How and Why did Namecoin die?
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 | Namecoin was the first major altcoin (Initial release 18 April 2011, compared to Litecoin's Initial release 7 October 2011) Most of its source code is composed of Bitcoin's source code. Its mining algorithm, balances, and issuance are being secured through SHA256, proof-of-work scheme Just like bitcoin, its supply is limited to 21 million coins. The main use case of this coin is to register .bit - top-level domains, Independent from (ICANN) organization and Domain Name System (DNS), and make Decentralized TLS (HTTPS) certificate validations, backed by blockchain consensus It originates from a discussion started in September 2010, in the BitcoinTalk forum about a hypothetical system called BitDNS and generalizing bitcoin. Gavin Andresen and Satoshi Nakamoto joined the discussion in the BitcoinTalk forum and supported the idea of BitDNS, and a reward for implementing BitDNS was announced on the forum in December 2010 It was also mentioned in the 2015 book called Mastering Bitcoin: Unlocking Digital Cryptocurrencies by Andreas M. Antonopoulos , and given 2 pages of it The Github repository is regularly updated and being kept alive https://github.com/namecoin/namecoin-core Somehow project came to a halt and by that I mean It fell out of popularity (Not that many parties use its services), the price and volume seems to be low Picture 1 the price (About 1.54 $ per coin at the moment) Picture 2 Trading Volume You could see that as of December 4, 2021, It barely reaches 22 000 $ . Picture 3 The market capitalization is 22 mil. $ at the moment The question is, How did this happen? What are the reasons that Namecoin came to the state of this? [link] [comments] |
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