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Namecoin

Namecoin
Namecoin logo.svg
Denominations
Symbol
Ticker symbolNMC
Subunits
 ​11000mNMC (Milli Namecoin)
 ​11000000µNMC (Micro Namecoin)
 ​1100000000Swartz
Development
Initial release18 April 2011
Latest release0.17.0 / 7 October 2018
Code repository[github.com]
Forked fromBitcoin
LicenseMIT
Website[namecoin.org]
Ledger
Timestamping schemeProof-of-Work
Hash functionSHA-256
Block time10 mins
Block explorer[namecha.in]
Valuation
Exchange rateUS$0.79 (as of 08 January 2019)
Market capUS$11.7 million (as of 08 January 2019)

Namecoin (Symbol: or NMC) is a cryptocurrency that aims to provide a decentralized DNS.[1] Namecoin implements the top level domain .bit, which is independent of ICANN.

Other proposed use cases of Namecoin include notary/timestamp systems.[2]

Namecoin uses the Proof of Work (PoW) consensus system called "Merged mining", a process which reuses partial solutions to PoW problems from a parent cryptocurrency as valid proofs-of-work for a child cryptocurrency.[3]

History

In 2011, Techcrunch described Namecoin as a fork of the Bitcoin project, which instead uses the P2P network to build a decentralized domain name system that is less vulnerable to downages.[4]

In 2014, Namecoin was mentioned by ICANN in a public draft report as the most well-known example of distributing control and privacy in DNS.[5]

A 2015 study found that of the 120,000 domain names registered on Namecoin, only 28 were in use.[6]

References

  1. ^ Gibbs, Samuel (2013-11-28). "Nine Bitcoin alternatives for future currency investments". The Guardian. ISSN 0261-3077. Retrieved 2018-12-24.
  2. ^ Kirk, Jeremy (2013-05-24). "Could the Bitcoin network be used as an ultrasecure notary service?". Techworld.
  3. ^ Alexei Zamyatin, 24 august 2017. Merged Mining: Analysis of Effects and Implications [repositum.tuwien.ac.at]
  4. ^ "Ruxum: Wall Street Level Security Comes To Bitcoin With New Exchange". TechCrunch. Retrieved 2018-12-24.
  5. ^ "The Internet Corporation for Assigned Names and Numbers Identifier Technology Innovation – Draft Report" (PDF). ICANN. 2014-02-21.
  6. ^ Kalodner, H. A., Carlsten, M., Ellenbogen, P., Bonneau, J., & Narayanan, A. (2015, June). "An Empirical Study of Namecoin and Lessons for Decentralized Namespace Design". In WEIS.

External links