The First Altcoin Network Namecoin Marks 13 Years With Unwavering Hashpower

Today commemorates the 13th anniversary of the first altcoin, the crypto asset Namecoin (NMC), whose network debuted on April 18, 2011. Although the token has dimmed over time, the network remains under active development and its proof-of-work (PoW) hashrate ranks among the highest in the crypto ecosystem.

While Often Forgotten, the First Altcoin Turns 13 Today

Thirteen years ago today, the first and longest-standing altcoin came into being. Following Satoshi Nakamoto’s launch of Bitcoin on Jan. 3, 2009, exactly 835 days later, the Namecoin network went live. The initiative is a decentralized, open-source cryptocurrency and blockchain forked from Bitcoin’s codebase.

At its core, Namecoin establishes a decentralized domain name system (DNS) and identity management framework, fortifying internet infrastructure against censorship and privacy incursions. The principal application lies in registering and resolving “.bit” domains, none of which answer to a single authority. Notably, the “bitcoin.bit” DNS name holds the distinction of being the first non-fungible token (NFT) asset.

Thus far, people have minted hundreds of thousands of .bit domains. To secure one of these domains, you must first obtain Namecoin’s native token NMC, and install the Namecoin Core client or an alternative wallet equipped for name management. Within the client, initiate the `name_new` command (omitting the .bit extension) to reserve your desired moniker, carefully noting the transaction ID and random salt.

After patiently awaiting roughly 12 blocks to deter front‑running attacks, execute `name_firstupdate` with your salt and chosen data—such as an IP address—to finalize ownership. Thereafter, holders may employ `name_update` to modify or renew their domain and resolve .bit addresses via browser extensions, private DNS servers or compatible software—paying all fees in NMC and assuming the role of registrar.

On April 18, 2025, NMC trades at $0.98 per coin, a far cry from its all-time peak of $13.11 on Nov. 29, 2013. It has not revisited those lofty price levels since, and the token often slips from collective memory. Still, development remains vibrant: in December 2024, Namecoin Core 28.0 Beta was released, contributors presented at key conferences throughout 2024 and 2025, and new features like SocksTrace continue to receive funding from the NLnet Foundation’s NGI0 Core Fund.

Although the network and token fade from mainstream crypto conversation as years roll by, Namecoin boasts one of the highest proof-of-work hashrates today. At 487.40 exahash per second (EH/s) on April 18, 2025, its computational power is immense. This exceptional hashpower derives from merged mining with bitcoin. Merged mining allows bitcoin miners to secure NMC without extra processing cost. Consequently, several leading BTC mining pools allocate a share of their vast hashpower to Namecoin.

Namecoin’s enduring existence, sustained by merged mining and continuous developer contributions, highlights its role as a pioneering experiment in decentralized domain services. Its sustained hashrate and ongoing protocol enhancements illustrate the crypto community’s commitment to Bitcoin’s sister chain. While its token price remains modest, Namecoin’s security achievements could very well reaffirm its influence in the space going forward.