Namecoin (NMC) is the first cryptocurrency that acts as a decentralized domain name system. This means that NMC is a digital currency that runs on the same kind with other currencies which uses the Blockchain technology, the only thing that is notable about NMC is that it can provide the users to register a domain name for the use of their platform. Since it is decentralized, there will be no central entity that controls the system. When you register a domain name with NMC, it is resistant to being hijacked or shut down.
No central control means, it is difficult for governments, corporations, or criminals to compromise your website. The .bit domains are the decentralized alternative to building your web presence on a standard top-level domain. In this way, .bit is a platform that can help act as a safety net to your current website combat internet censorship and protect the fundamental values of freedom and security on the web.
What can Namecoin be used for?
The NMC can be utilized for making the user’s website to be more resistant to censorship, it has the capability to attach some important identity information such as keys on Bitmessage, email, and Bitcoin addresses towards an identity that you have chosen
Namecoin video explanation
The top-level domain will be referred as .bit, which the domain name system will be based. For instance, if your web’s name is “My Best Crypto List,” then your domain address will be mybestcryptolist.bit. It is just an example, it users will also be allowed to buy stocks and shares. According to NMC’s developers, they are aiming for users to run a site without having to deal with the worries that one day it will be shut down by the government or by any organization.