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    Author Topic: [announce] Namecoin - a distributed naming system based on Bitcoin  (Read 598414 times)
    PrimeHunter2023
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    August 04, 2024, 05:52:49 PM
    Last edit: August 04, 2024, 06:29:56 PM by PrimeHunter2023
     #2041

    My point was that if people use their hashing power to mine both btc and nmc then you probably have some heavyweights using computing power that an individual cannot compete with realistically.

    Well yeah, we care more about security for the naming system than we do about making it easy for a small miner to solo-mine blocks. We *are* interested in improving the ability to pool-mine Namecoin (since that does affect security of the naming system), and we've worked with Luke Dashjr and Matt Corallo on draft specs for this, but for now it's an active research area and would require a hardfork (a contentious one, no less, unless some technical objections are solved).



    70% of the last 1000 mined blocks went to this address
    https://chainz.cryptoid.info/nmc/address.dws?nc1q2ml905jv7gx0d8z5f7kl23af0vtrjk4j0llmwr.htm
    which has 102k nmc.
    That address doesn't look like a normal pool, their last outgoing transaction was 150k, and before that 100k.

    Again, not as bad as bitcoin overall, but I don't even know how to address the cavalier attitude toward that kind of thing.

    Another point you touch on "security of naming system"/ Security in a currency, and its derivatives in this case, comes mostly from support from users.

    For example the usd is threatened, more than anything, by Washington's heavy handedness. Reckless spending could be solved but not when the dollar is being used as a blunt object against weak countries. At this point any ethical u.s. citizen supports the end of the dollar.

    Namecoin devs have to decide if they want to collapse as an oligarchy, or if they want to create a genuinely useful product, even at the expense of some of their glory....For example, one of many, as mentioned before, a simple clone/fork feature that lets any group breakaway at will.





    Some coins use to split algorithms e.g. huc, xmy, dgb etc to force some fairness in mining and add security, but maybe the heavyweight miners i.e., btc merge miners adds something too, maybe security.

    I just checked the Huntercoin specs and it accepts two parent PoW types: Bitcoin style and Litecoin style. Litecoin's PoW is a joke that no cryptographer would ever want to go near. Maybe that's OK for Huntercoin's threat model (no state actor is going to try to take over the Huntercoin blockchain) but it's not going to fly here. I also question whether Litecoin's hashrate is nearly high enough for it to provide meaningful AuxPoW security to its sidechains to begin with (even if we accepted the dubious proposition that stuffing a memory-hard key derivation function into Hashcash can be called a "PoW"), but I haven't looked.


    If you want to have a cryptography discussion, I'm ready.

    But it's not about 'state actors'. There are several countries that can empty any crypto wallet.

    It's about the random people who see a coin they like and want to mine it but are not interested in selling their wife to slave traders so they can afford mining gear.

    Some small guy likes namecoin? The message is "Come back when you have money".

    Would you like to have a discussion on this thread about cryptography as it relates to cryptocurrency?


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