The more important benefit provided by GetDotBit domain names, however, is the control provided by a decentralized, open-source information registration and transfer system. GetDotBit domain names are powered by Namecoin, a decentralized open source information registration and transfer system based on the bitcoin cryptocurrency.
The owner of a GetDotBit domain name controls the private key to their domain names. Only the owner can make changes to the name servers and settings. Domains purchased on GetDotBit can be transferred out at any time.
“I have been working hard on creating a platform to encourage the use of .bit domain names,” said Daniel Ternyak, CEO of GetDotBit and Namecoin.
“I love bitcoin and want to see it grow. Namecoin, by extension, helps not only with value transfer, but with identification and provides a more open DNS (domain name system) standard.”
The last part of a typical domain name, e.g., “.com,” or “net,” is called a top-level domain (TLD). TLDs are controlled by the Internet Corporation for Assigned Names and Numbers (ICANN) in the U.S. Because the domains are subject to centralization, they risk being subject to censorship by the central authority as well; something Namecoin disrupts with its system.
Namecoin allows users to register domains using .bit addresses, making the domains independent of ICANN. The URLs are inaccessible by traditional browsers because they are not part of the traditional domain name system.
The decentralized domain name system allows users to create new sites and transfer existing ones onto .bit domains. These domains are far more difficult for authorities to block and can therefore play an important role in situations where governments are trying to censor parts of the web.
Namecoin users can be assured of its security since it does use hashed passwords, Ternyak said. In addition, Namecoin uses a secure socket layer (SSL). SSL is a protocol for securing a DNS. It is a standard security technology for establishing an encrypted link between a server and a client—typically a web server (website) and a browser; or a mail server and a mail client.
Users can purchase a domain name on GetDotBit.com using Namecoin, bitcoin or other cryptocurrencies.
This post was last modified on (Eastern Time): 02/05/2015 11:12