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Namecoin (NMC) - A cryptocurrency supported by Satoshi Nakamoto
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Namecoin (NMC) - A cryptocurrency supported by Satoshi Nakamoto

created Michał Sielski30 Września 2020

If the creator of Bitcoin, Satoshi Nakamoto, is in favor of the creation of a new cryptocurrency, it is worth taking a closer look at it. How is Namecoin (NMC) different from Bitcoin and why did the cryptocurrency community feel it needed? How is Namecoin doing after 10 years? See the description of the next cryptocurrency.

We are continuing the cycle of the Forex Club portal, in which we describe the most valuable, best valued, most interesting and also the most controversial cryptocurrency projects from around the world. Today, it's time for Namecoin (NMC) - a cryptocurrency whose creation was supported by Satoshi Nakamoto himself.

Satoshi Nakamoto is the legendary creator (or creator) of Bitcoin i blockchain technology. Until today, an anonymous person (or persons) was very active on the forum years ago Bitcointalk. It was there, in 2010, the idea to create a system called BitDNS. Satoshi Nakamoto quickly agreed with the originators, even though it could be a competition for his project. Once again, however, it turned out that the anonymous creator of digital currencies looked where others do not and predicted the development of the entire market. The creator of the system, which saw the light of day a year later, was Vincent Durham, who is no longer active in this project today.

How Namecoin works

As one of the first cryptocurrencies created after Bitcoin, Namecoin is of course very similar to it - primarily in terms of code and cryptographic solutions. But Satoshi Nakamoto supported its creation also because it differed from the so-called domain functionality. It has a completely decentralized DNS system, and that's exactly what it was designed to do - not to be primarily a cryptocurrency. Of course, it also became a means of payment, and it was the first alternative to Bitcoin in history. It is there that merged mining has been used - also for the first time in history - which means that NMC is also mined during BTC mining.

The first block was dug on April 19, 2011 - along with BTC, of ​​course. It is this day that is considered to be the beginning of the Namecoin cryptocurrency. However, in order to mine NMC along with "big brother" coins, you need to belong to a pool that supports merged mining. This is why mining NMC does not pay off on home GPU excavators. They are mined on ASIC devices, which, especially at the beginning, significantly slowed down the entire mining process.

It is thanks to the Namecoin system that we can set up .bit domains. We omit the central domain manager, so the website can be any, because it will not be censored. Additionally, the system helps with domain registration and its update.

Namecoin (NMC) quotes

Currently, Namecoin is convertible on 14 cryptocurrency exchanges from around the world. 10 years after its inception, 14,7 million units are in circulation, out of the planned maximum of 21 million altcoinów NMC. As of 29.09.2020/0,36/5,4, each of them is valued at USD 28, which translates into a market capitalization in excess of USD 2013 million. That's not much compared to the all-time highs on November 16,3, 5,89, when NMC valued at $ 7 apiece. However, it was a time when there was still little competition on the cryptocurrency market, especially to the present day. Then the price dropped, and the boom in quotes to the price of over $ 2018 still took place at the peak of the first cryptocurrency boom on January XNUMX, XNUMX.

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About the Author
Michał Sielski
Professional journalist for over 20 years. He worked, among others, in Gazeta Wyborcza, recently associated with the largest regional portal - Trojmiasto.pl. He has been present on the financial market for 18 years, he started on the Warsaw Stock Exchange when the shares of PKN Orlen and TP SA were just being introduced to the market. Recently, his investment focus has been exclusively on the Forex market. Privately, he is a parachutist, a lover of Polish mountains and a Polish karate champion.