Namecoin is a peer to peer naming system based on bitcoin. It is a secure and cnesorship reistant replacement for DNS.Ownership of a name is based on ownership of a coin, which is in turn based on public key cryptography. The namecoin network reaches consensus every few minutes as to which names have been reserved or updated.It is envisioned that the .bit domain be used for gluing namecoin domain names into the DNS. This can be done close to the user or even by the user.
