What is Namecoin?
Namecoin is a decentralized blockchain-based cryptocurrency that was created in 2011 as a fork of Bitcoin. It is considered the first altcoin, and it was the first to implement a number of features that have since become standard in other cryptocurrencies, such as merged mining and a decentralized domain name system (DNS) called .bit. Additionally, Namecoin minted the first ever non-fungible asset on the Bitcoin blockchain, known as bitcoin.bit, on April 21st, 2011. Namecoin can also be used to store arbitrary key-value data, which allows it to be used for a variety of purposes such as creating digital identities and registering domain names.
How often do Namecoin assets expire?
Namecoin assets, also known as Namecoin Names, have an expiration date of every 36,000 blocks or roughly every 8 months. This means that the owner of a Namecoin asset must renew the registration of the asset before this time period in order to maintain ownership of it. This is known as the expiration date, and it is an important aspect of the Namecoin blockchain, as it helps to prevent the accumulation of abandoned or unused assets on the blockchain.
How do I renew my assets?
To renew your Namecoin assets, you will need to have a minimum balance of 0.5 NMC and pay a renewal fee of 0.05 NMC every 36,000 blocks. If your balance falls below 0.5 NMC, Emblem's auto-renewal feature will not be triggered, and you will need to manually renew your assets. You can do this by accessing your assets inside of the vault and clicking on the "Renew" button located below the asset display. Only the owner of the assets has the ability to renew them inside of the vault.
What is auto-renwal?
Auto-renewal is a feature that allows users to automatically renew their assets without the need for manual action. This feature is typically provided by the platform or wallet you are using, in this case, Emblem provides an auto-renewal feature. The auto-renewal feature triggers with 1,000 blocks until the expiration date. This means that your assets will be renewed automatically before they expire. However, it is always recommended to set a reminder in your calendar at the 1,000 block expiry just as a failsafe. This way, you can double check that the auto-renewal feature has worked as intended and your assets have been renewed successfully.
How much NMC is required to autorenewal?
The minimum balance required to trigger an auto-renewal for Namecoin assets is 0.6 NMC. This is the balance threshold that needs to be met for the auto-renewal feature to function. However, to ensure that your assets are renewed for a longer period of time, it is recommended to send at least 5 NMC inside of your vault. This will trigger an auto-renewal for approximately 50 years.
Where can I purchase NMC?
Namecoin (NMC) can be purchased on various cryptocurrency exchanges. CoinEx is one of the most popular exchanges to purchase NMC. Additionally, it can be purchased Over-The-Counter (OTC) through some of the Namecoin NFT community groups. It's important to note that the availability of NMC may vary depending on your location and the regulations in your area. It's always best to check if the exchange or OTC market is available in your region and if the platform is reputable before making a purchase. It's also important to check the current price and the trading volume of NMC on the platform before buying.