What is Namecoin?
Namecoin is also a cryptocurrency that act like an alternative, decentralized, that would prevent domain name censorship by formulating a new top level domain behind ICAAN control, which makes internet censorship much complicated and also decrease outages. Namecoin makes use of modified Bitcoin software, and there is a limit of twenty one million Namecoins just like Bitcoins. Each of the Namecoin can be divided to 8 decimal places. Recently, Namecoin uses the .bit domain. There are no permissions of Dot bit domains, so you must possess a copy of the Namecoin block chain to resolve domain problems, or access to a public DNS server that enroll in the system of Namecoin. It extends software to support transactions for registering, updating and changing domains to serve. Namecoin also works with peer to peer system just like Bitcoin, assumes a total number of honest participant, and its control is not in the hands of company or any financial institution. Changed to the namespace of the person that owns the domain with a signature of public key are distributed to all peer to peer users. When included in the block chain, as the long logfile used, authenticates the transactions.
The block chain increases anytime new transactions are added by a participant. By the process of proof of work, a similar result of cyptographic hash function is sighted which may be verified by the participants. A counterfeit block chain is impossible to be created because of the computational effort. Recently, the domain .bit used in the official name system is now released. You must have the current block chain or use a public name server that is in the Namecoin system in other to resolve the domain name. There are different block of Bitcoin chain used by Namecoin. The software is hosted on GitHub and it’s an open source.
There was a discussion started in the Bitcoin forum on the Sep. 2010 on a hypothetical system known as BitDNS and the common Bitcoin, which was held at IRC. Satoshi Nakomoto and Andresen Gavin joined the forum of Bitcointalk and supported the BitDNS idea. In Dec. 2010, there was a release of reward for implementing BitDNS was also made known at the forum. The main developer vinced made a decision to implement the idea of reward earning. Namecoin was introduced by developer vinced in April 18 year 2011 as a multipurpose and spread naming system on Bitcoin basis. It was initiated by BitDNS discussion in the Forum. On June of year 2011, Wikileaks made mention of the project on Twitter. A major flaw in the protocol of Namecoinon Oct. 2013 was revealed which gave room for any use to access and steal any domain, there was a testing of the address patches same month.
On February 2014, there was a release of Freespeechme, a windows/linux firefox plug in that gave room for an automated resolution of .bit domains, using the downloaded Namecoin block chain and operating it in the background. OneName was release on March 2014; a decentralized I.D system created above the protocol of Namecoin. An example was the use of OneName to be used for easy Bitcoin payments. Kevin McCoy and Anil Dash invented Monegraph on May 2014, an innovative system that uses the Namecoin Protocol. Monegraph is used to publish and sign a digital graphic, to authenticate the authorship of the asset.
The domains are registered by a fee of 0.01 NMC, which was updated for the 1st time, after the ownership of the domain by the person, which can only be cancelled from them if they decided to change it or on expiration, the domain must be updated per 36,000 blocks. There is proposal to repair a low limit on the prices of domains tagged to a Namecoin value of dollar. The early operator may have registered dot bit domains like audi.bit to later resell them.
Namecoin payments are made to addresses which are on the basis of digital signatures. Addresses are visible and readable by humans with 33 string numbers starting with letters N or M; it formerly starts with 1 just like Bitcoin, but was recently changed to prevent being confused.
his is a top level domain which was launched apart from the most used domain name system of the internet, and it’s not under the sanction of ICANN. .bit domain is operated by technology of Namecoin, and serves as an alternative, also a decentralized domain system. Using .bit domain demands one copy of the block chain of Namecoin, a supporting public DNS server, or plug-in for web browsers. A better version of Windows/Linux Firefox plug-in on Feb. 2014 was launched which grants access to automated resolution of .bit domains, having downloaded the block chain of Namecoin and operating it on the background.