Namecoin is a cryptocurrency originally forked from bitcoin software. It is based on the code of bitcoin and uses the same proof-of-work algorithm. Like bitcoin, it is limited to 21 million coins. 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 .bit, which is functionally similar to .com or .net domains but is independent of ICANN, the main governing body for domain names. It was developed to decentralize the infrastructure of the Internet and increase privacy and security. Namecoin has lagged behind other cryptocurrencies in terms of value and market capitalization.
Original author – Vincent Durham
Programming language of implementation – C++
Initial release – 18 April 2011
Development status – Active
Website – namecoin.org