Namecoin is a “peer-to-peer naming system based on Bitcoin.” It is a token for a blockchain that was originally forked from the Bitcoin blockchain. The coin was developed as a blockchain and token for a decentralized domain name system (DNS). An experimental open-source technology that improves the decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identity.

Namecoin's creators describe it as “an experimental open-source technology that improves the decentralization, security, censorship resistance, privacy, and speed of certain components of internet infrastructure such as DNS and identity.” Aside from being a digital asset, this coin has a real function in the IT world, which is to manage data transfer information and act as a Domain Name System for .bit domains. It can easily be thought of as a peer-to-peer version of ICANN.