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What is Namecoin (Why is it so slow)?

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What is Namecoin? What is Namecoin?Namecoin is a decentralized storage protocol

What is Namecoin (Why is it so slow)?

What is Namecoin? What is Namecoin?

Namecoin is a decentralized storage protocol in the cryptocurrency world, consisting of tokens and ERC-20 tokens supported by the Bitcoin blockchain. This token can be used to represent various names used by users in a specific application or service, such as domain names, email addresses, or wallet IDs, etc. It can also be used to pay network fees and provide application functions for other use cases.

The most popular tokens in the market are currently DOGE and Sushiswap, but the meME pattern has recently emerged. The meMe concept has shown people more possibilities, such as people starting to purchase SHIB with Bitcoin, but they don’t want BTC to appear in the market in the same way. This is a new pronoun, also known as non-fungible cryptographic assets (NFT).

Why is it important for a cryptocurrency named after a name? Because we know that many digital artworks are based on letters and numbers, and these artworks are often recorded on the chain and traded. Some well-known artists’ works are usually issued on blockchain platforms, and they will also realize this value transmission through the Internet. If something is compared to a simple image, someone needs to use a picture as their name to verify its authenticity, rather than something that anyone owns, in order to ensure its ownership. So we think we now have a very popular technology-called ENS-that allows people to build projects on it, compare them with other projects, and even create their own websites or applications on the blockchain.

In addition to names, there are many other Web3-like functions, such as games, identity management, etc. The most important thing is to ensure that your IP and reputation are protected. For example, Google, Amazon, and Alibaba can all publish their own IP. These functions include domain name registration; domain name holders can access their profiles by visiting the website.

In the web2 world, there is no domain name system that can solve this problem: you cannot obtain ownership of other people’s content or data; even in the traditional financial industry, you can directly select a name from another user’s phone number to participate in social media/e-commerce platforms. However, today, most digital asset owners want to control all their financial information, which has led to increasing concerns about privacy security and the threat of money laundering, especially when users have undergone KYC certification for their personal accounts, they realize that they can no longer perform credit card operations as before.

Therefore, in order to avoid such situations, we will launch a new product called Namecoin – a name token (NAM), which allows people to freely create and exchange their names, companies, and other personal information.

Why is it so slow

According to Bitcoin news, Bitcoin has been considered digital gold since its inception. However, in the past 12 years, it has been difficult to break through previous highs and peaks; on the contrary, as blockchain technology becomes more mature and more financial technology projects begin to be implemented and used, its price has been steadily rising… So why is it so slow?

Actually, what many people are discussing is “too fast” or “too slow”, but in fact, this way is really interesting: we all know that when you complete a transaction within an hour and have to wait a long time to confirm the transaction, At this time, the key is whether your transaction can be successful and rewarded. So if you have a simple investment portfolio, you can put money into these funds and buy stablecoins, cryptocurrencies, and so on.

Therefore, the reason why we can easily earn income is mainly because it is a relatively safe investment product (such as an exchange or insurance). Of course, this is only a niche market. For most ordinary investors, this process may not be complicated, but there will also be many troubles in the actual operation: first, we must remember that anything requires a lot of thought, especially for large companies in the market-they need a large cash flow to maintain operations, rather than rush to make wise decisions. Secondly, once there is uncertainty, it will make people doubt what their risk tolerance is, which is very challenging.

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