NameCoin continues to be more innovative than other altcoins as per the crypto expert Sydney Ifergan. What did he mean by that, we find out in the namecoin news today.
NameCoin is against censorship and it is an experimental open-source technology that improves censorship resistance, privacy, decentralization, and security as well as the speed of specific components of the internet infrastructure such as identities and DNS. For those that are already into the coin, NameCoin is basically a value pair registration and transfer system based on the Bitcoin technology.
Namecoin can be used for a multitude of stuff. For example, it can be used to protect free speech rights online, making the entire web resistant to censorship. It can also be used to attach the identity of the choice of a person with identifying information such as GPG And OTR keys and email. It is also used to access websites by using the .bit top-level domain. The crypto expert Sydney Ifergan tweeted:
“Namecoin is the first fork of Bitcoin, and it continues to be the most innovative of the Altcoins.”
Namecoin is also praised as the first solution to Zooko’s triangle which was the massive problem creator in the naming system that is secure and decentralized. It also does the job of recording and transferring arbitrary names by attaching data to the names up to 520 bytes. The namecoin names are difficult to censor so the team in terms of Freedom and Information stated that this one should not trust the OpenPGP fingerprints that they should also be verified via a variety of sources and methods.
The lead engineer of Namecoin Daniel Kraft explained that they are looking to have all the aspects of the game on the blockchain. The name will expire after 36,000 blocks and in terms of cloud applications, the data will be distributed to many nodes and will be consistent. Namecoin will also be working on proposed ideas such as voting, bonds, stocks, shares, signatures, and proof of existence. The blockchain allows for a decentralized node to reach consensus concerning the order of the events and the state of the system.
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