Namecoin was the first alternative currency. It is the first currency to copy the Bitcoin code to create an alternative digital currency, which not only uses the main characteristics of Bitcoin but also relies on them with something extra.
That extra something is an identity system that allows people to use blockchain to store identity information. This could be information about a person and email address, or it could be an identity of the website. The last example is probably the most popular use of Namecoin.
What are dot bit (.bit) websites?
Any website that uses the Namecoin decentralized domain name system will have a website address that ends in .bit, just as other websites have domain names that end in .com or .io. Anyone can buy a .bit website address from the Namecoin wallet very cheaply and simply.
What are the advantages of using a dot-bit domain?
Registering a domain name through a decentralized DNS system based on a blockchain is cheaper than using a domain name registrar and a centralized DNS.
The decentralized DNS respects your privacy, does not require you to provide a personal identification that can later be used against you, for example, by governments that seek to stifle dissent or take aggressive action against independent media.
Governments can take advantage of or block regular domain names; this is not possible with decentralized DNS.
Increase consumer choice and competition.
The money spent on your domain name will help maintain and develop other decentralized public services.
Bitbns is an India based crypto exchange providing Indian investors a first hand exposure to trading of cryptocurrencies like Bitcoin, Ethereum, Monero, NEO GAS, Ripple, etc. Bitbns is available in desktop and mobile versions, too. The Bitbns platform has very interesting features for starters the trading interface is highly intuitive, trading history is easily apprehensible and most importantly the trading fees is highly affordable and low when compared to other domestic and International crypto