Namecoin - Shitcoin Review
on Aug 10, 2018
Ever wish you owned bitcoin.com?
Well...so do we (lol), but thanks to this project, there might be a whole new opportunity for domain names ending with “.bit”
Today we will briefly discuss Namecoin, an OG coin.
Let’s dig in…
Namecoin (ticker: NMC)
Wtf is this shit?
Today’s explanation will be a bit quicker. This project is pretty straightforward, has been around for over 4 years, and has a good reputation in the space.
Namecoin aims to provide a decentralized DNS system. DNS stands for Domain Name System and is a naming scheme for all systems connected to the internet. The most common use is to map memorable domain names to their associated IP addresses.
Currently, domain names are centralized and easily controlled...that’s how governments can ban websites so easily. Decentralizing the domain name system makes this much more difficult.
Namecoin offers two cool solutions to the crypto space:
- Dot-Bit DNS
NameID’s are basically keys, allowing you to create an online identity. These are compatible with OpenID, an existing single-sign-on standard that allows for login to many different websites with a single credential...much like a ‘Login with Facebook’ or ‘Gmail’ functionality. Essentially, NameID's are Crypto-OpenID's.
Their Dot-Bit DNS system is a decentralized registry of domains, making it near impossible to shut down a website. They've also implemented additional security measures improving on TLS/SSL (HTTPS). To implement SSL, you must acquire an SSL certificate. These are distributed by 'certificate authorities' which are large, centralized organizations. If one of these authorities is compromised, so are all of the certificates they issued. Dot-Bit DNS incorporates the functionality of these certificate authorities so that all domains have HTTPS enabled. This sounds nice but it also provides a single point of failure for every service using Dot-Bit DNS.
Namecoin also has merged mining with Bitcoin, so miners are rewarded in both coins as a block reward.
To browse Dot-Bit domains you have to download the Namecoin client and NMControl. NMControl is really what allows you to search Dot-Bit domains on any browser, acting as a central DNS for you. Pretty cool shit.
Who tf is behind this shit?
The Chief Namecoin Scientist is Daniel Kraft and he is the author of the NameID system. He has a PhD in math, that big D math. The team was originally taken over by Dan and his team from an anonymous developer.
Aaannd that’s it! Mid-Tier shitcoin, has not gained much upward momentum over the years, but has always had a solid reputation.
Hope you learned some shit.
- Mike and Aaron