{"id":10926,"date":"2023-05-14T18:32:22","date_gmt":"2023-05-14T18:32:22","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10926"},"modified":"2022-05-17T20:26:04","modified_gmt":"2022-05-17T20:26:04","slug":"what-is-namecoin","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin","title":{"rendered":"What is Namecoin?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin\/#history_of_namecoin\" >History of Namecoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin\/#how_does_namecoin_work\" >How does Namecoin work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin\/#namecoin_functions\" >Namecoin Functions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin\/#sovereign_identity_on_namecoin\" >Sovereign identity on Namecoin:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin\/#name_id\" >Name ID<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin\/#dns_namecoin\" >DNS Namecoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-namecoin\/#domain_registration\" >Domain registration<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>You\u2019ve probably heard of Namecoin, the\u00a0<strong>Bitcoin\u00a0<\/strong>derived cryptocurrency whose goal was to create a\u00a0<strong>domain<\/strong>\u00a0name\u00a0<strong>service<\/strong>\u00a0based on blockchain technology.<\/p>\n<p>Namecoin was the first coin to copy Bitcoin\u2019s\u00a0<strong>code<\/strong>\u00a0to create an alternative digital currency using its main features. However, the project has added an\u00a0<strong>extra<\/strong>\u00a0feature. This is an identity system to\u00a0<strong>store<\/strong>\u00a0identity information. Usually\u00a0<strong>identity<\/strong>\u00a0data from a website is stored.<\/p>\n<p>Namecoin currently has an\u00a0<strong>active<\/strong>\u00a0community and has become yet another example that blockchain technology has thousands of applications and can evolve beyond economic systems. As a result, Namecoin has become a successful\u00a0<strong>project<\/strong>\u00a0with the goal of being more than a\u00a0<strong>cryptocurrency<\/strong>.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"history_of_namecoin\"><\/span><strong>History of Namecoin<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After the release of Bitcoin in\u00a0<strong>2008<\/strong>, Gavin\u00a0<strong>Andresen<\/strong>\u00a0and\u00a0<strong>Satoshi Nakamoto<\/strong>\u00a0thought about turning Bitcoin into a\u00a0<strong>domain name<\/strong>\u00a0service (DNS). This new project was given the name BitDNS. What Satoshi and\u00a0<strong>Andresen<\/strong>\u00a0were looking for was to create a<strong>\u00a0decentralized and secure DNS system.<\/strong><\/p>\n<p>This system was first proposed by a Bitcointalk forum user named \u201cappamatto\u201d. The first time the decentralized system was discussed was on November 15,\u00a0<strong>2010<\/strong>. In this intervention\u00a0<strong>appamatto<\/strong>\u00a0laid the actual theoretical foundations of this innovative system. His main idea was to address the problem related to<strong>\u00a0authority<\/strong>\u00a0and\u00a0<strong>centralization<\/strong>.<\/p>\n<p>After the appamatto presentation, Kira, a user started a\u00a0<strong>reward program<\/strong>\u00a0for the development of the<strong>\u00a0BitDNS<\/strong>\u00a0project. This program managed to raise a total of 4500 BTC (equivalent to $ 7000 at the time). However, the community did not know that the development had already started. Therefore, on April 18, 2011, the launch of Namecoin, the first cryptocurrency to\u00a0<strong>copy the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bitcoin\/\">Bitcoin<\/a>\u00a0code<\/strong>, was announced.<\/p>\n<p>The announcement of the launch came as a surprise to the community, as they did not expect the project to already be up and running. Since its launch Namecoin has evolved as a project enabling the\u00a0<strong>construction<\/strong>\u00a0of a\u00a0<strong>decentralized identity<\/strong>\u00a0and domain name system.<\/p>\n<div class=\"is-divider divider clearfix\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu%C3%A9-es-Namecoin1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin1-300x205.jpg 300w\" alt=\"Qu\u00e9 es Namecoin Bitnovo\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_namecoin_work\"><\/span><strong>How does Namecoin work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From a technical point of view, Namecoin is an exact copy of Bitcoin. It uses its same consensus algorithm (PoW) along with the\u00a0<strong>SHA-256<\/strong>\u00a0algorithm in mining. Miners can also mine\u00a0<strong>Namecoin<\/strong>\u00a0through joint mining. In addition, they share the same issuance limit of\u00a0<strong>21 million<\/strong>\u00a0coins and use the same\u00a0<strong>synchronization<\/strong>\u00a0system and message\u00a0<strong>sendings<\/strong>\u00a0through the network.<\/p>\n<p>However, both cryptocurrencies have their\u00a0<strong>differences<\/strong>. Namecoin features its own\u00a0<strong>blockchain<\/strong>\u00a0and its own\u00a0<strong>cryptocurrency<\/strong>\u00a0(NMC). This is due to the implementation of a number of fields in the\u00a0<strong>blocks<\/strong>\u00a0that are incompatible with the Bitcoin blockchain. This is why it could not be applied directly on the Bitcoin blockchain as<strong>\u00a0Andresen<\/strong>\u00a0and\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/who-is-satoshi-nakamoto\/\"><strong>Satoshi<\/strong><\/a>\u00a0had proposed.<\/p>\n<p>The new fields are dedicated to\u00a0<strong>store domain information<\/strong>\u00a0stored in Namecoin, and also store<strong>\u00a0identities<\/strong>. In this way Namecoin provides a fully\u00a0<strong>decentralized<\/strong>\u00a0domain name service\u00a0<strong>infrastructure<\/strong>\u00a0that leaves Bitcoin behind. Unlike Bitcoin, Namecoin can store data on its own\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-blockchain-and-how-does-it-work\/\"><strong>blockchain<\/strong><\/a>.<\/p>\n<p>Namecoin has one\u00a0<strong>main function<\/strong>. This is the\u00a0<strong>uncensored<\/strong>\u00a0registration of\u00a0<strong>.bit<\/strong>\u00a0domains. Any website that makes use of Namecoin\u2019s decentralized domain system will have a web address ending in\u00a0<strong>.bit<\/strong>. This .bit would be the equivalent of .com or .es. Any\u00a0<strong>user<\/strong>\u00a0can<strong>\u00a0purchase<\/strong>\u00a0a website address from the Namecoin\u00a0<strong>wallet<\/strong>\u00a0cheaply and easily.<\/p>\n<div id=\"image_1580370557\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu%C3%A9-es-Namecoin2.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin2-300x205.jpg 300w\" alt=\"Qu\u00e9 es Namecoin Bitnovo\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin2-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/06\/Qu\u00e9-es-Namecoin2.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"namecoin_functions\"><\/span><strong>Namecoin Functions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Namecoin not only offers the opportunity to buy a\u00a0<strong>decentralized<\/strong>\u00a0domain. Below we will look at its main functions:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"sovereign_identity_on_namecoin\"><\/span><strong>Sovereign identity on Namecoin:\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is one of Namecoin\u2019s most recent\u00a0<strong>projects<\/strong>\u00a0and is currently still in the development stage. It is about leveraging Namecoin\u2019s\u00a0<strong>ability<\/strong>\u00a0<strong>to<\/strong>\u00a0<strong>develop<\/strong>\u00a0a\u00a0<strong>sovereign identity<\/strong>\u00a0system with simple functionality. This project involves what would be\u00a0<strong>sovereign identity<\/strong>. This is a form of\u00a0<strong>digital identity<\/strong>\u00a0over which a user has full control of their data and can decide whether or not to\u00a0<strong>share<\/strong>\u00a0it with third party users.<\/p>\n<p>To achieve this, Namecoin developers created a\u00a0<strong>type of registry to store identities<\/strong>. Such registries\u00a0<strong>securely<\/strong>\u00a0store data such as the\u00a0<strong>user\u2019s<\/strong>\u00a0name,\u00a0<strong>public<\/strong>\u00a0<strong>keys<\/strong>, Bitmessage<strong>\u00a0address,<\/strong>\u00a0<strong>nickname,<\/strong>\u00a0and so on. Thus a user who has created an identity simply has to\u00a0<strong>share<\/strong>\u00a0his\u00a0<strong>nickname<\/strong>\u00a0to allow other users to access the data securely.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"name_id\"><\/span><strong>Name ID<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is the simplest function of the\u00a0<strong>Namecoin<\/strong>\u00a0identity system. Behind this system the developers wanted to test Namecoin\u2019s\u00a0<strong>flexibility<\/strong>\u00a0by creating a project to join their\u00a0<strong>identities<\/strong>\u00a0with those of\u00a0<strong>OpenID<\/strong>. This is a\u00a0<strong>federated identification<\/strong>\u00a0service. It is widely used on the Internet.<\/p>\n<p>The goal of\u00a0<strong>Name ID<\/strong>\u00a0was to create the first\u00a0<strong>sovereign identification<\/strong>\u00a0system that would allow\u00a0<strong>access<\/strong>\u00a0to web services. All this without the need to\u00a0<strong>log in<\/strong>\u00a0with username and password. Just by making use of Namecoin\u2019s\u00a0<strong>cryptographic identity<\/strong>\u00a0you can access the service you want. This contributes to the security of the network, since it avoids the use of the many\u00a0<strong>passwords<\/strong>\u00a0typical of this type of services. This system contributes to one of Namecoin\u2019s main objectives, to\u00a0<strong>manage secure cryptographic identities.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"dns_namecoin\"><\/span><strong>DNS Namecoin<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The second objective and main function is, as mentioned above, to provide a\u00a0<strong>decentralized DNS<\/strong>\u00a0system. This function was the beginning of Namecoin as a project and has the following<strong>\u00a0features<\/strong>.<\/p>\n<p>Most importantly,<strong>\u00a0it avoids censorship<\/strong>\u00a0by companies, business providers and even the government. In addition, it can also\u00a0<strong>prevent\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-avoid-cryptocurrency-scams\/\">phishing attacks<\/a><\/strong>\u00a0and creates and maintains a\u00a0<strong>decentralized structure<\/strong>\u00a0controlled by users that allows them to register a domain in the simplest way.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"domain_registration\"><\/span><strong>Domain registration<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To\u00a0<strong>register<\/strong>\u00a0a domain in Namecoin we must first make\u00a0<strong>sure<\/strong>\u00a0that it is<strong>\u00a0available<\/strong>. If it is, the user can proceed to\u00a0<strong>register<\/strong>\u00a0it. As mentioned above, such domains will be assigned the ending\u00a0<strong>.bit<\/strong>.<\/p>\n<p>The records have the same data\u00a0<strong>structure<\/strong>\u00a0of any normal\u00a0<strong>DNS<\/strong>\u00a0domain with the difference that a\u00a0<strong>cryptographic identity<\/strong>\u00a0is<strong>\u00a0automatically<\/strong>\u00a0created for the purchased domain. This identity works as a unique mark that\u00a0<strong>differentiates published domains<\/strong>\u00a0avoiding duplications. When the domain is created it is transmitted to the network to make its location\u00a0<strong>decentralized<\/strong>.<\/p>\n<p>This ensures that the domain will always be\u00a0<strong>available<\/strong>\u00a0on the network, regardless of\u00a0<strong>blocking or censorship<\/strong>. This is how users use DNS. For Namecoin users to use DNS, it would be enough to have a Namecoin\u00a0<strong>client node<\/strong>\u00a0or simply point to\u00a0<strong>proxy<\/strong>\u00a0services to search for successfully registered domains.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>You\u2019ve probably heard of Namecoin, the\u00a0Bitcoin\u00a0derived cryptocurrency whose goal was to create a\u00a0domain\u00a0name\u00a0service\u00a0based on blockchain technology. Namecoin was the first coin to copy Bitcoin\u2019s\u00a0code\u00a0to create an alternative digital currency using its main features. However, the project has added an\u00a0extra\u00a0feature. This is an identity system to\u00a0store\u00a0identity information. Usually\u00a0identity\u00a0data from a website is stored. Namecoin currently has [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10926"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/6941"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}