What Is Namecoin (NMC)? 

Namecoin is a fork of Bitcoin and is based on the code Bitcoin works on with relatively minor changes. Namecoin is software used to register domain names. The only difference is instead of registering a “.com” or “.org” website, the users can register a “.bit” domain on the network. The software also stores associated values with that domain name in the blockchain. Users can then query the database and retrieve data. These domains are censorship-resistant.  

Namecoin is an experimental protocol based on an open-source technology that improves the decentralization and speed of internet infrastructure components like DNS and identities. The Domain Name System (DNS) is a hierarchical naming system of the internet and works like a phonebook. The internet domain names are recorded and translated into IP addresses via DNS. Namecoin does it by securely recording and transferring arbitrary names (keys). Namecoin values are 520 bytes, and the block size limit ranges from 500kb to 1 MB. Blocks on the blockchain network occur every ten minutes on average. 

Namecoin offers various use cases:

• Namecoin can decentralize the internet and protect online free-speech rights by making the web resistant to censorship. 

• Namecoin also provides decentralized TLS certificate validation(like HTTPS), backed by blockchain consensus. TLS(Transport Layer Security) is a standard protocol that ensures authentication, privacy, and data integrity between two interacting computer programmes.

• Namecoin can enable users to access websites using the .bit domain.

Namecoin uses a proof-of-workconsensus mechanism. NMC is the native coin of the Namecoin platform. Users need to obtain some NMCs if they want to register “.bit” websites or other Namecoin names. Namecoin accepts registration fees in NMC. To get NMCs, users need to have a Namecoin wallet and purchase NMC coins from the exchange. Users can also mine NMCs. 

History of Namecoin (NMC)   

The project was developed by a diverse international team of academics and volunteers who want to protect free speech online and decentralize the internet space. Daniel Kraft is the chief Namecoin scientist.The maximum supply of NMC is 21 million coins.