Namecoin was the first of Bitcoin, It is a cryptocurrency that is mined with bitcoin software as a bonus. It is based on the code of bitcoin and uses the same proof-of-work algorithm. Like bitcoin, it is limited to 21 million coins. Unlike bitcoin, 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 (POW) system was proposed to secure new cryptocurrencies with different use cases.
What does Namecoin do? Securely record and transfer arbitrary names (keys), attach a value (data) to the names (up to 520 bytes), transact the digital currency name coins (NMC).
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