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What is Namecoin (NMC) and how does it work?

by Financial Economy

Namecoin NMC is a cryptocurrency mined as a bonus with bitcoin software. It is based on Bitcoin code and uses the same proof-of-work algorithm. Information about some topic that what is Namecoin (NMC), how it works, how to buy it, on which exchange, how much is it, etc. is in continuation of the article. You can browse here for infomation about Newscrypto coin (NWC).

What is Namecoin (NMC) and how does it work?

Namecoin’s main use case is the censorship-resistant top-level domain .bit. This functionality is functionally similar to .com or .net domains but independent of ICANN, the main governing body for domains. So we can think of Namecoin as a blockchain-based domain registration manager.

Unlike Bitcoin, Namecoin can store data in its own blockchain transaction database. Namecoin’s original proposal, on the other hand, required Namecoin to add data directly to bitcoin’s blockchain. A common proof-of-work (POW) system for acquiring new cryptocurrencies with different use cases is proposed, which foresees scaling difficulties with this approach.

Namecoin features!

Namecoin is an experimental open source technology that improves decentralization, security, censorship resistance, privacy and speed of certain components of the Internet infrastructure, such as DNS and identities. From a technical point of view; Namecoin is a key-value registration and transfer system based on Bitcoin technology.

Namecoin founders!

In 2011, a supposedly anonymous founder named “Vince” created Namecoin. Vince has since disappeared, but a core development team has kept the project alive. The project has several developers listed on its official website and also benefits from contributions from numerous anonymous developers.

Which exchange is Namecoin avaliable on?

NMC coin is listed on some cryptocurrency exchanges such as YoBit, CoinEx, Altcoin Trader, SouthXchange, etc.

How to buy NMC coins?

Namecoin can be purchased from listed cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

NMC coin supply!

Total supply of Namecoin is 14.736.400 NMC.

NMC coin price!

As of April 15, 2022, at the time of the writing, 1 Namecoin price is around $2,55 (because of the volatility the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency

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