View source for Namecoin

{{Short description|Cryptocurrency, whose blockchain operates the .bit TLD}}
{{pp|small=yes}}
{{third-party|date=June 2014}}{{Infobox cryptocurrency
| currency_name = Namecoin
| image_1 = Namecoin logo.svg
| image_2 = 
| image_background_1 = 
| image_background_2 = 
| image_width_1 = 
| alt1 = Namecoin Logo
| image_width_2 = 
| alt2 = 
| image_title_1 = 
| image_title_2 = 
| superunit_name_1 = 
| subunit_ratio_1 = {{frac|1000}}
| subunit_ratio_2 = {{frac|1000000}}
| subunit_ratio_3 = {{frac|100000000}}
| subunit_name_1 = millinamecoin
| subunit_name_2 = micronamecoin
| subunit_name_3 = swartz
| symbol = <math>\mathbb{N}</math>{{cn|date=April 2024}}
| alt_symbol_title_1 = 
| alt_symbol_1 = 
| ticker_symbol = NMC
| previous_names = 
| nickname = 
| plural = namecoins
| coin_definition = 
| white_paper = 
| implementations = 
| initial_release_version = 
| initial_release_date = {{Start date and age|df=yes|2011|4|18|p=y}}<ref>{{Cite web|title=[announce] Namecoin - a distributed naming system based on Bitcoin|url=https://bticointalk.org/?topic=6017.0|website=bitcointalk.org}}</ref>
| code_repository = https://github.com/namecoin/namecoin-core
| status = Active
| latest_release_version = 0.21.0<ref>{{Cite web|title=Releases - namecoin/namecoin-core|url=https://github.com/namecoin/namecoin-core/releases|via=[[GitHub]]|access-date=2021-03-03|archive-date=2020-11-09|archive-url=https://web.archive.org/web/20201109150534/https://github.com/namecoin/namecoin-core/releases|url-status=live}}</ref>
| latest_release_date = {{Start date and age|df=yes|2021|1|29|p=y}}
| forked_from = [[Bitcoin]]
| programming_languages = 
| operating_system = 
| author = Vincent Durham
| developer = 
| source_model = 
| license = 
| website = [https://www.namecoin.org www.namecoin.org]
| block_explorer = {{URL|bitinfocharts.com/namecoin/explorer/}}<br />
{{URL|chainz.cryptoid.info/nmc/}}<br />
{{URL|nmc.tokenview.com}}<br />
| ledger_start = {{Start date and age|df=yes|2011|4|17|p=y}}<ref>{{Cite web|title=Block #0|url=https://namebrow.se/block/000000000062b72c5e2ceb45fbc8587e807c155b0da735e6483dfba2f0a9c770/|website=namebrow.se|access-date=2021-03-03|archive-date=2021-08-02|archive-url=https://web.archive.org/web/20210802132549/https://namebrow.se/block/000000000062b72c5e2ceb45fbc8587e807c155b0da735e6483dfba2f0a9c770/|url-status=live}}</ref>
| hash_function = [[SHA-256]]
| issuance = 
| timestamping = [[Proof-of-work]] (merged mining)<ref name="merged_mining"/>
| block_time = 10 minutes<ref name="loibl"/>
| block_reward = 
| circulating_supply = 
| supply_limit = <math>\mathbb{N}</math>21,000,000<ref name="loibl"/>
| exchange_rate = 
| market_cap = 
| footnotes = 
}}

'''Namecoin''' ([[ISO 4217#Cryptocurrencies|Abbreviation]]: '''NMC'''; [[currency symbol|sign]]: '''<math>\mathbb{N}</math>''') is a [[cryptocurrency]] originally forked from [[bitcoin]] software. It uses [[proof-of-work]] algorithm. Like bitcoin, it is limited to 21&nbsp;million coins.<ref name="loibl">{{cite news | url=https://www.net.in.tum.de/fileadmin/TUM/NET/NET-2014-08-1/NET-2014-08-1_14.pdf | title=Namecoin | first=Andreas | last=Loibl | date=2014-08-01 | access-date=2020-11-26 | archive-date=2022-05-18 | archive-url=https://web.archive.org/web/20220518024639/https://www.net.in.tum.de/fileadmin/TUM/NET/NET-2014-08-1/NET-2014-08-1_14.pdf | url-status=live }}</ref>

Namecoin can store data within its own [[Blockchain (database)|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]] <code>.bit</code>, which is functionally similar to <code>[[.com]]</code> or <code>[[.net]]</code> domains but is independent of the [[Internet Corporation for Assigned Names and Numbers]], the main governing body for domain names.<ref name="dourado2013">{{cite news | url=https://theumlaut.com/can-namecoin-obsolete-icann-and-more-9486ec4edbc9 | work=Theumlaut | title=Can Namecoin Obsolete ICANN (and More)? | first=Eli | last=Dourado | date=2014-02-05 | access-date=2020-11-26 | archive-date=2020-11-12 | archive-url=https://web.archive.org/web/20201112030013/https://theumlaut.com/can-namecoin-obsolete-icann-and-more-9486ec4edbc9 | url-status=live }}</ref> In practice, the top level domain is used by a handful of functional websites. As of 2019, [[OpenNIC]] no longer supports the .bit domain.

== Transactions ==
A peer-to-peer network similar to handles Namecoin's transactions, balances and issuance through a based [[proof-of-work]] scheme (they are issued when a small enough [[cryptographic hash|hash]] value is found, at which point a block is created).<ref name="weis" />

=== Records ===
Each Namecoin record consists of a name and a value. Each name is actually a path, with the namespace preceding the name of the record. The key <code>d/example</code> signifies a record stored in the [[DNS]] namespace <code>d</code> with the name <code>example</code> and corresponds to the record for the <code>example.bit</code> website. The content of <code>d/example</code> is expected to conform to the DNS namespace specification. {{As of|2015}}, the fee for a record was 0.01 NMC and records expired after 36000 blocks (~200 days) unless updated or renewed.<ref name="weis" />

== Uses ==
.bit is a [[top-level domain]], created outside the commonly used [[Domain Name System]], and is not sanctioned by ICANN. The .bit domain is served via Namecoin infrastructure, which acts as a decentralized domain name system.<ref name="weis" />

Proposed potential uses for Namecoin besides domain name registration include [[notary]]/[[timestamp]] systems.<ref>{{cite news | url=http://news.techworld.com/security/3449015/could-the-bitcoin-network-be-used-as-an-ultrasecure-notary-service/ | title=Could the Bitcoin network be used as an ultrasecure notary service? | work=Techworld | first=Jeremy | last=Kirk | date=2013-05-24 | access-date=2013-07-02 | archive-date=2014-10-12 | archive-url=https://web.archive.org/web/20141012031111/http://news.techworld.com/security/3449015/could-the-bitcoin-network-be-used-as-an-ultrasecure-notary-service/ | url-status=dead }}</ref>

== History ==
In September 2010, a discussion was started{{By whom|date=July 2022}} in the BitcoinTalk forum about a hypothetical system called BitDNS and generalizing bitcoin. [[Gavin Andresen]] and [[Satoshi Nakamoto]] joined the discussion in the BitcoinTalk forum and supported the idea of BitDNS, and a reward for implementing BitDNS was announced on the forum in December 2010.{{Citation needed|date=December 2022}}

On block 19200 Namecoin activated the merged mining upgrade to allow mining of Bitcoin and Namecoin simultaneously, instead of having to choose between one or the other; this fixed the issue of miners jumping from one blockchain to another when the profitability becomes favorable in the former.<ref name="merged_mining">{{Cite web|url=https://repositum.tuwien.at/retrieve/10467|title=Merged Mining: Analysis of Effects and Implications|website=repositum.tuwien.ac.at|access-date=2018-12-24|archive-date=2020-11-11|archive-url=https://web.archive.org/web/20201111230652/https://repositum.tuwien.at/retrieve/10467|url-status=live}}</ref>

Two years later, in June 2013, NameID was launched.<ref name=nameidPost>{{cite web | url=https://forum.namecoin.info/viewtopic.php?f=2&t=1013 | first=Daniel | last=Kraft | title=<nowiki>NameID - Use namecoin id/ to log into OpenID sites</nowiki> | work=Namecoin Forum | date=2013-07-25 | access-date=2015-10-14 | archive-date=2015-05-14 | archive-url=https://web.archive.org/web/20150514121149/https://forum.namecoin.info/viewtopic.php?f=2&t=1013 | url-status=live }}</ref> NameID allows to associate profile information with identities on the Namecoin blockchain, and an [[OpenID]] provider to allow logging into existing websites with Namecoin identities. The main site itself is accompanied by an open protocol for password-less authentication with Namecoin identities, a corresponding [[Free Software|free-software]] implementation and a supporting [[Browser extension|extension]] for [[Firefox]].{{Citation needed|date=December 2022}}

In October 2013, Michael Gronager, main developer of libcoin, found a security issue in the Namecoin protocol, which allowed modifying foreign names. It was successfully fixed in a short timeframe and was never exploited, except for bitcoin.bit as a proof-of-concept.<ref>bitcoin.bit name operation is in tx-id 2f034f2499c136a2c5a922ca4be65c1292815c753bbb100a2a26d5ad532c3919</ref>{{citation needed|date=May 2019}}

Namecoin was also mentioned by [[ICANN]] in a public report as the most well-known example of distributing control and privacy in [[DNS]].<ref>{{cite news | url=https://www.icann.org/en/system/files/files/iti-report-15may14-en.pdf | work=ICANN | title=The Internet Corporation for Assigned Names and Numbers Identifier Technology Innovation Report | date=2014-05-15 | access-date=2021-10-17 | archive-date=2021-12-19 | archive-url=https://web.archive.org/web/20211219212607/https://www.icann.org/en/system/files/files/iti-report-15may14-en.pdf | url-status=live }}</ref>

A 2015 study found that of the 120,000 domain names registered on Namecoin, only 28 were in use.<ref name="weis">{{cite journal |last1=Kalodner |first1=Harry |last2=Carlsten |first2=Miles |last3=Ellenbogen |first3=Paul |last4=Bonneau |first4=Joseph |last5=Narayanan |first5=Arvind |date=2015 |title=An empirical study of Namecoin and lessons for decentralized namespace design |url=https://econinfosec.org/archive/weis2015/papers/WEIS_2015_kalodner.pdf |journal=Workshop on the Economics of Information Security |citeseerx=10.1.1.698.4605 |access-date=2022-11-10 |archive-date=2022-11-10 |archive-url=https://web.archive.org/web/20221110174831/https://econinfosec.org/archive/weis2015/papers/WEIS_2015_kalodner.pdf |url-status=live }}</ref>

In December 2018, a proposal was tabled on the OpenNIC mailing list to drop support for Namecoin .bit domains.,<ref>{{Cite web|title=Should we have a vote on .bit ?|url=https://lists.opennicproject.org/sympa/arc/discuss/2018-12/msg00000.html|website=opennic-discuss|access-date=2021-03-02|archive-date=2021-01-27|archive-url=https://web.archive.org/web/20210127162420/https://lists.opennicproject.org/sympa/arc/discuss/2018-12/msg00000.html|url-status=live}}</ref> citing [[The Spamhaus Project|Spamhaus]]' (and by extension other [[antivirus software]]) blocking of several of their servers owing to spread of [[malware]] from some .bit domains, as well as concerns about potential child pornography. The vote did not reach a consensus.<ref>{{Cite web|title=Vote to keep or drop peering with NameCoin|url=https://lists.opennicproject.org/sympa/arc/discuss/2019-06/msg00000.html|website=opennic-discuss|access-date=2021-03-02|archive-date=2022-04-16|archive-url=https://web.archive.org/web/20220416164143/https://lists.opennicproject.org/sympa/arc/discuss/2019-06/msg00000.html|url-status=live}}</ref>

In the same month, OpenNIC was advised to drop support for .bit namespace owing to security concerns of Namecoin and [[PRISM Break]] developers.<ref>{{Cite web|title=Drop OpenNIC (!2073) · Merge Requests · PRISM Break / PRISM Break|url=https://gitlab.com/prism-break/prism-break/-/merge_requests/2073|access-date=2021-01-23|website=GitLab|date=19 December 2018|language=en|archive-date=2021-01-28|archive-url=https://web.archive.org/web/20210128095318/https://gitlab.com/prism-break/prism-break/-/merge_requests/2073|url-status=live}}</ref>

In July 2019, OpenNIC again voted on dropping the .bit namespace, citing "numerous problems with support of NameCoin domains" and recent animosity between the two projects. The vote passed.<ref>{{Cite web|title=Should OpenNIC drop support for NameCoin [OpenNIC Wiki]|url=https://wiki.opennic.org/votings/drop_namecoin|access-date=2021-01-23|website=wiki.opennic.org|archive-date=2021-10-29|archive-url=https://web.archive.org/web/20211029032715/https://wiki.opennic.org/votings/drop_namecoin|url-status=live}}</ref> Namecoin developer Jeremy Rand welcomed the move, thanking OpenNIC and describing it as the "right decision".<ref>{{Cite web|title=OpenNIC does the right thing: listens to security concerns and shuts down its centralized Namecoin inproxy|url=https://www.namecoin.org/2019/07/30/opennic-does-right-thing-shuts-down-centralized-inproxy.html|website=namecoin.org|access-date=2021-03-02|archive-date=2022-03-24|archive-url=https://web.archive.org/web/20220324052212/https://www.namecoin.org/2019/07/30/opennic-does-right-thing-shuts-down-centralized-inproxy.html|url-status=live}}</ref><ref name="ZDNet France 2019">{{cite web | title=Namecoin : l'intégrité, mais à quel prix? | website=ZDNet France | date=2019-08-01 | url=https://www.zdnet.fr/actualites/namecoin-l-integrite-mais-a-quel-prix-39888667.htm | language=fr | access-date=2021-11-27 | archive-date=2021-11-23 | archive-url=https://web.archive.org/web/20211123070620/https://www.zdnet.fr/actualites/namecoin-l-integrite-mais-a-quel-prix-39888667.htm | url-status=live }}</ref><ref>{{Cite web|title=What is Namecoin's relationship to OpenNIC?|url=https://www.namecoin.org/docs/faq/#what-is-namecoins-relationship-to-opennic|website=namecoin.org|access-date=2021-03-02|archive-date=2022-07-26|archive-url=https://web.archive.org/web/20220726135618/https://www.namecoin.org/docs/faq/#what-is-namecoins-relationship-to-opennic|url-status=live}}</ref>

== See also ==
*[[Alternative DNS root]]
*[[Zooko's triangle]]
*[[Non-fungible token]] (a concept which Namecoin is sometimes considered a precursor of)

== References ==
{{Reflist|30em}}

== Further reading ==
<li>{{cite book |last1=Judmayer |first1=Aljosha |last2=Stifter |first2=Nicholas |last3=Krombholz |first3=Katharina |last4=Weippl |first4=Edgar |orig-year=2017 |date=2022 |title=Blocks and Chains: Introduction to Bitcoin, Cryptocurrencies, and Their Consensus Mechanisms |url=https://books.google.com/books?id=n39yEAAAQBAJ&pg=PA47 |location=Cham |publisher=[[Springer Nature]] |via=[[Google Books]] |pages=47–49 |isbn=978-3-031-01224-2 |issn=1945-9742 |doi=10.1007/978-3-031-02352-1 |s2cid=249533342 |accessdate=2022-06-25 }}</li>
<li>{{cite book |last1=Haferkorn |first1=Martin |last2=Quintana Diaz |first2=Josué Manual |editor-last=Lugmayr |editor-first=Artur |date=2015 |chapter=Seasonality and Interconnectivity Within Cryptocurrencies – An Analysis on the Basis of Bitcoin, Litecoin and Namecoin |title=Enterprise Applications and Services in the Finance Industry: 7th International Workshop, FinanceCom 2014, Sydney, Australia, December 2014, Revised Papers |chapter-url=https://books.google.com/books?id=RcxyCwAAQBAJ&pg=PA110 |location=Cham |publisher=[[Springer Nature]] |via=[[Google Books]] |page=110 |isbn=978-3-319-28150-6 |issn=1865-1348 |doi=10.1007/978-3-319-28151-3 |s2cid=37289572 |accessdate=2022-06-25 }}</li>
<li>{{cite book |last1=Karame |first1=Ghassan |last2=Androulaki |first2=Elli |date=2016 |title=Bitcoin and Blockchain Security |url=https://books.google.com/books?id=YYSuDgAAQBAJ&pg=PA165 |location=Boston |publisher=[[Artech House]] |via=[[Google Books]] |page=165 |isbn=978-1-63081-013-9 |accessdate=2022-06-25 }}</li>
<li>{{cite book |last=Bheemaiah |first=Kariappa |date=2017 |title=The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory |url=https://books.google.com/books?id=M5o7DgAAQBAJ&pg=PA77 |location=New York |publisher=[[Apress]] |via=[[Google Books]] |page=77 |isbn=978-1-4842-2673-5 |accessdate=2022-06-25 }}</li>
<li>{{cite book |last=Franco |first=Pedro |date=2015 |title=Understanding Bitcoin: Cryptography, Engineering and Economics |url=https://books.google.com/books?id=erMQBQAAQBAJ&pg=PA174 |location=West Sussex |publisher=[[Wiley (publisher)|Wiley]] |via=[[Google Books]] |page=174 |isbn=978-1-119-01914-5 |accessdate=2022-06-25 }}</li>
<li>{{cite journal |last1=Kirillova |first1=Elena Anatolyevna |last2=Pavlyuk |first2=Albert Valentinovich |last3=Mikhaylova |first3=Irina Aleksandrovna |last4=Zulfugarzade |first4=Teymur E. |last5=Zenin |first5=Sergey S. |date=2018 |title=Bitcoin, Lifecoin, Namecoin: The Legal Nature of Virtual Currency |url=https://www.ceeol.com/search/article-detail?id=695029 |url-access=subscription |journal=Journal of Advanced Research in Law and Economics |via=[[Central and Eastern European Online Library]] |volume=9 |issue=31 |page=119 |doi=10.14505//jarle.v9.1(31).16 |s2cid=169842085 |accessdate=2022-06-25 |archiveurl=https://web.archive.org/web/20220625232456/https://www.ceeol.com/search/article-detail?id=695029 |archivedate=2022-06-25 }}</li>
<li>{{cite book |last1=Chang |first1=Tao-Hung |last2=Svetinovic |first2=Davor |title=2016 21st International Conference on Engineering of Complex Computer Systems (ICECCS) |chapter=Data Analysis of Digital Currency Networks: Namecoin Case Study |date=2016 |pages=122–125 |url=https://ieeexplore.ieee.org/document/7816576 |url-access=subscription |publisher=[[Institute of Electrical and Electronics Engineers]] |isbn=978-1-5090-5526-5 |doi=10.1109/ICECCS.2016.023 |s2cid=9397221 |accessdate=2022-06-25 |archiveurl=https://web.archive.org/web/20220625232720/https://ieeexplore.ieee.org/abstract/document/7816576 |archivedate=2022-06-25 }}</li>

== External links ==
{{Commons category|Namecoin}}
* {{Official website|https://www.namecoin.org/}}

{{Cryptocurrencies|state=expanded}}
{{Portal bar|Anarchism|Economics|Free and open-source software|Internet|Numismatics}}

[[Category:Alternative Internet DNS services]]
[[Category:Cryptocurrency projects]]
[[Category:Domain Name System]]