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What is Namecoin (NMC)?
Namecoin basic info
What is Namecoin (NMC)?
Namecoin is a software that is based on the code Bitcoin uses with minor modifications. It is used to register domain names, but instead of registering a “.com” or “.org” website, users can register a “.bit” domain on the network. The software also stores associated values with that domain name in the blockchain, making these domains censorship-resistant. Users can query the database and retrieve data easily.
How does Namecoin (NMC) Work?
Namecoin is a protocol that aims to enhance the decentralization and speed of internet infrastructure components such as DNS and identities. DNS is a hierarchical naming system that functions like a phonebook for the internet. Namecoin securely records and transfers arbitrary names (keys) to translate internet domain names into IP addresses. The values associated with Namecoin domains are 520 bytes, and the block size limit ranges from 500kb to 1 MB. Blocks on the blockchain network occur every ten minutes on average.
Namecoin has several use cases, including decentralizing the internet and protecting online free-speech rights by making the web resistant to censorship. Additionally, Namecoin provides decentralized TLS certificate validation (like HTTPS), backed by blockchain consensus. TLS is a standard protocol that ensures authentication, privacy, and data integrity between two interacting computer programs. Finally, Namecoin enables users to access websites using the .bit domain.
What is the NMC Token?
To register a ".bit" website or other Namecoin names, users must obtain NMCs, the native coin of the Namecoin platform. Namecoin accepts registration fees in NMC, which can be obtained by purchasing NMC coins from an exchange or by mining them. A Namecoin wallet is required to store and manage NMCs. Namecoin uses a proof-of-work consensus mechanism to secure its network. One of the main benefits of Namecoin is its ability to decentralize the internet and protect online free-speech rights by making the web resistant to censorship. Additionally, Namecoin provides decentralized TLS certificate validation and enables users to access websites using the .bit domain.
NMC supply and tokenomics
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What is the development prospect and future value of NMC?
The market value of NMC currently stands at $14.07M, and its market ranking is #1046. The value of NMC is not widely recognized by the market. When the bull market comes, the market value of NMC may have great growth potential.
As a new type of currency with innovative technology and unique use cases, NMC has broad market potential and significant room for development. The distinctiveness and appeal of NMC may attract the interest of specific groups, thereby driving up its market value.