What is Namecoin (NMC)?
Namecoin is a decentralized peer-to-peer naming system, which is based on the Bitcoin blockchain. It was created by forking off from the original Bitcoin. In fact, it's the very first fork of Bitcoin. Namecoin's purpose is to provide a secure and anonymous DNS (domain name system) through its own blockchain technology.
Namecoin is based on the idea of having data name/value pairs associated with a cryptocurrency. The name/value pair consists of a numerical address that can be read by computers, as well as a human-readable name. A token is then created to signify ownership of this pair. Whoever holds the token owns the domain name in question.
Namecoin can be used in Tor and other anonymity-enhancing web platforms to create Tor .onion domains with human-interpretable names. Besides, Namecoin and its technology could potentially be employed for the signing of files, the protection of voting processes, notary operations, as well as providing proof of existence for people or organizations. The domain names connected to Namecoin are hard to censor or take away due to their link with the network, making them resistant to external forces.
The NMC crypto token is the native utility token of the platform. Featured on the live Namecoin price chart above is the current NMC price.
NMC Use Cases
The NMC coin is mainly used as a means of payment for domain hosting costs. This makes it a utility token, since it must be employed in order to utilize Namecoin services.
Whenever someone creates a .bit domain, they must pay with NMC tokens in order to generate a block that records the transaction on the Namecoin blockchain. This cost is sent to whoever produces the new block of Namecoin (the miner).
Don't forget to take a look at the Namecoin price chart. It features the recent movements in the NMC price.
Who Founded Namecoin?
A person using the pseudonym "Vince" established Namecoin in 2011. Since then, Vince has been absent, but a core development team has kept the project running. The venture has several developers who are continuously striving to advance the system and expand its applications.
Daniel Kraft, commonly referred to as domob, is one of the most renowned developers for Namecoin. He serves as the Chief Namecoin Scientist. Daniel has a Ph.D. in Mathematics from the University of Graz in Austria. He is responsible for developing Namecoin Core with C++.
