Editor's review
This is a service for receiving, sending and using crypto currency Namecoin.
Namecoin is a decentralized open source information registration and transfer system based on the Bitcoin crypto-currency. Namecoin was the first fork of Bitcoin and still is one of the most innovative altcoins. These alternative coins are one of the charms for people who detest governmental control. While Bitcoin is the most popular alternate currency and has a huge market capitalization, Namecoin is one the upcoming ones. This cryptocurrency acts as an alternative, decentralized DNS. This would help avoid domain name censorship. The new top level domain is outside of ICANN control making internet censorship really difficult. System outages will be minimized. The distribution of the coins is regulated by a P2P network, there is no involvement of any central bank of any nation. Like Bit coin the Namecoin is also limited in number, limited to 21 million units. Each Namecoin is divisible down to 8 decimal places to take care of the future need of managing value increases.
A block chain scheme manages a history of all transaction starting from the beginning of Namecoin generation. The block chain grows whenever new transactions are added by any of the participants. A proof-of-work process matches the result of a cryptographic hash function will be used to confirm that the transaction is not fraudulent. The only way the coins themselves could be counterfeited will be to create the block chain that is sheer impossibility. The Namecoin wallet helps users manage transactions in this currency. It is like the PayPal service for the Namecoins. The money inside or the transactions is totally private even to the administrators of the service. This is a very good tool.
User comments