Namecoin vs. Bitcoin: Not just another Bitcoin clone [INFOGRAPHIC]
Namecoin vs. Bitcoin, side by side they look almost identical, with a few differences. Namecoin launched on April 18th, 2011, more than two years after Bitcoin. Namecoin also pales in comparison when it comes to market capitalization. According to coinmarketcap.com, #1 ranked Bitcoin has a market cap of $9.5 B and Namecoin comes in at #6 with $42.5 M.
The key difference is that Namecoin represent the .bit domain and acts as a DNS (Domain Name System). The top level domain, .bit, is decentralized and outside of the control of Internet Corporation for Assigned Names and Numbers (ICANN). Most of the 150+ altcurrencies in existence are based upon either Bitcoin’s SHA256D hashing algorithm (like Namecoin) or Litecoin’s Scrypt. Notable exceptions include both Ripple and the new altcoin known as NXT.
Is Namecoin just another Bitcoin clone?
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(Infographic source: Bitcoin Examiner Photo by screenshot.)