namecoin, what is it?

[WishIStartedSooner]

i need someone to explain namecoin to me.

i read the wikis, but i still dont understand it...

i gather it has something to do with DNS, the system that explains to your web browser that a url corresponds to a particular ip address, right?

what does it have to do with it? is namecoin minded like bitcoin? is it the same thing as bitcoin? if i get a namecoin do i also get the rights to some corresponding www.whatever.something?

im so confused...

[baggyp]

http://dot-bit.org/Use_cases

http://dot-bit.org/FAQ

How does Namecoin work?
The Namecoin software is used to register names and store associated values in the blockchain, a shared database distributed by p2p in a secure way. The software can then be used to query the database and retrieve data.

How much does it cost to register a domain (a.k.a. a name)?
The cost includes a network fee and a transaction fee. The fees are denominated in namecoins (NMC). Initially, the network fee is 50 NMC. The network fee decreases 2x every 2 months. Starting from block 24,000, the decline in network fees will speed up by a factor of 4. You can check the current cost at http://dot-bit.org/tools/domainCost.php

How do I obtain namecoins?
You have to get them by mining, in the usual Bitcoin way, or by obtaining them from someone else.

Who gets the network fee?
The network fees are destroyed by the transaction. Nobody gets them.

Who gets the transaction fee?
The miners do, just like in Bitcoin. Initially a reasonable transaction fee is either 0.00 or 0.01 NMC. You can choose this based on how fast you want your transaction to be processed.

How long are names good for?
You have to execute an update on a name every 36,000 blocks (approx. ~250 days) or it expires. There are no network fee for updates.

Do I have to pay renewal fees?
No, only Bitcoin-like transaction fees, currently 0.00 or 0.01 NMC.

Can Namecoin be used to register other data types?
Namecoin can be used to register any other data types. They will all follow the same rules (expire time, data size limit, etc).

So not only can you use namecoins to register .bit addresses but it can be used in development of any platform with use for a decentralized database.

[WishIStartedSooner]

I still don't understand.

I think what's getting me is this:

The Namecoin software is used to register names and store associated values in the blockchain,

What purpose does registering something and storing the associated values in the blockchain serve?

Is it so somebody can cryptographically prove that they had 'x' idea first?

[vane91]

Is it so somebody can cryptographically prove that they had 'x' idea first?

Yes. By registering a name (namespace/name) and a descrition (json value, it could contain a hash, an ip a tor address, a email, a bitcoin address etc)

in the case of .bit domains it was decided that d/xyz format be used.

[Vlad2Vlad]

Namecoin is a really great coin to accumulate right now.

[zakorus]

Namecoin is a really great coin to accumulate right now.

i think so as well the price is looking cheap along with PPC

[rapazev]

I still don't understand.

I think what's getting me is this:

The Namecoin software is used to register names and store associated values in the blockchain,

What purpose does registering something and storing the associated values in the blockchain serve?

Is it so somebody can cryptographically prove that they had 'x' idea first?

dude.... if you dont know this, you dont know nothing about any crypto coin...
and yeah, nmc register the domain name, so its "proved" its yours.