would cause a global collapse) or amass more processing power than all of the computers that make up the Namecoin network combined.
Each computer would need to be attacked individually.
Sure a quantum computer could achieve this, but there encryption techniques capable of protecting against that kind of processing power, such as Quantum-Secure Authentication, which uses unique quantum properties to encode information (onto a physical key) in a way that prevents fraud.
Unlike Bitcoin, Namecoin can store data within its own blockchain transaction database. It has a limited amount (21 million) of coins, freeing itself of the ponzi scheme structure most of our currencies are currently built upon.
It only cost .01 NMC to register a domain that lasts for roughly 200 days. This fee is destroyed in the registration process, thus deterring larger miners from hoarding names – from essentially becoming gateway providers such as Google, who have become the world’s biggest censor of information.
There is no authority or outside advisory group, industry association or government agency that regulates Google.
If anyone gets in their way, such as Gab, a new social media blockchain platform who describe themselves as an ad free safe haven for free speech and individual liberty, who on Sept. 14 of this year filed an anti-trust lawsuit against Google, only to have their domain revoked 2 days later.
They have shifted political votes, destroyed reputations and businesses, blocked you from valuable information, cast you into an echo chamber in which you hear or see nothing but what fits your personality.
Google essentially controls the internet.
Blockchain technology is the solution. This is our chance to protect our freedom of speech and our information.
Satoshi Nakamoto is Behind Namecoin’s Creation
In September 2010 a discussion was started in the Bitcointalk forum about a hypothetical system called BitDNS and generalizing bitcoin. Gavin Andresen and Satoshi Nakamoto soon joined the discussion in the Bitcointalk forum and supported the idea of BitDNS by offering a reward to whoever could develop it.
Since then multiple developers, many who are anonymous have contributed various applications to the platform.
Future applications that are being developed or discussed include granting the ability to vote, trade bonds, stocks, shares, provide notary services, proof of existence, and file signatures.
Having Satoshi Nakamoto behind this project is what gives Namecoin the possibility to truly break free from centralization, and why I believe this could be the beginning of a decentralized blockchain internet.
No one knows the creator of the blockchain’s identity, (NSA is rumored to have figured it out). The pseudonym itself translates into: “quick witted inside a foundation,” or “born from the ashes.”
Combine this with his or her communications with the outside world and it seems as if this entity is truly in favor breaking the shackles from centralized authority.
Or we could be playing right into the hands of a new centralized authority who after all also controls the most amount of bitcoin.
Satoshi Nakamoto at this point stands to be the darkhorse in blockchain’s future.