Deal with the first alithinou, which exists since April 2011. No, it’s not Litecoin, Peercoin and not even the Dash.
It is hard to imagine a time when the ratings of the cryptocurrency wasn’t full of huge number of various altcoins. Then the term “shidoin” had not yet been invented, and the index of dominance of Bitcoin did not exist, since “dominate” it was nothing. Travel in 2010 and will witness all these events. However soon the situation has changed dramatically.
The first of the first
The second bitcoin is not Litecoin, Peercoin or Dash. At the dawn of the history of the market there is now a dead project Namecoin. Its first mention is found in a post on Bitcointalk on 18 April 2011. Description of the coins differed significantly from withpaper Bitcoin.
Namecoin is a naming system based on Bitcoin with some modifications. This is a new blockchain, separate from the existing block chain BTC. Pair name/value is stored in the blockchain and lose its shelf life after 12 000 units.
It is noteworthy that the mastermind Namecoin was himself Satoshi Nakamoto, though he did not take participation in the development of the project. Four months before the first Aldona Nakamoto voiced an interesting idea in the thread titled “BitDNS and everything to do with Bitcoin”.
While you are generating bitcoins, why not get free domain names for the same job? If you get 50 BTC in a week, you could get a few names.
Moreover, a decentralized system of registration of domain names could be useful when creating the Bitcoin. In 2008, Satoshi was a real difficulty with the purchase bitcoin.org. Since then there was no more anonymous currency, Nakamoto used the services of the portal anonymouspeech.com that allows you to pay with gift cards.
What happened to Namecoin
Today it is a dead project, though coins NMC is still traded on Poloniex and Livecoin. During its seven-year history Namecoin has experienced a lot of UPS and downs. In November 2013 took place the pump NMC, which resulted in the cryptocurrency soared to 15.41 USD. On the wave of nostalgia Namecoin even rose to 8.64 dollar in January this year.
Today 24-hour volume of Namecoin does not exceed 15 thousand dollars, and the system of issuing names no longer operational. However, to consider the project a complete failure is not necessary. Rather, quite the contrary.
It Namecoin started what is now considered a truism in the stock market. This project has shown that the decentralization can be implemented not only in Bitcoin. However, so far only Bitcoin remains the “king of market” and the most advantageous investment in the industry.
Today, NMC is trading at 64 cents per coin, which is 16 percent higher than yesterday. The daily trading volume equivalent to 38 thousand dollars.