[Let’s welcome to Freedom to Tinker first-year grad student Miles Carlsten, who, with fellow first-years Harry Kalodner and Paul Ellenbogen, worked on a neat study of Namecoin. — Arvind Narayanan]
Namecoin is a Bitcoin-like cryptocurrency that aims to create a secure decentralized namespace — that is, an online system that maps names to values, but without the need for a central authority to manage the mappings . In particular, Namecoin focuses on establishing a censorship-resistant alternative to the current centralized Domain Name System (DNS).
In a new paper to be presented at WEIS 2015, we report the results of an empirical study of Namecoin. Our primary finding is that so far Namecoin hasn’t succeeded at this goal — out of about 200,000 registered names, only 28 represent non-squatted domains with non-trivial content. We argue that there’s a crucial game-theoretic component to namespaces that must be designed properly for such systems to be successful.