What does Namecoin do?
Namecoin (CRYPTO:NMC) is a decentralized naming system that allows users to register and manage domain names that are censorship-resistant and decentralized. It is based on the Bitcoin blockchain and uses the same underlying technology.
Namecoin operates using a peer-to-peer network of nodes that maintain a copy of the blockchain. When a user registers a Namecoin domain name, the transaction is broadcast to the network and added to the blockchain. All nodes on the network then update their copy of the blockchain to reflect the new registration.
The main objective of Namecoin is to create a decentralized and censorship-resistant naming system. The Namecoin community also aims to promote the use of Namecoin for other purposes, such as decentralized identity and digital asset management.
