13

Namecoins are used to register .bit domains: http://dot-bit.org/HowToRegisterAndConfigureBitDomains They're also bought and sold by speculators, but DNS registration is their original purpose.


13

Yes. The ASICs themselves only perform the SHA256 calculations, they do not deal with anything protocol related and as such can merged-mine exactly the same as existing GPU and FPGA implementations. In other words, merged mining is part of the protocol, ASICs just do the math. The standard rules of merged mining still apply, of course. The alternate ...


9

The Namecoin block reward is to be halved every 4 years, similar to Bitcoins. The fee to register a domain in Namecoin is set to decrease by the factor of 2 every two months, and later by a factor of 4. As the price of registering a domain go down way faster than the block reward, there won't be a shortage of opportunities for registering domains. On the ...


8

This site allows you to compare the mining profitability of the various coins: http://dustcoin.com/mining


7

When I first looked into this issue the low price for name operations struck me odd, too. But the rationale behind it is to allow to register as many names for as low a price possible. You need to realize namecoin is not only about domains and the dot-bit project is only the first large namecoin project. namecoin is a generic name/value accounting system. ...


7

The -gen flag actually started a CPU miner process in older versions of the Bitcoin client, before CPU mining became obsolete. What you're probably thinking was more like bitcoind -server or `bitcoind -server -RPCALLOWIP=192.168.1.* -RPCPORT=8333 which would start a listening Bitcoin server from which a proper miner could obtain getworks. Since namecoind is ...


7

Namecoin was the first fork from Bitcoin, and is a blockchain based peer-to-peer network which maintains a decentral ledger of registered names. It is the convention, that when you register a Namecoin name starting with d/ that appropriate DNS resolution software would translate this information to a .bit address. E.g. d/myself would be resolved to myself....


6

Namecoin addresses, like Bitcoin addresses, are Base58 encodings of a public key hash. The encoded data starts with a version byte, and the value of this byte affects the first characters of the result. Namecoin addresses specifically use a version byte of 52, which dictates a certain range of initials. The prefixes you listed are simply too high - they ...


6

I would recommend VirCurEx. You can use it as a wallet or trade between different currencies.


6

I have some idea of what Namecoin was trying to achieve, but as of yet I've never seen it actually used. Is it being used for anything of significance yet, or are there plans by anyone to do so in the short to medium term? If a distributed, first-come-first-serve domain name system for the .bit top-level domain (TLD) is significant, then yes, it has done ...


6

Not really. According to the Bitcoin Wiki: Namecoin is an alternative distributed Domain Name System (DNS) on the basis of Bitcoin software. In contrast to a currency, according to Wikipedia A much more general use of the word currency is anything that is used in any circumstances, as a medium of exchange. In this use, "currency" is a synonym ...


5

Since Namecoin started using merged mining with Bitcoin, its effective processing power increased substantially. The current difficulty is 1063443. This is very high considering the resale value of namecoins (1 namecoin is worth 0.002 of a bitcoin) and given that the difficulty is 49% of the Bitcoin difficulty. The Bitcoin network currently is around 16TH/...


5

No. Sovereign keys are simply a technical mechanism to use the DNSSEC trust anchors instead of companies like Verisign. Trust is still centralized; it's just centralized in a different place.


5

The algorithm of registering .bit domain is described, for example, on dot-bit wiki. In short: Create new domain name with name_new command: ./namecoind name_new d/<name> Wait 12 or more blocks Actually register the domain with name_firstupdate, where <rand> is the second (shorter) hexadecimal string returned by name_new, and <json-value> ...


5

.bit domains are not recognized by ICANN, the company that runs the main internet DNS. This means that most operating systems have no support for them built-in. So, to be able to visit .bit domains, you will have to do some configuration first. You basically need to let your computer know where to search for the IP address translation of the .bit domain, as ...


5

Well, the fact that it will be possible to implement features similar to Namecoin that it will become obsolete. Bitcoin is intended as a currency and a payment system, while Namecoin is designed specifically as a DNS provider for .bit domain names. The fact that Namecoin would be able to handle .com domain names, doesn't mean the currently employed ...


5

So the whole point of a name reg contract is not to send transactions, rather its sole purpose is to build up a database which other nodes can then query. Ethereum smart contracts have immutable storage. This means that you can prove your primacy to a specific name, and other people can then reference that as part of a database. What it comes down to is ...


4

Almost everyone seems to use the Bitparking Namecoin Exchange.


4

It seems you can issue your name_firstupdate transaction whenever you're ready (in particular, right after doing the name_new). It won't be included in a block until the name_new is mature (12 confirms) but should be picked up shortly after that happens. I don't have any source for this other than recent experience, but my names are showing up when I do ...


4

First, NMC is not worthless, it have a value and is traded on bitparking ( https://exchange.bitparking.com/main ) and btc-e ( https://btc-e.com/exchange ), with decent daily trading volume; people saying nmc is worthless are just people wanting to attract you to other altchains( most of them being scams imo ) . Second, namecoin is an opensource network, it ...


3

You can either install a client, or use some Namecoin-Bitcoin exchange (like BTC-E) to obtain an address. It`s generally the same as getting a Bitcoin address really, only a bit less popular.


3

Yes, block 19200 was mined using MM, by slush's pool. AFAIK first Bitcoin block with merged-mining information was 00000000000002c727047296ee20b628599031c6ea5c09292513fddbb11d34df (block 148557), also mined by slush's pool.


3

A question concerning a similar problem has been asked awhile ago. Researching an answer for it, I couldn't find any justification for the imbalance of Namecoin domain price versus reward, nor did anyone from the Dot-bit forum mane any statement about the situation.


3

An issue is the future. As namecoin actually destroys the coins it uses on domains makes that there will be a hard limit on usage. If 21M coins are released each costing 1NMC thats a very small cap on the amount of available domains. Also take into consideration that the Namecoin network does not know what value 0.01NMC is in relation to USD or even BTC. ...


3

namecoind listreceivedbyaddress 0 true 0 means to include even transactions with no confirmations, true means to show even "empty" addresses


3

520 bytes for name_update to work http://dot-bit.org/forum/viewtopic.php?f=2&t=503 It should be twice that amount but there is some bug. As you can read in the forum thread some planning is going on to increase it to 9kb.


3

The disadvantage of merged mining is the additional coin daemons you have to run in the background. They all use disk space, memory, cpu cycles and bandwidth. A more annoying issue is that most of them are no longer maintained and have bugs. You may find that they crash frequently - at least namecoind does.


3

First, I'd like to note that Namecoin and Bitcoin are separate - they share a lot of code, but they have different blockchains and networks. Let me talk about the problem that Bitcoin solves: double spending. It solves this by having nodes vote with their hashpower on what they think the most accurate picture of the network is. This creates an ordered list ...


3

As the Namecoin.info website states, "It allows you to . . . trade and transact namecoins, the digital currency NMC." So the simple answer is that yes, Namecoin is considered a currency, among other things. The current domain name situation is a top-down hierarchy of trust where the top folks accredit those below until you get the registrar that you pay to ...


3

You have enough to reserve the name (the .01 network fee) but then not enough to pay the transaction fee. If you wait a day or so for the coins to age, it might work.


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