What is a real-world example of Namecoin technology?
Peter Namecoin developed out of a discussion in the earliest days of bitcoin. It was introduced by a developer named "Vinced" on April 18, 2011. The merged mining feature allowed bitcoin and Namecoin to be mined simultaneously. Part of the reason for this feature was to incentivize miners to continue to mine both digital currencies at once, rather than switch back and forth to follow whichever became more profitable.
NameID, a service that links profile information with identities on the Namecoin blockchain, followed in June of 2013. It was subsequently followed by numerous plug-ins for Firefox and other web browsers, designed to enhance the Namecoin network and range of services.
As of late 2020, Namecoin remained out of the spotlight when it comes to digital currencies ranked by market cap. The price of one NMC token reached an all-time high of $9.88 according to Coinbase, but trades around $0.40.
The total market cap of the currency is roughly $5.3 million, placing it well outside of the top 300 cryptocurrencies by total market cap. Nonetheless, regardless of its financial success, Namecoin will stand as one of the earliest ventures into the altcoin space and as one of the most pioneering of all altcoins.
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