Namecoin

Namecoin
Denominations
Symbol	ℕ
Ticker symbol	NMC
Subunits
1⁄1000	mNMC (Milli Namecoin)
1⁄1000000	µNMC (Micro Namecoin)
1⁄100000000	Swartz
Development
Initial release	18 April 2011
Latest release	0.17.0 / 7 October 2018
Code repository	https://github.com/namecoin
Forked from	Bitcoin
License	MIT
Website	https://namecoin.org
Ledger
Timestamping scheme	Proof-of-Work
Hash function	SHA-256
Block time	10 mins
Block explorer	https://namecha.in/
Valuation
Exchange rate	US$0.79 (as of 08 January 2019)
Market cap	US$11.7 million (as of 08 January 2019)

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Namecoin (Symbol: ℕ or NMC) is a cryptocurrency that aims to provide a decentralized DNS.^[1] Namecoin implements the top level domain .bit, which is independent of ICANN.

Other proposed use cases of Namecoin include notary/timestamp systems.^[2]

Namecoin uses the Proof of Work (PoW) consensus system called "Merged mining", a process which reuses partial solutions to PoW problems from a parent cryptocurrency as valid proofs-of-work for a child cryptocurrency.^[3]

History

In 2011, Techcrunch described Namecoin as a fork of the Bitcoin project, which instead uses the P2P network to build a decentralized domain name system that is less vulnerable to downages.^[4]

In 2014, Namecoin was mentioned by ICANN in a public draft report as the most well-known example of distributing control and privacy in DNS.^[5]

A 2015 study found that of the 120,000 domain names registered on Namecoin, only 28 were in use.^[6]

References

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↑ Alexei Zamyatin, 24 august 2017. Merged Mining: Analysis of Effects and Implications http://repositum.tuwien.ac.at/obvutwhs/download/pdf/2315652?originalFilename=true
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↑ Kalodner, H. A., Carlsten, M., Ellenbogen, P., Bonneau, J., & Narayanan, A. (2015, June). "An Empirical Study of Namecoin and Lessons for Decentralized Namespace Design". In WEIS.