What Made Namecoin Survive Where Other Currencies Bid Adieu?
Namecoin gives you a unique web address of which you are the owner and it operates on distributed DNS. Namecoin is also a P2P system that can be managed by a company or even a single system.
As free software, Bitcoin gives the facility to modify as well as copy the software and further distribute it to others as your own. However, care must be taken to make sure that compatibility with the Bitcoin network is ensured. What’s more, you can even create your very own cryptocurrency at any time! Over the past years, there have been quite some cryptocurrency creators and diminished. But, Namecoin has survived and grown to be known as an ‘alternative’ to the Bitcoin. Namecoin has accomplished itself as a notable cryptocurrency and this is reason enough to trust its values in the days to come.
Advantages of Namecoin:
Namecoin came into existence by adding a DNS-like feature alongside the bitcoin’s block chain. Key/value pairs can be renewed and registered while some DNS servers have been set up to make sure that the required details are available to surf the net with the help of .bit domain names. One major advantage of using the Namecoin is that you don’t have to fear the government, or company for that matter, as neither has control over the use of .bit domain names. Moreover, Namecoin was the first to be merged mined and it runs using the hashing algorithm, of which a modification was built in to make sure that the same hashes lead to finding Namecoin as Bitcoin blocks and counterfeits are avoided. Namecoin also outbids the rest of the cryptocurrency with its free speech and free internet!
Why the Popularity?
When Bitcoin was a monopoly of the cryptocurrency world, little did people think that others like Bitcoin will come into play anytime soon? But, others have entered and left the crew, leaving only a few of them behind, fighting for a spot. The modification of the hashing algorithm has remained the secret of Namecoin’s success, which has made it very secure and safe to deal with.
The software is hosted on GitHub and the software is to resolve the domain name, you have to use a public name server current block chain that participates in Namecoin system. The block keeps growing as new participants are added to the block chain.