Namecoin is a decentralized open source information registration and transfer system based on the Bitcoin cryptocurrency.
What does Namecoin do?
- Securely record and transfer arbitrary names (keys).
- Attach a value (data) to the names
- (up to 520 bytes, more in the future).
- Transact namecoins, the digital currency (ℕ, NMC).
Namecoin was the first fork of Bitcoin and still is one of the most innovative altcoins. It was first to implement merged mining and a decentralized DNS. Namecoin squares Zooko's Triangle!
What can Namecoin be used for?
- Protect free-speech rights online by making the web more resistant to censorship.
- Access websites using the .bit domain (with TLS/SSL).
- Store identity information such as email, GPG key, BTC address, TLS fingerprints, Bitmessage address, etc.
- Human readable Tor .onion names/domains.
- File signatures, Voting, bonds/stocks,/shares, web of trust, escrow and notary services (to be implemented).
Getting started with NamecoinIt is very easy to start using Namecoin.
- Step 1: Get A Namecoin Wallet.
- Step 2: Get Some Namecoin at the best Namecoin exchange.
- Step 3: Use Your Namecoin.
- Step 4: Stay Up-to-Date.
What is Namecoin mining?If you have never mined Namecoins before then you can follow these steps to test your hardware:
If you want to mine Namecoins with your CPU, double click on the file "MineWithCPU.bat" from the folder "Mine Namecoins with CPU". If your hardware can handle it, your computer will begin mining Namecoins for a test worker I've set up at the mining pool BTC Guild. It could take hours before you get a share though. Mining Namecoins with your CPU isn't effective, but you can experience how it works by executing this file.
If you want to mine Namecoins with your GPU, double click on the file "MineWithGPU.bat" from the folder "Mine Namecoins with GPU". If your hardware can handle it, and the miner I've included recognizes correctly the graphical card you've got on your computer, it will begin mining Namecoins for another test worker I've set up at the mining pool BTC Guild. It could take minutes before you get a share though. Mining Namecoins with your GPU is far more efficient than doing it with your CPU, but still not good enough in a world where ASICs made specifically to mine Bitcoins contribute most of the mining power to the Bitcoin network. And since Namecoins and Bitcoins are usually mined together, you might not get many Namecoins with your GPU. You can experience how GPU mining works by executing this file though.
Now that you have tested your hardware and know you can mine Namecoins correctly, you may join a mining pool and change the name of my workers and the URL of BTC Guild which you can see if you edit the files "MineWithCPU.bat" and "MineWithGPU.bat". Write instead the names of the workers you created on your pool of choice and its URL:port so as you can mine Namecoins for yourself (this URL:port information is given to you when you make an account on a mining pool).
If you don't know how to join a mining pool then BTC Guild may be the best option.
If you want to mine Namecoins solo (which is not recommended, because it's extremely difficult that you ever find a block on your own), follow these steps:
Copy the file "namecoin.conf" provided in this package to your Namecoin working directory (most likely "C:\Users\YOURNAME\AppData\Roaming\Namecoin"). Now navigate to the directory where you unzipped Namecoin (most likely "C:\Program Files (x86)\Namecoin\") and execute namecoin-qt.exe. Wait until you are fully synchronized with the network.
Execute the file "SoloMineWithCPU.bat" from the folder "Mine Namecoins with CPU", the file "SoloMineWithGPU.bat" from the folder "Mine Namecoins with GPU" or both of them. Your computer resources will begin mining Namecoins. It could take you a LOT of time before you find a full block. Or maybe you are extremely lucky and find one in one minute. It's impossible to know!
Note 1: the miner provided for CPU mining is Pooler's CPUminer 2.3.2 and the one for GPU mining is CGMiner 3.7.2. Other miners exist which might suit your hardware better and increase your mining speed.
Note 2: some antivirus programs consider all cryptocoin miners malware. They are not! The problem is that some bad people included them inside other legit packages of software so as they would mine for them on other computers without their owner's knowledge. When they were found, antivirus companies labeled them as malicious software.