What currency is the first cong currency? Since the birth of Bitcoin, the wonderful world of virtual and decentralized coins has incubated more than 1,000 original alternatives. The word Altcoin is produced in an obvious text game.

We know that Litecoin used to be the "silver" of Bitcoin "gold".

Litecoin is not the first cottage. It actually uses the idea of the altcoin that has died before it was created. This is about its Bitcointalk mentioned in the announcement thread. The first alcohol currency was actually namecoin announced in April 2011. Namecoin can still be actively used and mining today.

The first altcoin

The first altcoin was namecoin. It was launched in 2011 and became the only substitute for Bitcoin in a short time. It is born to improve the security and privacy of the Internet.

It also introduces the concept of mergers and mining of multiple blockchains at the same time. In the past, they could only use resources in one project.

Two years later, nameid launched. Using NameID, you can put your identity with Namecoin personal information on the blockchain. In order to allow use, Openid will provide its identity verification agreement namecoin login to the existing website.

Namecoin uses the same Bitcoin code code and uses the same distribution algorithm SHA-256. Limited to 21 million units, you can divide them into eight after the decimal point.

What is Namecoin currency?

Namecoin is an experimental open source technology that can improve certain components (such as DNS and identity) of some components of Internet infrastructure dispersion, safety, review resistance, privacy and speed.

(Namecoin This is a bond/value -valued and transmission system based on Bitcoin technology.

Bitcoin releases money -Namecoin releases DNS, identity and other technologies.

Key points

Namecoin This is a blockchain, which was initially split with Bitcoin software to represent the ownership of the domain name.

Its development is to disperse Internet infrastructure, reduce censorship, and improve privacy and security.

Namecoin tries to replace existing domain name server technology with blockchain technology.

What is the difference between Namecoin and Bitcoin?

Namecoin Bitcoin has several similarities, currently the highest market value digital currency. Namecoin's fork aims to create a new method to establish the ownership of the readable address-domain name, and to allocate the machine readable address used on the network.

The main difference between Bitcoin and namecoin lies in the purpose of technology. Bitcoin creators want a feasible alternative currency; Namecoin creator wants a domain name system. Therefore, there are different consensus and agreement rules in each project. When completing the name of the new Internet domain name, some functions are necessary for financial exchanges.

Because namecoin uses the same workingload certificate (POW) algorithm as Bitcoin, if you are already digging Bitcoin, you can combine and dig, without additional hardware (without extra power) namecoin. The total number of Bitcoin and namecoin is limited to 21 million. When Namecoin registered the domain name, the token was used up. Namecoin's available domain name cost is 0.01nmc.

This means that 2.1 billion domain names (or other uses) Namecoin can be used.

What is Namecoin currency?

Protect the right to freedom of online speech to make the network more resistant to censorship.

GPG and OTR emails, Bitcoin and email BitMessage you choose your identity information such as address and other identity information.

Tor.onion domain that is meaningful to humans.

Differentiaries support the TLS (HTTPS) certificate verification by the blockchain consensus.

Use the .bit top domain access website.

Namecoin's additional value

Unlike Bitcoin, the first Altcoin-Namecoin data can be stored in its own blockchain. Namecoin's initial proposal requires establishing a decentralized proposal, which can directly use the Bitcoin database DNS system.

Considering scalability, it is decided to create a new digital tokens that are completely different from Bitcoin, but Bitcoin miners can help them safely without spending additional resources.

In addition, namecoin has an identity system that allows people to use blockchain to store identity information. This can be personal information and email address, or website identity. The latter example may be the most popular use of namecoin.

It can be said that Bitcoin has released money, and namecoin releases DNS, identity and other technologies.

.BIT's unbounded domain name registration is the main feature of namecoin. It has similar functions to the .COM domain, but it was completely replaced. ICANN, which is independent of the DNS process.

Dot website

Destone all the websites of NamecoindNS will have a website address, just like other domain names .com or .io's last website is the same. Anyone can simply buy the .bit website address from the namecoin wallet.

What did namecoin do behind the scenes?

Safety records and transmission of any name (key).

Add value (data) in the name (up to 520 bytes).

Trading digital currency name currency (NMC).

Like Bitcoin, the namecoin name is difficult to review or seize.

Search will not generate network traffic (increasing privacy).

Namecoin is the first branch of Bitcoin, and it is still the most innovative "altcoin". First realize the merger mining and decentralization DNS. Namecoin is also the first solution to the Zooko triangle. This is a long -term problem, that is, a safe, decentralized and meaningful naming system.

Namecoin: decentralization of domain name management

Namecoin's first altcoin was born in 2011, about two years later than Bitcoin. The purpose is to replace the domain name system in a decentralized manner. Firefox or Chrome can access the end of any website of the specific plugin ".bit". It will automatically store the registered form in the storage in the storage indicator correctly. Namecoin register a domain name and keeps name and keep it requires the namecoin system to send transactions.

Namecoin has many interesting features:

It provides the possibility of registering unused domain names, and the cost is very low, equivalent to 0.01Namecoin (about $ 0.05). Therefore, the cost of registering domain names is much lower than the standard program.

This field can be retained without paying renewal fees. Although it is enough to release the domain name transaction you control every six months.

Namecoin manages the sub -domain in the same way as the current domain system. For example, if you register, mywebsite.bit, you can access all its sub -domain.

You can also transfer the domain name to other people selling domain names in exchange for some domain name coins.

This is the first alcohol currency with a combined mining function. This is a very interesting method of mining. We will introduce it in detail later.

FAQS

Does namecoin still exist?

Namecoin is still an effective token. You can buy NMC on some decentralized exchanges, but token is best used for its expected purpose.

Is namecoin alternative?

Bitcoin is not the definition of alternative currencies in the cryptocurrency community. Ethereum also includes some definitions, so naming coins are a substitute.

How much is namecoin worth?

Namecoin developers suggested that you do not buy NMC for investing or currency because it does not intend to use it like this. The price of NMC In 2017 is $ 20 to $ 2.81.