Namecoin is an alternative cryptocurrency based on the same code as Bitcoin. Like Bitcoin, it is also a completely decentralized and anonymous digital currency. Namecoin has implemented a decentralized DNS by using the top-level .bitdomain, which helps to improve security and stop Internet censorship.
Namecoin allows to securely transfer arbitrary names (keys) and attach values (data up to 520 bytes) to the keys. The fee for a key/data record is 0.01 NMC. Transactions are confirmed in a separate block chain database.
The number of coins is limited to 21 million, with each Namecoin divisible down to 8 decimal places.
The advantages of using Namecoin:
- Secure registration and transfer of key/value records.
- The .bit top-level domain available.
- Implementation of decentralized DNS.
- Increased protection from censorship.
The technological capabilities of the coin allow to extend its use in voting, notary services, online trading, proof of existence, etc. Learn more about Namecoin.