Bitcoin Report - CPUs, GPUs, and ASICs

This video is for purposes of criticism, comment, news reporting, teaching, scholarship, and research.


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Is Bitcoin a viable alternative currency? Is it as volatile and dangerous as critics claim? Are virtual currencies the future of banking? And is Bitcoin the political equivalent of the Occupy movement? CrossTalking with Amir Taaki, Daniel Castro and Ed Butowsky.

Guugll Search

http://www.guugll.eu/bitcoin-report-cpus-gpus-and-asics/

Guugll Mining Pools

Guugll Mining Pools

 

Litecoin

 

 Litecoin P2Pool

http://www.guugll.eu:18327

user: <litecoin address>

pass: <random>

Realcoin

 

 

Realcoin P2Pool

http://www.guugll.eu:17327

user: <realcoin address>

pass: <random>

 

 

 

 

Feathercoin

 

 

 

Feathercoin P2Pool

http://www.guugll.eu:19327

user: <realcoin address>

pass: <random>

Guugll Search

http://www.guugll.eu/guugll-mining-pools/

What is MEMEcoin?

What is Memecoin [MEM]?


Memecoin is an alternate virtual cryptocurrency made for users to share, mine and trade.

How many Memecoins are there?

Approx 200 million Memecoins will be created

100m coins made first year

50m coins made second year

25m coins made third year continuing down in 1/2 subsidies yearly

Block Rewards-

1-2 Premine Bounties

3 -5000 @ 500 Coins Per Block

5000-10000 @ 250 Coins Per Block

>10000 100 @ Coins Per Block

Orphans and rejects are part off the fun so starting difficulty 0.00003052

Block times are targeted at 30 seconds with difficulty increasing every 600 blocks (5Hrs). Confirms every 25 blocks.

How to Mine Memecoins?

Download the client for your platform below.

Windows qt Client — Source 1 Source 2

Source Code

Windows users. Download and extract the files to C:\Users\YOURUSERNAME\AppData\Roaming\memecoin

Create a config file by right clicking in the new folder, select text document and type the following

rpcuser=YOURUSERNAME

rpcpassword=YOURPASSWORD

rpcallowip=127.0.0.1

rpcport=7785

port=7784

daemon=1

server=1

gen=0

addnode=60.230.205.245

Click save as, change the format down the bottom from .txt to all files, name the file memecoin.conf and save. Start the memecoin-qt client

Guugll Search

http://www.guugll.eu/what-is-memecoin/

What is MinCoin?

MinCoin, or ‘Minimalist Coin,’ is a peer-to-peer crypto-currency based on the memory-heavy SCRYPT algorithm.


This particular algorithm affords enhanced protection against ASIC devices like the ones currently dominating the Bitcoin network.

Fast block time — Although they both utilize the same SCRYPT algorithm, MinCoin’s block interval of 1 minute is a full 2.5 times faster than Litecoin, and a full 10 times faster than the SHA-256-based Bitcoin. This means lightning-quick transactions and a more secure network.

Low Cap — Only 10 million MinCoins will ever be created, compared to 21 million total Bitcoins and 84 million total Litecoins.

Features of MinCoin — MinCoin will have a total of 10 million generated units.

MinCoin has one (1) minute block targets, which is 10 times faster than Bitcoin and 2.5 times faster than Litecoin! Each MinCoin block is worth two (2) new coins. Difficulty is retargeted with every 720 blocks.

MinCoin (MNC) — a minimalist version of Bitcoin optimized for CPU mining using scrypt as a proof of work scheme.

*Only 10 million coins total will be generated

*1 minute block targets for ultra fast transactions

*To encourage early adoption block values for first 3 days are :- 500 MNC, 100 MNC, 50 MNC

*After first 3 days block value will be 2 MNC per block until all coins mined which will take roughly 10 years

*Retargets 2 times a day

Mining started at 12:20 GMT April 3 and was announced on IRC and the WWW not long after. There is no premine!

Help getting started

Solo mining:

Run mincoin.exe or compile the source from github. It should close down immediately after not finding a valid config file.

Go to %appdata%\mincoin directory and create a file called mincoin.conf . In this file add two lines

rpcuser=user

rpcpassword=pass

Then save the file. Or you can download the file from here and place it in the same directory:-

https://dl.dropbox.com/u/36733610/mincoin/mincoin.conf

Now run mincoin.exe again.

Run CGMINER or REAPER and point it to http://127.0.0.1:9335 with the username of “user” and password of “pass”

If you use CGMINER set the flag “–expiry 1″ option to make sure you avoid stales, ie

cgminer –scrypt -o http://127.0.0.1:9335 -u user -p pass –expiry 1

source: http://minemincoin.com/ and http://www.min-coin.org/ and http://www.freebitcointips.co.uk/mincoin

Guugll Search

http://www.guugll.eu/what-is-mincoin/

What is Feathercoin?

FeatherCoin is a fork of Litecoin using its latest build.


I am a supporter of Litecoin and will be following Litecoin’s patches and releases. The Litecoin team is currently working on a newer release and this project will move with them.

One of Litecoin’s biggest advantages is the Scrypt-based hashing algorithm. This offers a different solution to Bitcoin, while still being able to run on GPUs. There are many Bitcoin forks using the original hashing algorithm, but with the advent of ASIC mining hardware, we are starting to see how much trouble they can cause. ASIC mining hardware is expensive, but outperforms GPU hardware and will eventually make GPU Bitcoin mining redundant. Scrypt based crypto currency is safe guarded from the effects of ASIC mining.

Feathercoin has a block reward of 200 coins and will have a total of 336 million coins. This makes it four times that of LiteCoin, this is the same position that LiteCoin was set against BitCoin.

Default port is 9336 – Forwarding this port can help if you have connection problems

Default RPC port is 9337 — This is the port is point your miners towards if solo mining

2.5 minutes block target

504 blocks to retarget difficulty

41.4% maximum change on difficulty retarget

Block reward halves every 840,000 blocks

Peter Bushnell is the founder and creator of Feathercoin, one of the latest digital currencies. We talked with him to learn more about Feathercoin’s origins and how to best mine the currency.

While the origins of Bitcoin are shrouded in mystery, the founder of Feathercoin (FTC) says he likes transparency. Feathercoin is controlled from a house at the end of a terrace, in the sleepy Oxfordshire suburb of Arncott. The currency is the brainchild of Peter Bushnell, who until last month ran the IT department at Oxford University’s Brasenose College.

When he first joined the university, Bushnell spent the first few months trying to persuade the IT department to put in a firewall … and he continued that battle for the next 11 years. Now, he’s moved on. “I was keen for another challenge,” Bushnell says. “None of the projects going on there really enthused me.”

These days, Feathercoin is keeping Bushnell so busy that he feels like he hardly sleeps. He works full-time managing an altcurrency with a market cap that beats Freicoin and BBQCoin, and which is quickly catching up to Terracoin. That isn’t bad for a currency that launched only this past April 20th.

What is Feathercoin?

Feathercoin is based on Litecoin, a math-based currency that came to life in October 2011. Like Litecoin, Feathercoin uses a fundamentally different hashing algorithm than Bitcoin. Whereas Bitcoin is based on SHA 256, Litecoin and Feathercoin use Scrypt. That hashing algorithm is memory intensive, which makes it far more difficult to simply throw computing power at it by developing an ASIC. It gives CPU and GPU miners a better chance of mining the currency.

How/why was it developed?

Bushnell first dabbled in altcurrencies at the end of 2011, and became increasingly interested in the concept. He started by mining Solidcoin, but then switched to Litecoin. Back in the day, there was an enthusiasm about Litecoin which he loved. It was the underdog in a cryptocurrency world controlled by Bitcoin, he recalls. “When I started with Litecoin it was really the community that I thought was very engaging, because there was a certain amount of arrogance among Bitcoin users.”

He loved Litecoin so much that he mined 30,000 of them. However, he added, “People were taking their success for granted … I wanted a coin with four times the amount of coins, and I wanted to recreate the level of enthusiasm that we had in the first place.”

Eventually, Bushnell continued, “I thought there was room for something else.” That something was Feathercoin. He finally finished it while on holiday. “I came to the decision that I could either go back to work or pursue my hobby,” he says.

He gave away 2,300 litecoins as bounties to others in exchange for helping him to flesh out the Feathercoin project, and plugged himself into the project full-time. How did the bounties help the project? “I figured it would be a good way to rally the community,” Bushnell explains. “So really it was to get work done. And then we faced obstacles, as you do, along the way. Quite often [when] offering a bounty, people have come forward with a solution.”

Relationship to Litecoin

Members of the Feathercoin team include Peter “John” Manglaviti, who is organizing projects on the Feathercoin website, and Robert Hazinga (“Dreamwatcher”) a US-based cryptocurrency professional who used to make and repair PCs, but then got into arbitrage full time. He wrote the block explorer for FTC.

Who will use Feathercoin?

“We’d hope that eventually this would become something that’s fit for the mass public,” Bushnell says. “For consumers to use. The major problem is getting sort of cash into it. Getting real world money into bitcoins, which has made this whole thing live around with the techies more than anything else. You have to try quite hard. But there will be services that will be coming out that will make this whole thing much easier. There is a lot of money in it.”

Difficulties and hard forks

One of the biggest challenges for the currency has been the rising difficulty level. Bushnell has to find a balance between difficulty and popularity. If the coin gets too difficult too quickly, people might stop mining it. This is what caused him to hard-fork the currency on May 22nd, just over a month after its launch. Hard forks aren’t desirable in cryptocurrencies. Sometimes they happen accidentally, but some argue they are necessary.

“It happens when you decide that you want to make a structural change to the way that they’re generated,” Bushnell says.

“Normally, you’d hard-fork to introduce new features into a coin. But, in FTC’s case, it was to bring the difficulty down. “When smaller coins get mined to a high difficulty, we lose that profitability,” says Bushnell. “That’s what happens now, which is why so many coins are forking for difficulty.”

Best mining rigs

When asked about what hardware he would recommend for mining FTC, Bushnell said: “Well, the best card in my mind for the job is an AMD Radeon 7950. I don’t know if that is starter enough. It is pretty top of the shelf. You can get them for £215, which I think is a deal considering that you can squeeze just as much performance out of them as you can a 7970.

“You can get a 7970 up to kilo-hashes and a 7950 will run at [the] 650 point easily. At least, I found they do with a sort of tweaking. They are £100 less and don’t use as much power. That would be my entry level card …

“You need something with decent shade counts, and that’s what they have. Not as much as the 7970. And then you have the 7870 XT which is 1500 shaders, but they are very scarce in England. They seem very popular in the States, but I just can’t source them, and if you can source them, they are just as pricy as the 7950s. That’s if you’re in the know. It’s the 7870 if you’re in the know and in the States.”

Future of the altcoin landscape

With the wide variety of digital currencies appearing, we asked Bushnell how he saw the future unfolding and how these currencies might relate to one another.

“I see room for lots of cryptocurrencies,” he says. “We just need the correct solutions in place to support them well … You could have much more niche coins, which I think would be fantastic. A small group of people could drum up their own coin for changing between themselves with a root to an exchange. As long as you have some volume — as long as you’ve got some value — you have a viable currency.

“There is room for a lot more, but people aren’t really prepared to see a lot more. There is room for a lot of fun coins. You could have a Pokémon coin, a color collectible, or that sort of thing. There is a lot of room for coins in games as well … We had Linden dollars in the past with Second Life.”

What do altcoins need to succeed?

Clearly, digital currencies need much more infrastructure in place before they can achieve mainstream adoption. One part of reaching that goal, Bushnell believes, is getting around the irreversibility of digital currency transactions: “There are some major obstacles. I think the biggest one is, transactions with typical fiats are reversible. So people are loath to facilitate between the two. Once that obstacle is overcome, then we can see people adopt Bitcoin much more easily. And this will happen. In the States, they are rolling out bitcoin vending machines. It seems very smart. You go along and stick in your real-world money and out pops these little bitcoins which have a code in. So really that’s the sort of solution that we need to come up with.”

source: http://www.coindesk.com/feathercoin-founder-peter-bushnell-talks-about-cryptocurrency-challenges/ and https://bitcointalk.org/index.php?topic=178286.0

Guugll Search

http://www.guugll.eu/what-is-feathercoin-2/

What is PPCoin?

PPCoin is an alternative cryptocurrency based on Bitcoin which was released on August 12, 2012. It is the first known implementation of a combined Proof of Stake/Proof of Work system.

As of April 14, 2013, PPCoin had a market cap of 29323 BTC (USD $2,932,300 equivalent), trailing the market cap of Bitcoin, Litecoin, and Namecoin.

Differences from Bitcoin

Proof of Stake

PPCoin’s major difference from Bitcoin is that it uses a proof-of-stake/proof-of-work hybrid system for coin generation. With this system, coins are generated based on proof-of-stake blocks in addition to proof-of-work blocks. Proof-of-stake block generation is based on coins held by individuals. In other words, someone holding 1% of the currency will generate 1% of all proof-of-stake coin blocks.

Potential for Increased Security

Proof-of-stake block generation could reduce the risk of 51% attacks for at least two reasons. First, the cost of acquiring 51% of all stake could in theory be much higher than the cost of acquiring 51% of all mining power, thus raising the cost of attack. Second, in a 51% stake attack the attacker’s investment would be directly at risk of losing value. By contrast, with a 51% mining attack the attacker would still own the mining hardware which could either be sold or used to mine a different cryptocurrency following the attack.

Energy Efficiency

Proof-of-stake blocks require minimal energy consumption. Thus, with PPCoin energy consumption would decrease over time as proof-of-work blocks become less rewarding and coin generation becomes increasingly based on proof-of-stake block generation.

Criticism

Centralized Checkpointing

At present, PPCoin is technically not decentralized as it still requires centralized checkpointing. This is to defend the network until it matures, enabling “a smooth upgrade path if critical vulnerability is found” during its growth period.[2] The developer has noted that based on trends of increasing market acceptance of PPCoin, centralized checkpointing is likely to be phased out later this year.

Premining

There have been some concerns that PPCoin may have been pre-mined. However, this does not appear to be the case, as an examination of the block explorer shows that the first block was mined at 18:19:16 UTC, whereas the coin software was released to the public at 17:57:38 UTC.

Release Protocol

It has been noted that the release of PPCoin did not follow the Alt-chain release RFC, which could have given early adopters a potentially unfair advantage. For example, the official announcement thread for PPCoin was posted two hours after the first block was mined. However, it should be noted that the release was first announced in a pre-release thread 9 days before mining began, and released in that same thread before the first block was mined.[8] Moreover, other efforts were also made to ensure fairness, such as a higher starting difficulty (256) to reduce the initial rush. Compared with other altcoin releases, PPCoin’s release can be considered fair. Litecoin, for example, was released with 4 days advance notice, a starting difficulty of 0, and two pre-mined blocks.

PPCoin is a cryptocurrency which is forked from bitcoin. PPCoin aims to achieve high energy-efficiency while keeping as much as the official Bitcoin properties as possible.

PPCoin works with Stake/Proof-of-Stake, this is a term referring to the use of the currency itself to achieve certain goals. PPCoin uses proof-of-stake to provide minting and transaction processing of place of proof-of-work. Unlike Bitcoin ppcoin does not require the use of energy to sustain the network. Proof-of-work currently remains the most practical way of providing initial minting of a cryptocurrency so it was decided to keep it as part of the hybrid design.

Untill v0.2, central checkpointing was a critical part of the protocol. The main purpose of this is to defend the network during the growth period and to ensure a smooth upgrade path if any critical vulnerabilities are found. Central checkpointing will slowly be weakened and should eventually removed from the coin.

Unlike Bitcoin there is no hard cap on the amount of coins that will be created. Bitcoin is limited to 21 million coins where PPCoin only has a hard cap of 2 billion coin in the code. There is no intention to limit the amount of coins that can be generated.

PPCoin mining

PPCoin is mined in the same way as Bitcoin. However merged mining is not available at the moment due to the differences in the block chains. It can be made possible if the block chain would be altered but if this is done, PPCoin is no different from Bitcoin. PPC would most likely be discarded by the community if the merged mining would start.

Just like bitcoin, it is exchanged through Peer to Peer networking (P2P), has its own blockchain, however there is a new addition to the Proof of Work generation of coins; this being Proof of Stake. Proof of Stake works alongside Proof of Work in the generation of coins, and provides most of the network security. Proof-of-stake is based on coin age and generated by each node via a hashing scheme bearing similarity to Bitcoin’s but over limited search space. This leads to the long term prospect of the Proof of Stake doing most of the work and hence only relies on the coin being in online wallets, as opposed to GPU, FPGA and ASIC farms eating up masses of electricity just to keep the network secure in many years to come. PPCoin is touted to be the only current long term energy efficient currency.

Some other variations on the code

The proof-of-work mint rate to be not determined by block height (time) but instead determined by difficulty, that is mining difficulty goes up, proof-of-work mint rate is lowered. PPCoin destroys transaction fees

History

PPCoin was launched by Sunny King and Scott Nadal on August 19th, 2012 where they wrote this white paper http://www.ppcoin.org/static/ppcoin-paper.pdf and started the PPCoin blockchain. Stats / graphs for the history of the mint, difficulty and value pretty much since day 1 can all be found here http://www.proofofstake.com/

source: https://en.bitcoin.it/wiki/PPCoin and http://cryptocur.com/ppcoin-ppc/ and http://devtome.com/doku.php?id=ppcoin

Guugll Search

http://www.guugll.eu/what-is-ppcoin/

What is NameCoin?

Namecoin is a decentralized naming system based on Bitcoin technology (a decentralized cryptocurrency).

It allows you to:

Securely register and transfer arbitrary names (keys), no possible censorship!

Attach values (data) to the names (up to 1023 bytes)

Trade and transact namecoins, the digital currency NMC

There are plenty of possible use cases. Some examples:

DNS: domain_name => domain_zone_configuration

Alias/Identity: user_name => user_public_identity (email, name, gpg key, BTC-adress, etc)

Timestamping: document_hash => document_infos (name, hash, owner, etc)

Broadcasting / Messaging

Web of trust

Bonds, shares

Voting

Torrent tracker

To register a name, you must own some namecoins (NMC, the internal cryptocurrency used by the software).

Namecoin is an alternative distributed Domain Name System (DNS) on the basis of Bitcoin software. It expands the software to support 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 are distributed to all peer-to-peer users. The inclusion in the block chain, as the everlasting logfile is used, verifies that the transactions are authentic. The block chain grows whenever new transactions are added by any of the participants. Through a fairly intense proof-of-work process, a matching result of a cryptographic hash function is found that may be verified by all other participants. Due to the computational effort, it is impractical for a counterfeit blockchain to be created.

Currently, the top-level domain .bit used in the official domain name system is not awarded. To resolve domain name you need either the current block chain or use a public name server that participates in the Namecoin system. Namecoin uses a separate block of Bitcoin chain. The software is open source and is hosted on GitHub.

It’s a new blockchain which uses namecoins for registering domain names. The namecoin DNS data is stored in blockchain and is shared by all p2p nodes.

How it is possible to mine together Bitcoins and Namecoins?

Mining involves a finding a solution for some hash. The hashed data contains: a coinbase (bytes that uniquely identify coins mined in current block, and usually is just a random string) and a merkle root (bytes that contain a history of all transactions). This data is mixed together to form a ‘midstate’ which is the input data for hashing algorithm. NMC mining is merged with BTC mining by taking the NMC ‘midstate’ and using it as coinbase for BTC. From BTC point of view the coinbase is still a random string, but from NMC point of view it’s the data that — once BTC is solved — will confirm an NMC block. The point here is that NMC usually has lower difficulty, so NMC blocks are solved more frequently with the same shares submitted than BTC blocks.

This basically means that NMC can be mined “for free” while mining BTC. The pool will mine NMC with full power, and mined NMC will be divided between users who filled in a valid NMC wallet.

This is important, if you don’t fill in a valid NMC wallet, you will NOT get any Namecoins, but instead people who filled in a correct wallet, will get some extra namecoins!

So now, please head on to your user profile page and fill in your NMC wallet

How to use namecoins

You can improve your Bitcoin income by selling mined Namecoins for Bitcoins on the most popular BTC/NMC exchange: http://exchange.bitparking.com

Buy domains

Registering new domains is done here http://register.dot-bit.org/ or if you want to do it by yourself it’s explained here http://www.bluishcoder.co.nz/2011/05/12/namecoin-a-dns-alternative-based-on-bitcoin.html.

Namecoin dns server

To use the namecoin DNS on your computer you will need to use a namecoin registrar DNS server, a popular one is http://register.dot-bit.org/ just add its IP to your DNS config (e.g. resolv.conf in Linux). To make NMC DNS compatible with current DNS protocol it has to use some TLD (top level domain) and a .bit domain is currently used for that, but it’s configurable.

One digital currency that you might not have heard of is Namecoin. It is based on exactly the same code as Bitcoin. In fact, the two currencies are almost identical. However, in the same way that Bitcoin is a decentralised currency that cannot be shut down; Namecoin is the basis for a decentralised domain name system (DNS), i.e. web URLs, which could put a stop to Internet censorship.

What is the DNS system?

While we’re all used to typing text addresses into our browser and email programs, such as coindesk.com, the Internet doesn’t run on text. The Internet actually works on numerical addresses called IP addresses, just in the same way we dial telephone numbers. The problem is that numbers are not easy to remember. Therefore, an Internet wide address book, called the Domain Name System (DNS), was created to make navigation much easier.

Every time you type an address into your browser, your computer or mobile device is actually querying a DNS server. It has to ask for the IP address of the destination server before it can retrieve any data for you. For example, typing “google.com” into your browser will trigger your computer to check its DNS server for Google’s IP address. The DNS server will return a number like 173.194.70.113.

The very last part of a domain, e.g. .com, is called a top-level domain (TLD). TLDs are controlled by central authorities. For example, the .com TLD is controlled by ICANN in the United States. These central authorities allow third party companies, known as registrars, to deal with accepting domain name orders and customer service.

Whenever anyone has a complaint with a website, the central authority for its TLD has the ultimate say on what happens to it. In most real world cases, lawyers, copyright holders, etc., will simply contact the domain’s registrar. However, the potential for commands from a central authority should be of concern to groups who will suffer due to censorship.

How does decentralisation help?

A decentralised DNS system means that TLDs can exist which are not owned by anyone, and the DNS lookup tables are shared on a peer-to-peer system. As long as there are volunteers running the customised DNS server software for the rest of us, then we can always access any alternative domains. Short of seizing the physical servers, authorities cannot impose rules to affect the operation of a peer-to-peer top level domain.

What does this have to do with crypto-currency?

The model of Bitcoin involves a peer-to-peer system where participants are continuously validating a series of transactions without any central control. That model was directly applied to the domain name system by modifying the bitcoin protocol and the result was called Namecoin (NMC). In particular, a new genesis block was created, so that a whole new block chain would be created. This ensures that Namecoin and Bitcoin do not interact or interfere with each other. Secondly, the developers of Namecoin created several transaction types to reflect the needs of a new domain name system. Because of the shared heritage, there will only ever by 21 million Namecoins created, and 50 coins are generated for each solved block of crypto problems.

How to use Namecoins to register .bit domains

.bit is the first and only TLD of the so-called Domain 2.0 namespace. The actions necessary to register a new domain or to update an existing one are built into the Namecoin protocol by means of the new transaction types mentioned above.

There are three types of Namecoin transaction (source):

name_new – Registration cost 0.01 NMC. This constitutes a fixed cost pre-order of a domain.

name_firstupdate – Registration cost 0 NMC. Registers a domain making it publically visible, subject to variable costs (price calculator).

name_update – Registration cost 0 NMC. This is used for updating, renewing or transferring a domain.

All NMC transactions are subject to a 0.005NMC fee.

Even though the Namecoin system effectively makes you into your own domain registrar, there are some registration services out there, who offer to handle the registration for you and take payment in BTC. Additionally, they offer services such as an (easier) interface to modify domain details and to automatically renew.

http://register.dot-bit.org/

Namecoin.com

Dotbit.me

How to view .bit websites

Namecoin.com claims to have registered at least 450 domains. According to the Bitcoin Contact website, there is a grand total of 77,000 registered .bit domains (full list here). That’s all well and good, but because they are not part of the standard domain name system, you can’t just type, e.g., wikileaks.bit into your browser and expect to see a website.

Fortunately, there are .bit web proxy servers that will correctly handle your DNS requests in a browser. To make the process even easier, there are extensions, via Namecoin.com, for Firefox and Chrome.

How can Namecoin and Bitcoin complement each other?

While the two digital currencies do not interact, they do rely on exactly the same set of mathematical problems. Therefore, the same hardware used to mine bitcoins can be used to mine Namecoins. Furthermore, there is process called merged mining, in which a mining machine is configured to query both block chains whenever it comes up with a possible solution to the cryptographic problems. The Dot-bit wiki describes this as entering two lotteries with the same ticket to increase the odds of winning.

How does this affect you?

The chances are that 99% of the people reading this do not need to create a .bit website or service. However, information is power as the saying goes, and so it is important that you have the capability to access websites and email addresses on the .bit namespace.

Yes, this technology can be abused just like anything else, and so it’s even more imperative that we all have the capability to view the .bit namespace so that we’re aware of the good and the bad.

More important than anything else, however, is that the ability to view .bit websites means attempts to silence those with a legitimate message will have less of a chance of succeeding.

source: http://namecoin.info/ and https://en.bitcoin.it/wiki/Namecoin and http://mining.bitcoin.cz/what-is-namecoin and http://www.coindesk.com/what-are-namecoins-and-bit-domains/

Guugll Search

http://www.guugll.eu/what-is-namecoin/