Today commemorates the 13th anniversary of the first altcoin, the crypto asset Namecoin (NMC)

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.

Today marks the 13th anniversary of the first altcoin, and longest-standing, crypto asset’s network launching.

The network is, of course, Namecoin (NMC), whose token clocked out at $0.98 per coin on April 18, 2025.

While Often Forgotten, the First Altcoin Turns 13 Today

The year was 2011. Exactly 835 days after Satoshi Nakamoto launched Bitcoin on Jan. 3, 2009, the Namecoin network went live. The initiative is a decentralized, open-source cryptocurrency and blockchain that was forked from Bitcoin’s codebase. It aims to provide a decentralized domain name system (DNS) and identity management framework, fortifying internet infrastructure against censorship and privacy breaches.

The primary application of Namecoin is in registering and resolving .bit domains, none of which answer to a single authority. Notably, the “bitcoin.bit” DNS name was the first non-fungible token (NFT) asset. So far, people have minted hundreds of thousands of .bit domains.

To secure one of these domains, you must first obtain 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, taking note of the transaction ID and random salt. After waiting for about 12 blocks to deter front‑running attacks, use `name_firstupdate` with your salt and chosen data, such as an IP address, to finalize ownership.

Holders may then use `name_update` to modify or renew their domain and resolve .bit addresses via browser extensions, private DNS servers or compatible software, paying any fees in NMC and acting as a registrar.

NMC has slid a long way from its all-time peak price of $13.11 on Nov. 29, 2013, which it last visited in January 2012. It has not reached those lofty levels again, and the token often slips from collective memory.

Yet, development continues. In December 2024, Namecoin Core 28.0 Beta was released. Contributors also presented at Chain Reaction in August 2024 and at the NLnet Foundation’s Core Open Network initiative (COIN) in March 2025. 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 the years roll by, Namecoin boasts one of the highest proof-of-work (PoW) 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 enables bitcoin miners to contribute to securing NMC without incurring extra processing costs. As a result, several leading BTC mining pools allocate a share of their vast hashpower to Namecoin.

Namecoin’s enduring existence, sustained by merged mining and the ongoing contributions of developers, highlights its role as a pioneering experiment in decentralized domain services. Its sustained hashrate and protocol enhancements demonstrate the crypto community’s commitment to Bitcoin’s sister chain, even as its token price remains modest.