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Like bitcoin, it is limited to 21 million coins. Unlike bitcoin, Namecoin can store data within its own blockchain transaction database. The original proposal for Namecoin called for Namecoin to insert data into bitcoin's blockchain directly. Namecoin's flagship use case is the censorship-resistant top level domain. A peer-to-peer network similar to bitcoin 's handles Namecoin's transactions, balances and issuance through SHA , proof-of-work scheme they are issued when a small enough hash value is found, at which point a block is created; the process of finding these hashes and creating blocks is called mining.
The issuing rate forms a geometric series , and the rate halves every , blocks, roughly every four years, reaching a final total of 21 million NMC. Namecoins are currently traded primarily for USD and other cryptocurrencies, mostly on online exchanges. To avoid the danger of chargebacks , reversible transactions, such as those with credit cards or PayPal, are not advised since Namecoin transactions are irreversible. Payments and records in the Namecoin network are made to addresses , which are Base58 -encoded hashes of users' public keys.
They are strings of 33 numbers and letters which begin with the letter N or M. Initially addresses beginning with 1 existed but this was changed to avoid confusion with Bitcoin addresses.
Each Namecoin record consists of a key and a value which can be up to bytes in size. Each key is actually a path, with the namespace preceding the name of the record.
The current fee for a record is 0. Namecoins used to purchase records are marked as used and destroyed, as giving the fee to miners would enable larger miners to register names at a significant discount. In September , a discussion was started in the Bitcointalk forum about a hypothetical system called BitDNS and generalizing bitcoin.
On block Namecoin activated the merged mining upgrade to allow mining of bitcoin and namecoin simultaneously, instead of having to choose between one or the other; this fixed the issue of miners jumping from one blockchain to another when the profitability becomes favorable in the former. Two years later, in June , NameID was launched. The main site itself is accompanied by an open protocol for password-less authentication with Namecoin identities, a corresponding free-software implementation and a supporting extension for Firefox.
In October , Michael Gronager, main developer of libcoin,  found a security issue in the Namecoin protocol, which allowed modifying foreign names. It was successfully fixed in a short timeframe and was never exploited, except for bitcoin. In February , a plug-in for Firefox compatible with Windows and Linux , FreeSpeechMe, was released, providing automatic resolution of.
This is available by downloading the Namecoin blockchain and running it in the background. One month later, in March , Onename was released. It is another identity system built on top of the Namecoin protocol that stores usernames and personal profile data in the Namecoin blockchain.
Onename later in September switched user profiles from Namecoin to the Bitcoin blockchain, citing the higher hashrate of Bitcoin as the reason.
In May , Kevin McCoy and Anil Dash introduced Monegraph, a system that links Twitter accounts and digital assets such as artwork in the blockchain, allowing proof of ownership of such assets.
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Bitcoin's Revolution Moves Beyond Currency". Archived from the original on November 18, Retrieved 24 February Namecoin and Bitcoin will be The new anti-censorship and secure domain resolving Namecoin-based plug-in".
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