About Namecoin (NMC)
Namecoin (NMC) is an experimental open-source technology which improves decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identities. (For the technically minded, is a key/value pair registration and transfer system based on the Bitcoin technology.) Bitcoin frees money – frees DNS, identities, and other technologies. The software is used to register names and store associated values in the blockchain, a shared database distributed by a P2P network in a secure way. The software can then be used to query the database and retrieve data.
Namecoin (NMC) If you’re using to register or otherwise own names, or to transfer , then you do need to periodically back up your wallet. Like Bitcoin, your wallet’s keys are located in your wallet.dat file. You should encrypt this file by going to Settings > Encrypt Wallet and making a backup thereafter. Close the client and make a backup of your wallet.dat file in your Namecoin profile folder. (On GNU/Linux, this is usually ~/./; on Windows, it is usually C:\Users\\AppData\Roaming\Namecoin). It is currently recommended to back up more often than every 100 transactions (including both currency and name transactions).
Namecoin (NMC) Storage Key Points
|Circulating Supply||14,736,400.00 NMC|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Chat||Click Here To Visit|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
What can Namecoin be used for?
- Protect free-speech rights online by making the web more resistant to censorship.
- Attach identity information such as GPG and OTR keys and email, Bitcoin, and Bitmessage addresses to an identity of your choice.
- Human-meaningful Tor .onion domains.
- Decentralized TLS (HTTPS) certificate validation, backed by blockchain consensus.
- Access websites using the .bit top-level domain.
What does Namecoin do under the hood?
- Securely record and transfer arbitrary names (keys).
- Attach a value (data) to the names (up to 520 bytes).
- Transact the digital currency namecoins (NMC).
- Like bitcoins, Namecoin names are difficult to censor or seize.
- Lookups do not generate network traffic (improves privacy).
Namecoin was the first fork of Bitcoin and still is one of the most innovative “altcoins”. It was first to implement merged mining and a decentralized DNS. was also the first solution to Zooko’s Triangle, the long-standing problem of producing a naming system that is simultaneously secure, decentralized, and human-meaningful.
Transaction queue for Namecoin Core
Namecoin (NMC) Lately, work aiming to simplify the RPC API for name management has been proceeding. This is done both for the sake of improvement itself, and to make it easier to write GUIs for Namecoin.
One unique element in Namecoin is the extensive use of time-dependent transactions. This is comparatively rare in Bitcoin. Either you want to send money or you don’t want to send money, but the “when” is usually ASAP. However, in Namecoin, it’s pretty common to, for instance, want to renew a name when it’s close to expiring, or register a name when its
NAME_NEW input has matured.
Historically, this has been a bit of an annoyance. Transactions can only be broadcast if they have a good chance of making it into the next block, and not all transactions are intended to be broadcast immediately. The way users had to deal with it, then, was to manually keep track of what transactions they wanted broadcast and when.
This isn’t suitable. It’s bad enough for direct users, but it also makes writing auxilliary software a pain, since the obligation will fall upon it to manage a lot of state. For example, the old name management GUI had to have a series of undocumented internal hooks into the wallet database.