What is Namecoin?

Namecoin is a Bitcoin fork and the similarities between the two are clear. It also uses the tried and tested Proof-of-Work algorithm and it also shares Bitcoin’s fixed limit of 21 million total coins. Namecoin (NMC) stores its transaction data in the blockchain just as Bitcoin does.

Namecoin securely transfer records using keys or random names. It can attach information or values to these names. It was the first cryptocurrency to be forked from Bitcoin and to date, it’s still one of the most innovative. This decentralized online money can be used for:

• accessing websites via the .bit domain.

• upholding online freedom of speech with its inherent censorship resistance.

• storing identity information such as GPG keys, email, TLS fingerprints, BTC address, and Bitmessage addresses.

• enabling readable Tor .domains and Onion names.

• voting, Web of Trust, file signatures, bonds, shares and stocks, escrow and notary services.

 

To start using Namecoin you need to follow these steps:

• install Namecoin Wallet

• acquire or earn some Namecoin from a Namecoin exchange

• use Namecoin

• keep up to date