NameCoin (NMC) Frees DNS Identities and Technologies with All Aspects of Game on BlockchainFebruary 26, 2020
NameCoin (NMC) is against censorship. It is an experimental open-source technology that improves security, censorship resistance, privacy, decentralization, and speed of specific components of the internet infrastructure like DNS and identities.
For those who are technically savvy, “Namecoin is a key/value pair registration and transfer system based on the Bitcoin technology.”
Namecoin can be used for a wide range of stuff. It can be used to protect free speech rights online in a way, making the web very resistant to censorship. It can be used to attach the identity of one’s choice with identity information like “GPG and OTR keys and email, Bitcoin, and Bitmessage addresses.”
It is used to access websites by making use of the .bit top-level domain.
Sydney Ifergan, the Crypto Expert, tweeted: “Namecoin is the first fork of Bitcoin, and it continues to be the most innovative of the Altcoins.”
Namecoin is hailed to be the first solution to Zooko’s Triangle, which has been the long-standing problem in creating a naming system that is secure, decentralized, and meaningful to humans.
NameCoin (NMC) all the Aspects of the Game on the Blockchain
Namecoin does the job of securely recording and transferring arbitrary names (keys); Attaches a value (data) to the names of up to 520 bytes. The Namecoin names are very difficult to censor or seize.
The Namecoin team, in terms of Freedom of Information, states that one should not blindly trust OpenPGP fingerprints and that it should be verified via a variety of sources and methods.
Daniel Kraft, the Lead Engineers of NameCoin, stated that they are looking to have all the aspects of the game on the blockchain.
The basic principle is first come first served, and the blockchain powers it. The names expire after 36,000 blocks.
In terms of applications of the cloud, the data is distributed to many nodes, data will be consistent among all, and all data is signed and can be trusted.
NameCoin (NMC) Owner Writes and Everyone Reads
NameCoin will also be working on proposed ideas like file signatures, voting, bonds/stocks/shares, web of trust, notary services, and proof of existence.
The NameCoin blockchain permits decentralized nodes to reach consensus concerning the order of events and the state of a system. The owner writes, and everyone reads the distribution of data. The first decentralized domain name system on the blockchain is here to create more freedom on the internet. It is actively under development and more to do.