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Namecoin is a naming system based on bitcoin with a few modifications. It is inspired by the bitdns discussion and recent failures of the DNS.
The quick facts:
* This is a new blockchain, separate from the main Bitcoin chain
* Name/value pairs are stored in the blockchain attached to coins
* Names are acquired through new transaction types - new, first-update and update
* Names expire after 12000 blocks unless renewed with an update
* No two unexpired names can be identical
* Block validation is extended to reject transactions that do not follow the above rules
* The code is here: https://github.com/vinced/namecoin
Initially, two name spaces are defined - DNS and personal. The DNS name space is targetted towards a new distributed TLD, possibly .bit.
Here is how you can help:
* Compile and run namecoind.
* Do some mining. The starting difficulty is 512, so CPU mining is still viable.
* We need proxies, browser plugins and DNS servers created to act as a bridge between Namecoin and users.
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Lots of interesting new projects coming up, the competition is crazy. I will read more about you guys.