What is Namecoin?
It's a new blockchain which uses namecoins for registering domain names. The namecoin DNS data is stored in blockchain and is shared by all p2p nodes.
How it is possible to mine together Bitcoins and Namecoins?
Mining involves a finding a solution for some hash. The hashed data contains: a coinbase (bytes that uniquely identify coins mined in current block, and usually is just a random string) and a merkle root (bytes that contain a history of all transactions). This data is mixed together to form a 'midstate' which is the input data for hashing algorithm. NMC mining is merged with BTC mining by taking the NMC 'midstate' and using it as coinbase for BTC. From BTC point of view the coinbase is still a random string, but from NMC point of view it's the data that - once BTC is solved - will confirm an NMC block. The point here is that NMC usually has lower difficulty, so NMC blocks are solved more frequently with the same shares submitted than BTC blocks.
This basically means that NMC can be mined "for free" while mining BTC. The pool will mine NMC with full power, and mined NMC will be divided between users who filled in a valid NMC wallet.
This is important, if you don't fill in a valid NMC wallet, you will NOT get any Namecoins, but instead people who filled in a correct wallet, will get some extra namecoins!
So now, please head on to your user profile page and fill in your NMC wallet :)
How to use namecoins
Exchange on market for BTC
You can improve your Bitcoin income by selling mined Namecoins for Bitcoins on the most popular BTC/NMC exchange: http://exchange.bitparking.com
Registering new domains is done here http://register.dot-bit.org/ or if you want to do it by yourself it's explained here http://www.bluishcoder.co.nz/2011/05/12/namecoin-a-dns-alternative-based-on-bitcoin.html.
Namecoin dns server
To use the namecoin DNS on your computer you will need to use a namecoin registrar DNS server, a popular one is http://register.dot-bit.org/ just add its IP to your DNS config (e.g. resolv.conf in Linux). To make NMC DNS compatible with current DNS protocol it has to use some TLD (top level domain) and a .bit domain is currently used for that, but it's configurable.
- 1. http://dot-bit.org/Main_Page
- 2. http://dot-bit.org/InstallAndConfigureNamecoin
- 3. http://dot-bit.org/tools/
- 4. http://www.bluishcoder.co.nz/2011/05/12/namecoin-a-dns-alternative-based-on-bitcoin.html
- 5. https://exchange.bitparking.com/main - namecoin exchange
- 6. http://dot-bit.org/forum/ - in case of any problems it's always good to ask on the forum