• Plus500

Namecoin – How to use it

By Nitesh Bualang
In Namecoin
Feb 19th, 2014
0 Comments
831 Views

This decentralized key or value registration as well as the transfer system based on Bitcoin technology is called Namecoin. Simply put, it is a decentralized cryptocurrency. I was surprised to see that with Bitcoin, it is possible to register and transfer keys or names under high security, without any censoring. It is also possible to attach values called data. At present, I think, the maximum the maximum capacity has been increased to 520 bytes. The trade as well the transactions of the Namecoins take place by the transfer of digital currencies like NMC.

Where to use it?

I use Namecoins particularly for the login system. Notary and Timeship system are also available. However, I was surprised to find that this system is not uniquely and available exclusively in Namecoin. It is available with the other crypto currency options as well. Torrent Trackers can also be used with the Namecoins. Torrent Trackers are used using the magnet links as well. Apart from this, the Namecoins also find their uses in Voting, Data storage, Identity System and the alliance system. I saw, recently, that it was being used in other unexpected places like personal namespace and in web of trust.

Name coin – how to sue it?

Only after making my first payments with Namecoins, did I actually understand how it worked exactly. I mean, all I had to do was just make payments to the various addresses, which were based on the digital address of the recipient. The addresses are in the form of strings that are readable and comprehendible by the humans. The address consists of 33 numbers. The address begins with N or M. This makes the Namecoin transactions less anonymous and enhances the pseudonymous feature.
Namecoin can only be traded using the online exchanges as a medium. In such way, the BTC-E exchange can also be used.

Minor Set Backs?

Though I found it easy to obtain domains with Namecoin at cheaper rates, the basic problem with Namecoin was cyber squatters. They buy up our domains and later sell them and make profits. Another vital drawback that I had overlooked when I started using it was that the domain permitted people to steal any domain from anyone they wished to on the go.
Namecoin is a new innovative method in transactions. With a little bit of polishing and refining, I believe that it could be the transaction method of tomorrow.

Comments are closed.