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What is Namecoin?

Based on Bitcoin code, Namecoin is a decentralized cryptocurrency that uses Proof-of-Work algorithm. The digital currency has a fixed limit of 21 Million coins. Namecoin (NMC) can store the data on blockchain transaction database of its own. The proposal of this cryptocurrency was put upfront in order to insert data in blockchain of Bitcoin directly.

Namecoin securely transfers and records the keys or arbitrary names. It attaches a data or value to the names. It was the Bitcoin’s first fork and still it is one of the most innovative cryptocurrencies. The digital currency is used for plenty of purposes, including –

1. Access websites by making use of .bit domain.
2. Protect online free-speech rights using web resistant to censorship.
3. To store identity information like GPG key, email, TLS fingerprints, BTC address, and Bitmessage address.
4. For human readable Tor .domains/onion names.
5. Voting, web of trust, file signatures, bonds/shares/stocks, notary and escrow services. 

People can get started with Namecoin by following the below-mentioned steps –

 Install Namecoin Wallet
 Get or earn some Namecoin from best Namecoin exchange
 Use Namecoin
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