Nameocin was the first crypto to fork from Bitcoin. It was launched in 2011. Since then, the coin’s price has been going up and down. It is a unique cryptocurrency with unique use cases in censorship and domain name registration services.
In this blog post, we will discuss what Namecoin is, its features, its history, and how to buy the Namecoin tokens.
What Is Namecoin?
Namecoin was the first cryptocurrency to fork from Bitcoin and offer a domain name registry service. You register a.bit domain name on the network like you would register a domain name ending in.com or .io. This website cannot be monitored or censored in any way, making it impossible to determine user behavior.
Governments and significant enterprises control the traditional servers that provide domain name services (DNS). Through the use of this control, for instance, the US government can restrict websites that are in opposition to their ideas. Namecoin utilizes blockchain technology to distribute its DNS among the users on the network to avoid this degree of censorship from occurring.
NameID and the Dot-Bit DNS are the two primary products that Namecoin offers. The identities, or names, on Namecoin are brought together with OpenID, a system for authentication, to form NameID. You can use your Namecoin identity to sign in to any website that supports OpenID if you use NameID.
What Is a Namecoin Token?
Namecoin token is the primary token of the Namecoin platform. Namecoin tokens can be used to register domain names resistant to censorship. This means no central authority can prevent users from accessing a website or service hosted on a Namecoin domain.
Current trading price: $1.476
Total market capitalization: 21.77 million
Total supply: 14.73 million
History of Namecoin
In 2011, a supposedly unknown founder named "Vince" came up with the idea for Namecoin. Since then, Vince has been nowhere to be found, but a dedicated development crew has managed to keep the project going. In addition to the contributors whose names are credited on the project's official website, it also benefited from the work of many developers who remained nameless.
April 2011: Namecoin is created by Vince and other developers.
May 2011: Namecoin launches its mainnet.
December 2011: Namecoin implements merged mining, which allows miners to mine both Bitcoin and Namecoin simultaneously.
October 2013: A security vulnerability is found in the Namecoin protocol, but it is quickly patched.
December 2016: Namecoin celebrates its fifth anniversary.
Features of Namecoin
Dot-Bit distributes the phone book, the Domain Name System (DNS), to all network users. Each entity can only control a phone number (or website) if they own it.
Dot-Bit offers several significant benefits over traditional DNS systems. The most important benefit is that it is resistant to censorship. This quality is very important, allowing users to access information that governments or other powerful entities may censor.
Additionally, Dot-Bit offers free HTTPS, which provides additional protection. Because the DNS does not produce network traffic, you will have increased privacy when browsing the web. It takes less than three milliseconds for webpages to load using Dot-Bit DNS since your computer stores a copy of the Dot-Bit DNS. This substantially improved over the standard load time of one hundred milliseconds.
Relationship With Bitcoin
Namecoin was the first cryptocurrency to fork from Bitcoin. It also introduced the concept of merged mining, allowing miners to mine Bitcoin and Namecoin simultaneously. This gives Namecoin access to Bitcoin's hash power. In return, it makes it more secure.
Namecoin is very similar to Bitcoin in several ways. The split in Namecoin began to create a new method of determining ownership of domain names: the human-readable addresses allocated to the machine-readable addresses used on the internet.
The primary distinction between Bitcoin and Namecoin is the function that each cryptocurrency is designed to fulfill. Namecoin was developed by people who desired a domain naming system, while Bitcoin was created by people who sought a viable alternative currency.
Consequently, the guidelines for reaching a consensus and following protocols within each project are distinct. Certain attributes are not required to complete name registrations for new internet domains, yet other features needed for financial transactions are mandatory.
Because Bitcoin and Namecoin employ the same proof-of-work (PoW) algorithm, miners mining Bitcoin can merge-mine Namecoins without needing additional hardware (or additional electricity). There will only ever be a total of 21 million Namecoins issued, the same cap as applies to Bitcoin.
What Makes Namecoin(NMC) Unique?
Namecoin is scalable. This means it can handle many users and domain names without overloading. This makes it a viable option for large-scale applications like decentralized DNS systems.
Next, Namecoin can be used to register domain names resistant to censorship. This means no central authority can prevent users from accessing a website or service hosted on a Namecoin domain.
How to Buy NMC Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including NMC, users can now trade easily and seamlessly.
To start trading/buying/selling on CoinEx, visit the website first. Next, you must create a CoinEx account.
Once you create your CoinEx account, this is how to purchase and sell NMC tokens on their exchange:
- Access your CoinEx account by visiting the website or launching the app. Use your Gmail and password to log in to your account.
- Put funds in your account to make NMC token purchases. To add the funds/amount to your CoinEx account, you can use a bank transfer, credit card, or debit card. P2P financing is another available option.
- Within some time, you will receive the funds in your CoinEx account.
- Now, you must go to the NMC token trading page and choose the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for NMC tokens. Put in your order and the quantity you want to buy.