What is namecoin / Dot-BIT ?
is a distributed domain registration system based on the bitcoin concept.
It is part of the Dot-BIT project
It allows you to :
* register domains (.bit currently)
* be the only person to be able to modify it (no possible external control)
It is inspired by the bitdns discussion and recent failures of the DNS.
* This is a new blockchain, separate from the main Bitcoin chain
* Name/value pairs are stored in the blockchain attached to coins
* Names are acquired through new transaction types - new, first-update and update
* Names expire after 12000 blocks unless renewed with an update
* No two unexpired names can be identical
* Block validation is extended to reject transactions that do not follow the above rules
* The code is here: https://github.com/vinced/namecoin