Namecoin - Definition from the Hotspot Shield Encyclopedia
Namecoin is a digital cryptocurrency that is a derivative of Bitcoin, and the first official Bitcoin fork to be developed. Namecoin was created in 2011, uses a proof of work system, and has a limit of 21 million coins. Proposed uses of the Namecoin system aside from domain name registration include Alias systems, personal namespaces, messaging systems and the issue of shares.
Namecoin aims to facilitate domains names for use with Bitcoin and digital currencies, and namespaces can be purchased for a small amount of Namecoin. Namecoin can also be used for the attachment of identity information like GPG and OTR keys, and a decentralized TLS certification validation. It is said to free DNS and other technologies, like the way that Bitcoin frees money.