Namecoin Was The First Altcoin To Be Created, The First Blockchain After Bitcoin But What Is Its State Now?

Namecoin Was The First Altcoin To Be Created, The First Blockchain After Bitcoin But What Is Its State Now?

Altcoins are something normal now and a dozen of them appear every day, some in the form of tokens, being only a contracts, others in the form of separated blockchains. But the first one to do it was Namecoin and it was the first cryptocurrency to appear after the creation of Bitcoin.

Namecoin is a naming system based on Bitcoin, domains can be bought and they will be attached to coins, every name is unique and has an expiration date that has to be renewed for the owner to maintain ownership. If the rules are not followed the transactions are rejected when the blocks are being validated. This was made to decentralized Domain Names (DNS) that are owned by big corporations, the domains are all .bit domains.

Namecoin was created in 2011 and the interesting thing is to see how the first ever altcoin is doing after so many time has passed.

The .bit domain has not been used a lot and the creator abandonned the project, leaving the development of the project to its community. Namecoin now is barely spoken and the project seems like dust in the wind. But what are the numbers of this coin? Lets take a look.

Namecoin has a maximum supply of 21 million coins like Bitcoin and is trading righ now at 1.37$. The all time high of this coin is 13.11$, achieved at the end of 2013.

The problem with this coin is its volume, it has a volume of 7800$ in the last 24h hours, it's really low and can be hard to trade it sometimes. Right now the only reputable exchange that trades Namecoin is Coinex and it's responsible for almost all the volume of Namecoin. This volume may come from miners who are capable of dual mining Bitcoin + Namecoin.

The technology behind it is still there but the market has moved on and Namecoin, the first ever altcoin, seems to be forgotten and seems to be only part of the history of cryptocurrencies. Now there are many decentralized domain services like ENS, but it was Namecoin that started it all.