[announce] Namecoin - a distributed naming system based on Bitcoin

[trantute2]

Thanks trantute2! I wasn't aware of this more modern branch, it seems to have been merged recently to the main Namecoin repo at Github. So those who want to keep in track of the development can also probably use the Github repository: https://github.com/namecoin/electrum-nmc

The most important change is, obviously, that the critical vulnerability of <3.0.3 should have been solved on Namecoin too.

The branch seems quite new. The commit "Renaming from ..." is only a month old.

I have installed electrum-nmc according to your guide on a Debian system and it installed without problems. As I already had the dependencies of a Bitcoin electrum, I only had to add libusb1.0-0-dev (?) and pyqt5-dev-tools.

Installation procedure seems a bit newbie-unfriendly though, but maybe that's not that bad: According to the beta release notes, Segwit is offered in the GUI but not supported by Namecoin yet so an uninformed downloader could expose his coins to theft (due to the "anyonecanspend" problem).

I do not know, whether the instructions I gave, is the best way to install the program. I started with a new and empty ubuntu installation. Therefore, I specified all dependencies. However, I still was able to mess my system up so that those icon error came up. I had to start from scratch again (new ubuntu installation).  

So I think it's pertinent to add the following warning here: If you use electrum-nmc and use it with real Namecoins, don't use the Segwit and P2SH features! It's even better not to use it at all as a real wallet if you don't know exactly what you do ...

Very important and true! If one uses a Trezor, a message pops up, asking for the wallet derivation to be used (see https://blog.trezor.io/using-trezor-with-electrum-v3-a0b9bcffe26e, the section with mentioning "m/49’/0’/0’"). You MUST use the original way, called Bitcoin/Namecoin legacy, via selecting "m/44'/0'/0'" for Bitcoin and "m/44'/7'/0'" for Namecoin (but correct me if I am wrong).

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[d5000]

Your instructions are totally fine. The reason why I don't regard the installation procedure as "newbie-friendly" is that the user is forced to copy-and-paste several commands on the command line. But I'm pretty optimist now - I think an usable Electrum node for Namecoin is only a couple of minor coding steps away. A bigger challenge would be the addition of the DNS registration features ...

BTW: I just looked around a bit in the Namecoin forum and found a tool that may be interesting for all those interested in the DNS/naming part for Namecoin:

Bitname.ru.

It shows a list and some stats of all registered domains and gives the ability to show only "working" domains. In addition to Namecoin's .bit domains, it also covers Emercoin domains. But despite of the hype Emercoin had 2-3 years ago, Namecoin seems still the strongest decentralized DNS option: there are only a handful of working Emercoin domains, but more than 100 .bit domains. Another reason to take into account this coin

[trantute2]

Your instructions are totally fine. The reason why I don't regard the installation procedure as "newbie-friendly" is that the user is forced to copy-and-paste several commands on the command line.

Actually and honestly, I prefer it this way. Because if the instructions are good (which I do not claim for my posts), then it will work and one knows what and how it was installed. And it is reproducible. Provided, that all requirements are given in the beginning. It's about real money ...  . Moreover, debugging is easier.

But I'm pretty optimist now - I think an usable Electrum node for Namecoin is only a couple of minor coding steps away. A bigger challenge would be the addition of the DNS registration features ...

This would be really nice. Having this feature in an electrum variant would be fine for me. A simple mapping would be enough, e.g., domain -> IP and vice versa.

But electrum does not work on the full blockchain, right? So there might be similar problems as we discussed earlier: Some central server providing the name information is needed or the java stuff must be rewritten in python and included into the project.

[22naru]

yo
@trantute2

cheers for making this guide . you are a good man

keep helping the namecoin project and you will be rewarded

[22naru]

First 5 cryptocurrencies that came into origin after bitcoin
https://satoshiuncle.com/first-5-cryptocurrencies/ …

NAMECOIN is one of them

[trantute2]

BTW, the question, where to buy or sell namecoin is not so easy to answer in the moment.

There is a list at: https://namecoin.org/exchanges/

I checked several exchanges out, here what I found out:

• poloniex (https://poloniex.com/): high volume, easy to use, implemented KYC, I cannot remember fees
• vircurex (https://vircurex.com/): low volume and empty order book, easy to use, simple registration, high fees (1 NMC for withdrawal)
• tux exchange (https://www.tuxexchange.com/): low volume, problems placing order, simple registration, I cannot rembember fees
• cryptopia (https://www.cryptopia.co.nz/): high volume, easy to use, simple registration, low fees (far below 1 NMC for withdrawal)
• shapeshift (https://shapeshift.io/): namecoin temporarily unavailable

If you use any of those services (cryptopia is not in the namecoin.org list), remember:

USE AT YOUR OWN RISK!!!

[domob]

First 5 cryptocurrencies that came into origin after bitcoin
https://satoshiuncle.com/first-5-cryptocurrencies/ …

NAMECOIN is one of them

It is not just one of them, it is the first altcoin.

[hornetsnest]

First 5 cryptocurrencies that came into origin after bitcoin
https://satoshiuncle.com/first-5-cryptocurrencies/ …

NAMECOIN is one of them

It is not just one of them, it is the first altcoin.

And the best ..bar none

[segun102]

 Probably a little bit of a dumb question, .. But I was wondering why the domain names have to expire 12,000 blocks?
One of the biggest areas of future development and use case scenarios, seems to be that of the open transaction style issuance of stock, bond or for that matter any form of digital unique certificate and tracking of their ownership. At first glance this seems ideally suited to Namecoin, but obviously this breaks down if the certificate expires after a ~ 1year rather than being transferred indefinitely.

[domob]

Probably a little bit of a dumb question, .. But I was wondering why the domain names have to expire 12,000 blocks?
One of the biggest areas of future development and use case scenarios, seems to be that of the open transaction style issuance of stock, bond or for that matter any form of digital unique certificate and tracking of their ownership. At first glance this seems ideally suited to Namecoin, but obviously this breaks down if the certificate expires after a ~ 1year rather than being transferred indefinitely.

Names expire so that a) they can't become permanently unavailable if someone dies or loses their keys, and b) at least some fee is required to keep hold of names, so that people are incentivised to not squat and let go of names they do not intend to ever use (whether the fee is large enough is arguable, though).

Just updating a name every 36k blocks is enough to stop it from expiring, though, so I don't really see how that prevents stocks/bonds to be issued on Namecoin.

[TheCrimsonFucker]

Something tells me that soon good things will happen to NMC!
It's impossible for a coin of this magnitude to be below countless useless tokens.

[d5000]

But electrum does not work on the full blockchain, right? So there might be similar problems as we discussed earlier: Some central server providing the name information is needed or the java stuff must be rewritten in python and included into the project.

Yes, that's certainly a problem - major modifications would be needed probably. An electrum-based "name registration/resolving client" would have to look back the last 36000 blocks (the time a name is registered before having to be renewed) to know if a name is registered or not. I sincerily don't know how electrum works internally (besides from "SPV") and if it is a big challenge to store these 36000 blocks (it could be also a pretty big storage requirement, as blocks can have sizes up to 1 MB).

It is however possible that a simple name registration transaction would be possible without much hassle, because in the case the name is already registered in the last 36000 blocks miners would simply reject it.

[22naru]

Something tells me that soon good things will happen to NMC!
It's impossible for a coin of this magnitude to be below countless useless tokens.

need some support and love from big whales:P

[wiked1]

Something tells me that soon good things will happen to NMC!
It's impossible for a coin of this magnitude to be below countless useless tokens.

need some support and love from big whales:P

I think the fact there is now a working electrum client that allows people to store off exchange without having to download the whole chain could make this happen at some stage in the future.Namecoin has maintained stable support even with low volume/liquidity for a long time now.

[gembitz]

First 5 cryptocurrencies that came into origin after bitcoin
https://satoshiuncle.com/first-5-cryptocurrencies/ …

NAMECOIN is one of them

i0coin huge pumping ~ same dev?  ===>


https://www.cryptopia.co.nz/Exchange/?market=I0C_BTC

[domob]

i0coin huge pumping ~ same dev? 

Just to clarify:  I did some work for I0coin (as well as other altcoins), but that was just as a contractor.  I'm not currently maintaining or developing I0coin, and do not plan to do so in the future.

[sokicsokic]

The Great Namecoin Mining Brownout of June 17-20, 2018: Postmortem
https://www.namecoin.org/2018/07/08/brownout-june-17-20.html

[hornetsnest]

i0coin huge pumping ~ same dev? 

Just to clarify:  I did some work for I0coin (as well as other altcoins), but that was just as a contractor.  I'm not currently maintaining or developing I0coin, and do not plan to do so in the future.

Wise decision.No need for a brain surgeon to operate on a rabbit.

[trantute2]

Current NMC-halving date:

Code:

current block   : 408412
remaining blocks: 11588
halving date    : So 7. Okt 20:08:16 CEST 2018

Code: https://bitcointalk.org/index.php?topic=6017.msg32884613#msg32884613

[OgNasty]

Something tells me that soon good things will happen to NMC!
It's impossible for a coin of this magnitude to be below countless useless tokens.

need some support and love from big whales:P

I think the fact there is now a working electrum client that allows people to store off exchange without having to download the whole chain could make this happen at some stage in the future.Namecoin has maintained stable support even with low volume/liquidity for a long time now.

Indeed.  This was a great step forward.

Current NMC-halving date:

Code:

current block   : 408412
remaining blocks: 11588
halving date    : So 7. Okt 20:08:16 CEST 2018

Code: https://bitcointalk.org/index.php?topic=6017.msg32884613#msg32884613

Exciting.  Get the trucks ready.