What is Namecoin?
Namecoin is a decentralized naming system based on Bitcoin technology (a decentralized cryptocurrency).
It allows you to:
Securely register and transfer arbitrary names (keys), no possible censorship!
Attach values (data) to the names (up to 1023 bytes)
Trade and transact namecoins, the digital currency NMC
There are plenty of possible use cases. Some examples:
DNS: domain_name => domain_zone_configuration
Alias/Identity: user_name => user_public_identity (email, name, gpg key, BTC-adress, etc)
Timestamping: document_hash => document_infos (name, hash, owner, etc)
Broadcasting / Messaging
Web of trust
To register a name, you must own some namecoins (NMC, the internal cryptocurrency used by the software).
- Different blockchain, port, IRC bootstrap and message header
- New transaction types: new, first-update, update
- Validation on the new transaction types
- RPC calls for managing names
- Network fees to slow down the initial rush