Review on Namecoin by Mohammad Shuja

It is a fork of Bitcoin, but its function is distinct from that of its parent currency. Whereas Bitcoin is used only to facilitate p2p transactions, Namecoin is used to pay for its distributed domain name registration services which are spread across the world. The consensus algorithm used by Namecoin is Auxiliary PoW, which enables it to be merge-mined with Bitcoin, in contrast to the consensus algorithms used by Bitcoin and Ethereum. Namecoin differs from Bitcoin in another way, its transactions include extra instructions such as name and data, which are basically a pair of keys and their associated values, in addition to the usual transaction data.



However, there have been certain changes made to the source code of Namecoin. Namecoin transactions, balances, and protection are all handled by a peer-to-peer network of nodes, which, like Bitcoin, uses the SHA256 consensus method to ensure that all transactions, balances, and protection are protected. One distinction is that Namecoin is a merged-mineable cryptocurrency, which means that the mining process is different.



In order to accomplish this, the bit or Dot bit domain was developed, which may be regarded as the flagship product of the Namecoin blockchain. Namecoin's primary goal is to offer distributed, safe DNS services. It performs the function of a decentralized phone book for websites that make use of the bit domain name extension. In comparison to conventional DNS systems, the main benefit of Dot bit is that it is not controlled by any centralized body, making it more resistant to censorship.



In addition to NameID, Namecoin has introduced another technological advancement. Decentralized registration of human-readable names is made possible via the use of this open service. A mix of Namecoin and OpenId, NameID allows users to quickly convert their Namecoin Identities into OpenIDs. It is a fork of the Namecoin protocol. According to Zooko's triangle, which says that there are three desired characteristics for name players in a network protocol, and that each member may only inherit two of these desirable features at a given moment, NameID provides a solution.



Namecoin has existed in the cryptocurrency market for a significantly longer period of time than the majority of cryptocurrencies now in use; yet, despite this, it has received little attention until lately. In 2014, it was ranked among the top ten cryptocurrencies in terms of market value, however, this has since altered as a result of the entry of hundreds of other cryptocurrencies into the marketplace. Many people believe that the inventor of Namecoin has abandoned the project, which is a red sign. The project is presently in the process of being created with the assistance of its community. It is the current team's goal to move the project ahead as quickly as possible, and they give frequent updates on social media platforms. Despite the fact that it has survived for so long solely on the support of the community, the cryptocurrency industry is becoming more congested with numerous projects that are supported by large corporations. Aside from this, it is up against some stiff competition from other cryptocurrencies that provide comparable services, two of which are Peercoin and Emercoin, respectively.