🔷Namecoin Help

Las updated March 2024

What is Namecoin?

Namecoin, launched in 2011 as a pioneering altcoin derived from Bitcoin, represents the inception of numerous innovative features in the cryptocurrency space. As the first to introduce merged mining and a decentralized DNS through the .bit domain, Namecoin set a precedent for altcoins. Notably, it also minted the first non-fungible asset on the Bitcoin blockchain, bitcoin.bit, emphasizing its role in the evolution of digital assets. Beyond its DNS utility, Namecoin's ability to store arbitrary key-value data facilitates diverse applications, including digital identity creation and domain name registration.

How often do Namecoin assets expire?

Namecoin Names, or assets, necessitate renewal every 36,000 blocks, approximately every 8 months, to avoid expiration. This system ensures the blockchain remains free from dormant assets. Renewing these assets requires a balance of at least 0.5 NMC, with a renewal fee of 0.05 NMC due every 36,000 blocks. Emblem's auto-renewal feature, activated when the balance exceeds 0.6 NMC, offers a convenient way to maintain asset registrations, although manual renewal is advised as a precautionary measure.

What is Auto-Renwal?

Auto-renewal simplifies asset management by automating the renewal process ahead of the expiration date, specifically within 1,000 blocks of reaching it. To leverage this feature effectively and extend the renewal period substantially, maintaining at least 5 NMC in your vault is recommended, ensuring asset security for about half a century.

Where can I purchase NMC?

For acquiring NMC, several cryptocurrency exchanges, including CoinEx, provide a platform for purchase. Alternatively, NMC can be obtained Over-The-Counter (OTC) through Namecoin community groups. It's crucial to verify the availability and legitimacy of these platforms in your region, alongside checking NMC's current price and trading volume, to ensure a secure transaction.

Disclaimer: The auto-renewal feature for Namecoin within Emblem Vault is currently in beta and should be considered experimental. Users are strongly advised to proactively manage their Namecoin assets by setting a calendar reminder approximately three days prior to the asset's expiration date. This precaution allows asset owners to verify that the auto-renewal process has been successfully triggered. Given Namecoin's reliance on the UTXO (Unspent Transaction Output) model, the potential for blockchain reorganizations (reorgs) and other complexities exist, which might impede the auto-renewal process from completing as expected. This note serves as a reminder of the importance of manual oversight in ensuring the continuity and security of Namecoin assets within Emblem Vault, despite the convenience of the auto-renewal feature.