Namecoin- An Attractive Alternative
Unless you have been completely avoiding the business as well as tech news, you must have surely heard about Namecoin. With ‘Bitcoin’ becoming a recurring term used by entrepreneurs, the competition for the title of the best always runs high. It was Namecoin that set the pace, close at the foot of Bitcoin and earning a name as the right ‘alternative’. The most astounding part is the fact that Namecoin was brought into existence by simply modifying the Bitcoin coding and is giving Bitcoin a run for its money or coins! Creating a domain name system that is completely decentralized, the Namecoin gives people the ability to store as well as transmit values and pairs of keys cryptographically. It effectively acts as a form of dark web and the top-level domain is ‘.bit’
Namecoin an alternative:
The Namecoin is slowly being known to be the alternative to Bitcoin. The young currency has made it clear that it has a steady hold on the currency and people are paying attention its highs and lows with seriousness. That, which used-to-be plain talk, is now becoming the only talk and I must say that Namecoin isn’t the only one gaining attention, either. A rich functionality that runs beyond the known existing token system is what Namecoin aims to provide.
A Nasty fall & a good comeback:
The number of crypto-programming geniuses comes close to the cyber-squatters in the internet world. I watched the fall of Namecoin (and a mighty fall that was!) last year with alarm, which succumbed to allowing any Tom, Dick and Harry to take advantage of their domain naming system. It caused quite the stir, but the system was back on track by completely blocking out the fraudulent name transaction. This being said, a spot in the list of top alt-coins of last year despite its fall speaks highly of its crypotocurrency effect.
It doesn’t stop here. As per Mike Hearn’s presentation, the crytocurrency is paving way to the build of ‘smart property’ which might require a distributed digital verification system that lays one over the want for a central repository. The trend is moving in a direction wherein after a decade or so, dollars and actual currency will cease to exist and real money will become an asset. The future lies in the hands of these coins. Though Bitcoins are at the top of the ladder now, there is no denying that Namecoin has plenty more to offer.