Review on Namecoin by Victor Nnamah
Namecoin: the first fork of Bitcoin.
Taking a wide view over the Bitcoin blockchain, there have been various upgrades and some which failed to offer services which they promised for higher performance in blockchain technology.
Namecoin is one of those upgrades mentioned above. Namecoin is a cryptocurrency originally forked from Bitcoin. Many people thinks litecoin was the first fork of Bitcoin but from the records, Namecoin is the first to be forked from Bitcoin which Worth's about $2.48.
Namecoin is a tested open source technology which improves decentralization, security, censorship resistance, privacy and speed of certain components of the internet base. Shared data base are distributed by a P2P network securely and also uses a POW algorithm for miners because it is minable. Users are able to generate Namecoin through mining process.
Namecoin is used to register names and stores associated values in blockchain. It also protects free speech rights online by making the web more resistant to censorship.
However, from my research lately, there are rumors that Namecoin is a dead coin and the probability of security is about 644/4296.
In conclusion, Namecoin is profitable for investment but my advice for investors is to make deeper researches on this coin before investing in it.
Pros
- It is an innovative altcoin.
- It is minable.
- It functions on a good platform (btc).
Cons
- It has a very low market cap.
