> It is amazing how one word "COIN" added to this word has shaped everyone's thinking.
Yeah, Bit-distributed-public-ledger doesn't have the same ring, but I feel like there are a million problems that can be solved with this technology that are barely being explored.
Namecoin is one example, a distributed DNS system, but it feels like that's just scratching the surface of problems that require allocating sparse control over many decisionmakers.
Because you can circumvent the centralized authority of DNS registrars. Look at the Pirate Bay, who keeps having its domain names revoked by central authorities. Namecoin's ledger allows people to agree on who has what domain name without using a standard registrar
In that case I don't get it... do I basically get a random name when I mine a namecoin? And then I try to buy names I actually want from someone who has the name I want? And if no one has the name yet then I have to wait until someone mines it?
I don't know the details, but you do still mine coins into a wallet and all that stuff, there are just special types of transactions where you post a bit of data to the blockchain and that data is the domain name you want registered.
Yeah, Bit-distributed-public-ledger doesn't have the same ring, but I feel like there are a million problems that can be solved with this technology that are barely being explored.
Namecoin is one example, a distributed DNS system, but it feels like that's just scratching the surface of problems that require allocating sparse control over many decisionmakers.