Presentation and definition of the crypto-currency Namecoin (NMC)

Presentation and definition of the crypto-currency Namecoin (NMC)

  • Name of the crypto-currency : Namecoin
  • Acronym : NMC
  • Where to buy Namecoin ? Binance
  • Creation Date : April 2011
  • No white paper
  • Web Site of Namecoin

Presentation of Namecoin

Namecoin is an technology open-source, decentralized based on the resistance to censorship, privacy and security. The system is based on the blockchain Bitcoin and allows transactions in peer-to-peer. In reality, it is the first fork of Bitcoin, with the idea to propose a system of DNS decentralized.

The dot.bit

Namecoin is fighting for the right to online expression and seeks to make the web more resistant to censorship. One of the key features that will in this sense is the ” dot.bit “, with the objective to decentralize completely the DNS. The sites .bit can avoid the control of the government and of the organizations and, by extension, to limit espionage, censorship, the hacking. Namecoin is presented as a real alternative to domain names as we know them today.

The operation of Namecoin

Namecoin uses the consensus Proof of Work (proof of work) for the validation of blocks. Payments and registrations on the network are made to addresses ” encoded. There are combinations of 33 letters and numbers that always begin with the letter N or M. The emission limit of tokens Namecoin has been set at 21 million units, such as Bitcoin.

The merged mining

From block 19200, the development team Namecoin has implemented the feature ” Merged mining “. This update allows you to undermine simultaneously the Bitcoin and Namecoin, rather than having to choose between the two. This avoids that the minors have to juggle from one blockchain to another.