Namecoin is one of the oldest cryptocurrencies around. It works through a special peer-to-peer verification system, which allows it to form a decentralized Domain Name System. Everybody who is using Namecoin can check specific domains on the currency’s network as opposed to searching in one big server that is under the control of a big company. The developers of Namecoin share the opinion that centralized servers are problematic exactly because they are owned by powerful corporations, since they are fully capable of imposing restrictions on individual users by locating them online. Namecoin resolves this by utilizing a verification system in order to preserve a secure collection of public IP-addresses. Everyone can register a domain in the system of Namecoin if a small fee is paid, the size of which is expected to diminish in the forthcoming years. Afterwards, users will need to consistently update and oversee their domains. But in short, that is Namecoin’s main goal-the safeguarding of personal privacy and the provision of the liberty to make a statement in the world wide web, while simultaneously allowing newcomers to safely put the currency to good use for their own benefit’s sake.
As an online currency, Namecoin is admittedly not on the top of many lists. The value of a single coin is currently lower than 20 percent of a cent and future predictions tell us that the numbers will keep falling. Namecoin’s case however is quite special since the fact that the value of the coin is going lower might not be a bad thing after all simply because the less the coin costs, the lower the prices for registering a domain through Namecoin are. So, simply said, there is a lot of work to be done on Namecoin, the currency but as a Domain Name System, it has the potential of a real game-changer and as such it remains the most rarely and curiously evolved double of Bitcoin. There are 21 million Namecoins, a small number, similar to that of Bitcoin. Nevertheless, the creators of the online currency (if one can even call it that) are assured that its uniqueness will definitely preserve its value online, which means more and more people will use Namecoin in order to create their own secure domains. That being said, there are also many factors which could compromise Namecoin’s success such as cheaters, who wastefully purchase many domains since it is quite cheap. Furthermore, a higher power could always interfere and shutdown Namecoin’s domains if prompted to do so. Regardless, Namecoin is probably the rarest of online currencies out there and offers users the chance to use the web without the possibility of their identities being tracked and their businesses-compromised.