28 January 2014, 16:14

Namecoin: most notable cryptocurrency - experts

Namecoin: most notable cryptocurrency - experts
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Namecoin was first implemented in 2011, two years after its predecessor Bitcoin was released by mysterious Satoshi Nakamoto. Very soon Wikileaks publicly endorsed it, and in September 2011, it switched to merged mining.

Namecoin is an alternative decentralized Domain Name System. It is designed to operate outside of the Internet Corporation for Assigned Names and Numbers (or ICANN), which controls top level domain names. Namecoin production and transfer is handled by a peer-to-peer network similar to that Bitcoin software. The number of coins is limited to 21 million.

Many experts say Namecoin is one of the most notable cryptocurrencies now. Danny Bradbury, West Coast Editor for CoinDesk.com, notes that it is an extremely innovative product.

Namecoin focuses more on enabling people to claim addresses on the Web, it’s really more about providing alternative to the conventional domain naming system. Essentially, Namecoin gives you kind of a super Web that lies on top of the existing Web.

At the end of last year Namecoin suffered a nasty technical flaw, which allowed anyone to take advantage of its domain naming system. It has been fixed by rejecting blocks that contain fraudulent name transactions.

Since domains are extremely cheap to obtain with Namecoin, and registered domains cannot be seized, it has had problems with those cybersquatters buying up domains, in order to resell them later for a profit.

Namecoin has been included in the list of top altcoins of last year, thus making it one of Bitcoin’s major competitors.

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