Namecoin (NMC)

NAMECOIN Token Profile (PDF)

Namecoin was an early fork of Bitcoin and began as a project called Bitdns, which wanted to improve the decentralization, security and censorship resistance of certain components of the Internet infrastructure, such as domain name servers and identities. Namecoin is used to register names and store associated information in its blockchain. The project is important from a historical perspective because it was the first token to use merged-mining, a protocol that allows users to mine different tokens at the same time. It was also the first token to solve Zooko’s Triangle, a longstanding problem of creating a naming system that is simultaneously secure, decentralized and easily used and understood by humans. In March 2014, OneName, an identity system built on the Namecoin blockchain, was released and enabled the storing of usernames and personal profile data on the blockchain. In September 2015, OneName switched from the Namecoin blockchain to the Bitcoin blockchain.