Naming the Internet with Namecoin

Namecoin is one of the many Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term circulating today. It acts as a preferred alternative decentralized DNS which allows it to avoid domain name censorship by means of it creating a new top level domain that is not within the control of ICANN. As a result, this makes internet censorship much more difficult and reduces outages.

Namecoin uses code which is similar to that of the Bitcoin protocol but has been modified for this purpose. So too, Namecoin production and transfer is handled by a peer-to-peer system that is similar to that of Bitcoin. A proof-of-work system is used in which nodes search for a small enough hash value in a process called mining. When a small enough value is found, the node which found the hash is credited with a set number of Namecoins (50 NMC as of Nov 2013). The hash, along with any transactions or domain name registrations, is then added to a decentralized ledger called the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term. After a number of hashes have been added to the block chain, all transactions and registrations are considered to be irreversible. A potential attacker would be forced to find a new set of hashes to replace all the preceding ones, something that is a near impossibility.

Online, Namecoin uses the .bit domain name. The domain names are registered by paying a fee of 0.01 NMC. Once they are updated for the first time, the ownership of the domain has been secured. It can then only be revoked, removed, or transferred if the owner chooses to do so.

Since .bit domains are not currently being assigned, one must have either a copy of the Namecoin “block chain” (a decentralized ledger storing all transactions and domains), or access to a public DNS server that participates in the Namecoin system in order to receive one. Nevertheless, since domains are very inexpensive to obtain with Namecoin, and registered domains cannot be seized, Namecoin has had problems with cybersquatters buying up domains and trying to resell them for a profit. So too, a major flaw in the Namecoin protocol was discovered which allowed users to steal domains from others. Solutions to this problem continue to be examined.

Website: https://www.namecoin.org

Foums: See: https://forum.namecoin.info/

Learn more about bitcoins and other digital currencies on the DC Magnates resource portal