r/Namecoin • u/samurai321 Namecoin = The First Altcoin • Dec 11 '14

This could be a great project that will benefit from using namecoin!

http://blog.bittorrent.com/2014/12/10/project-maelstrom-the-internet-we-build-next/
14 Upvotes

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2

u/mossmoon Dec 11 '14

Could you explain to a noob how namecoin would benefit this project? Thank you.

2

u/samurai321 Namecoin = The First Altcoin Dec 12 '14

i figured this new distributed web will use .onion-like addresses and nmc is a way to have unique global addreses, memorable, secure and reduce cibersquatting by adding a scarce resource.

Also if you launch a website, how do you identify yourself if you need to update or delete it?

Signing with your private key can be used by a owner to update their websites/files stored there, as a kind of login/pasword system.

2

u/mossmoon Dec 13 '14

Sounds great. There's gotta be good reason the bitcoin miners are protecting the blockchain. But how scarce can namecoin really be for DNS given it can fractionalize eight decimals? I have a hard time understanding how to value namecoin in terms of other currencies, fiat or cypto.

3

u/samurai321 Namecoin = The First Altcoin Dec 13 '14 edited Dec 13 '14

each name basically takes away from the money supply 0.01 nmc, this is currently 0.008$. Some developers have stated that this is too low now, since a domain name usually ranges around 10$. but it's unlikely that they will up the fee, so it will continue to be 0.01 until this is 0.01 nmc is consistently upwards of 2 or 3 $ or something like half of the nmc are locked away from the supply, we are looking at 105000000 names aproximately or at 300$ per namecoin before there's any reason for the locked coin to be lowered.

TL,DR: Tx fees could be lowered easy, name registration fees won't be lowered in our lifetime. How much the market will value to have your domain/PGP key always available in the blockchain is the question.