NameCoin is a decentralized, open source cryptocurrency that is based on the Bitcoin protocol. It was created in 2011 by a programmer known as “Vitalik Buterin” and is designed to be used as a decentralized domain name system. NameCoin allows users to register, transfer and update domain names in a secure and decentralized manner. It can also be used to store data securely on the blockchain, making it a good fit for applications such as decentralized DNS, identity services, and digital certificates. The NameCoin network is secured by a proof-of-work consensus algorithm and is managed by miners like Bitcoin. It has a fixed supply of 21 million coins, which can be bought and sold on several cryptocurrency exchanges.
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NameCoin is for Domain Name SystemBitcoin is for currency and value system.