Namecoin (NMC) is a cryptocurrency. Users are able to generate NMC through the process of mining. Namecoin has a current supply of 14,736,400 NMC. The last known price of Namecoin is $0.768496 USD and is up 0.58% over the last 24 hours. It is currently trading on 11 active market(s) with $10,523 USD traded over the last 24 hours. More information can be found at https://www.namecoin.org/.
Namecoin be used for
- Protect free-speech rights online by making the web more resistant to censorship.
- Attach identity information such as GPG and OTR keys and email, Bitcoin, and Bitmessage addresses to an identity of your choice.
- Human-meaningful Tor .onion domains.
- Decentralized TLS (HTTPS) certificate validation, backed by blockchain consensus.
- Access websites using the .bit top-level domain.
- Proposed ideas such as file signatures, voting, bonds/stocks/shares, web of trust, notary services, and proof of existence. (To be implemented.)
Namecoin do under the hood
- Securely record and transfer arbitrary names (keys).
- Attach a value (data) to the names (up to 520 bytes).
- Transact the digital currency namecoins (NMC).
- Like bitcoins, Namecoin names are difficult to censor or seize.
- Lookups do not generate network traffic (improves privacy).
Namecoin was the first fork of Bitcoin and still is one of the most innovative “altcoins”. It was first to implement merged mining and a decentralized DNS. Namecoin was also the first solution to Zooko’s Triangle, the long-standing problem of producing a naming system that is simultaneously secure, decentralized, and human-meaningful.
Best 4 Wallet For Storing Namecoin
1. Hardware Wallets
They represent the so-called cold wallets, meaning they operate offline – unless a payment needs to be made. Hardware wallets store your private keys on a storage medium, and usually connect to a computer via USB to make a payment transaction, after entering a pin. Easy to use with a high level of security. The best Namecoin hardware wallets are Trezor One, Trezor Model T.
2. Mobile Wallets
These don’t offer as much functionality compared to desktop wallets, however their convenience lies in the fact that you always have the wallet with you and can use it anywhere, e.g. to pay at a retail store. The best mobile Namecoin wallets are Coinomi, UberPay Wallet.
Online wallets run on a server and can be accessed from any device at any location. They are the most convenient to use, but remember that your private keys are stored online and with a third-party – the probability of hackers’ attacks and theft is higher. The most reliable online Namecoin wallets are CoinVault.
Although it sounds strange or even funny to talk about paper wallets in connection with a digital currency, they exist – in the form of printed-out private and public keys. Because of their physical (and offline) nature, they provide a very high level of online security.
Tips for securely storing your Golem
- Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
- Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
- Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
- Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
- Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
- Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.