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Paul Buonopane

A World Without ICANN - Part 3: Namecoin and Truly Decentralized DNS

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By Paul Buonopane, Nov 12, 2014
  1. Paul Buonopane

    Paul Buonopane CTO, NamePros CTO VIP

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    Previous: Part 1, Part 2

    Though all of OpenNIC’s “open” TLDs are unique, .bit is particularly interesting. bit domains are actually not handled via traditional DNS. Instead, bit domains are embedded within the Namecoin system, which is completely decentralized.

    Perhaps the most enticing aspect of cryptocurrency is its definitiveness and finality, properties that traditional currency lacks. For example, it’s possible to forge paper money or fake gold, at least for some transactions. Electronic banking provided a partial solution to this problem, but it’s still possible to reverse a credit card transaction, and the fees can be hefty. Even wire transfers can technically be reversed. Cryptocurrencies like Bitcoin and Namecoin are unencumbered by these uncertainties.

    Namecoin is similar to Bitcoin--in fact, most of the algorithms and processes are identical. Like Bitcoin, Namecoin keeps a cryptographically secure log of transactions called a “blockchain”. bit domains are actually attached to pieces of Namecoin currency and stored in this blockchain. Like the currency itself, bit domains aren’t controlled by a single entity and can’t be seized by government officials. These domains can only be transferred or forfeited with explicit, deliberate action on the part of the owner. Transactions and domain registrations can’t be reversed; once they’re in the blockchain, they’re a piece of history.

    It’s a domainer’s dream! Once you own a bit domain, it’s yours: nobody can take it from you. Of course, you might be willing to hand it over, for a price.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
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  4. Paul Buonopane

    About The Author — Paul Buonopane

    CTO of NamePros.

    This is Paul Buonopane's 3rd blog post on NamePros. View all blog posts

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