- Namecoin is a #domain name registry service and was the first coin to fork Bitcoin. - Similar to registering a .com or .io domain name, you register a .bit domain on the network. - This domain is censorshipresistant and impervious to activity tracking. - Governments and large corporations control traditional domain name services DNS servers. - This control is how the Chinese government, for instance, can block websites that go against their beliefs. - To prevent this level of censorship, Namecoin uses blockchain technology to distribute its DNS amongst the users on the network.A pseudoanonymous founder by the name of “Vince” created Namecoin in 2011. - Since then, Vince has disappeared, but a core development team has kept the project alive. - The project has several developers listed on the official website and benefits from the contributions of numerous anonymous developers as well. - Namecoin has been fully functional for a few years, now, and the development team posts updates several times a month.Namecoin was the first cryptocurrency to use Auxiliary Proof of Work AuxPoW for its consensus. - By using AuxPow, Namecoin and Bitcoin can be mined simultaneously. - In this consensus, the child blockchain depends on the proofofwork of parent blockchain, which means If a new block is created on Bitcoin blockchain, it will also be added to the Namecoin blockchain. - NameID is another technology brought by Namecoin. - It serves as an open service for securely registering humanreadable names in a decentralized way. - NameID is a combination between Namecoin and OpenId, where users can easily convert their Namecoin Identities into OpenIDs. - This makes NameID a solution to Zookos triangle, which states that there are three desirable properties Humanmeaningful, Decentralized, and Secure for name participants in a network protocol and any participant can only inherit two properties at a given time.Namecoin is among some earliest cryptocurrencies. - During its existence in the market, it has seen a high volatility on some occasions, which can be attributed to many reasons. - Namecoin has been around in the cryptocurrency market much longer than most cryptocurrencies today; however, despite this, it has not gotten much attention until recently. - In 2014, it was among the top ten cryptocurrencies by market capitalisation, which is now changed due to the introduction of hundreds of new cryptocurrencies. - Namecoin was abandoned by its creator which can be seen as a red flag by many. - The project is currently being developed with the support from its community. - The current team has been actively taking the project forward and also provides regular updates on social media channels..
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