Among the many cryptocurriencies we have highlighted, Namecoin touts itself as an experimental open source technology that improves decentralization, security, censorship resistance, privacy, and speed of certain components of the internet infrastructure such as DNS and identities. Ok, that’s a mouthful! It is based on Bitcoin technology, however. While Bitcoin frees money, Namecoin frees DNS, identities, and other technologies.
It securely records and transfers arbitrary names. It attaches a value to the names. It transacts the digital currency namecoins. Just like Bitcoin, Namecoin names are hard to censor or seize. Lastly, look-ups do not generate network traffic, but improves privacy. Considered to be the first “fork” of Bitcoin, Namecoin is one of the most innovative altcoins. It was the first to implement merged mining and a decentralized DNS.