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Mt. Gox Largest Bitcoin Exchange Testing Namecoin (NMC) as Latest Virtual Currency
Recent link on Mt. Gox website shows the world's largest bitcoin trading exchange is now testing Namecoin (NMC) in addition to Litecoins on its servers.
"Namecoin is an alternative distributed Domain Name System (DNS) on the basis of Bitcoin software. It expands the software so that transactions for registering, updating, and transferring domains to serve.
Like Bitcoin, Namecoin is a peer-to-peer system, which, assuming an honest majority of participants can not be controlled by a single state or a company. Changes to the namespace of the rightful owner of a domain with a public key signature method and distributed to all peer-to-peer users. The inclusion in the block chain , as the eternal logfile is used, the transactions are authentic. The block chain grows whenever new transactions, if any of the participants through a fairly intense proof-of-work process, a matching result of a cryptographic hash function has found what may be verified by all other participants. The falsification of a longer chain block is, due to the computational effort, impractical."
This occurs just 2 days since Litecoin (LTC) was recently added to Mt. Gox list of candidates for trading on the exchange.
Mt. Gox accounts for about 3/4 of all Bitcoin trading volume in the world. The added exposure for fledgling currencies such as Litecoin and Namecoin could result in significant increased volume.
Bitcoin recently traded as high as 149 USD; Litecoin rocketed to 5.9 USD; Namecoin reached 0.0141 (or 2.11 USD based on BTC's high).
For more information, see the rest of this article here: http://www.coinjockey.com/
Page Updated Last on: Apr 03, 2013