Topic summary
Namecoin
Namecoin (Abbreviation: NMC; sign: ) is a cryptocurrency originally forked from bitcoin software. It uses proof-of-work algorithm. Like bitcoin, it is limited to 21 million coins.
Namecoin can store data within its own blockchain transaction database. The original proposal for Namecoin called for Namecoin to insert data into bitcoin's blockchain directly. Anticipating scaling difficulties with this approach, a shared proof-of-work system was proposed to secure new cryptocurrencies with different use cases.
Namecoin's flagship use case is the censorship-resistant top level domain.bit, which is functionally similar to .com or .net domains but is independent of the Internet Corporation for Assigned Names and Numbers, the main governing body for domain names. In practice, the top level domain is used by a handful of functional websites. As of 2019, OpenNIC no longer supports the .bit domain.