Namecoin is a cryptocurrency that was created as a fork of Bitcoin software. A fork is just a change in the protocol of a blockchain.
About Namecoin (NMC)
Namecoin is based on Bitcoin technology, with additional features added on top. Namecoin follows Bitcoin’s proof-of-work (PoW) consensus algorithm. The two currencies are practically equivalent in terms of value.
Namecoin, on the other hand, was created as the foundation for a decentralized domain name system (DNS). The Domain Name System (DNS) converts human-readable domain names to machine-readable IP addresses. DNS is the system that connects domain names to numerical IP addresses all around the world. The goal of decentralizing this system was to eliminate Internet censorship and improve Internet security and privacy. Namecoin is “an experimental open-source solution that increases the decentralization, security, censorship resistance, privacy, and speed of some components of the Internet infrastructure, such as DNS and identities,” according to its creators.
What is Namecoin (NMC)?
Many Namecoin proponents feel that a decentralized DNS system is essential for long-term Internet privacy and censorship reduction. While most people are unlikely to need a.bit website or related service, Namecoin could give certain people the tools they need to connect to an Internet free of censorship and central control.
Despite the fact that we type text-based website addresses into Internet browsers, the Internet is actually built on numerical addresses known as IP addresses. The DNS was established to make Internet navigation easier because a large string of numbers is difficult to remember. The Domain Name System (DNS) is the Internet’s address book. A DNS server is called every time you enter a website address. The DNS server determines the IP address of the Internet destination server before retrieving the data for that web page.
Who Are the Founders of Namecoin (NMC)?
Namecoin was created by a multinational group of academics and volunteers dedicated to protecting free speech online and preventing an Orwellian surveillance state from taking hold.
Vincent (a pseudonym) created Namecoin by forking Bitcoin’s code to solve Zooko’s Triangle for the first time. However, Vincent is now retired.
The lead C++ developer, Daniel Kraft, is presently working on Namecoin Core. Daniel is the identification application expert, having created NameID, the Bitmessage Namecoin integration, and the OTR Namecoin integration. Daniel received his doctorate in mathematics from the University of Graz in Austria.
Jeremy Rand is the .bit application specialist, and he works on TLS, Tor, and SPV codebases, among other things. Jeremy also manages to fundraise, attends conferences on behalf of Namecoin, and is the platform’s build engineer. He has a history in educational robotics and console game hacking (in particular, synchronizing several game consoles with each other and with virtual reality devices). Jeremy is a member of the State-Sponsored Actors Club and holds a Master’s degree in Computer Science.
What Makes Namecoin (NMC) Unique?
The fundamental distinction between Bitcoin and Namecoin is the technology’s purpose. Bitcoin’s inventors intended to build a viable alternative currency, while Namecoin’s creators aimed to create a naming system. As a result, inside each project, there are distinct consensus and protocol norms. Certain elements are required when doing financial transactions but are not required when registering new Internet domain names.
Because Namecoin uses the same proof-of-work (PoW) algorithm as Bitcoin, you may merge-mine Namecoins without having to buy any additional hardware (and without any extraneous electricity). The total number of Bitcoin and Namecoin coins is restricted to 21 million.
On the Namecoin platform, TLDs that are not owned by anyone can now exist thanks to the introduction of a decentralized DNS system. A peer-to-peer system also serves as the querying system for a decentralized DNS. Volunteers manage the customized DNS server software in a peer-to-peer system, and no central authority can meddle in the TLD’s functioning.
Where Can You Buy Namecoin (NMC)?
If you’re looking for a place to buy Namecoin (NMC), the best cryptocurrency exchanges to use right now are CoinEx, YoBit, Altcoin Trader, and SouthXchange.
Frequently Asked Questions
Can I Buy Namecoin (NMC) With Cash?
No. There is no direct method to purchase Namecoin (NMC) using cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Are There Any Quick Ways To Buy Namecoin (NMC) In Europe?
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
On What Factors Does The Price Of The Namecoin (NMC) Depend?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact Namecoin (NMC)’s price and market cap.
Namecoin (NMC) Official Website – https://www.namecoin.org/
Namecoin (NMC) Twitter – https://twitter.com/Namecoin
Namecoin (NMC) Reddit – https://reddit.com/r/namecoin
