Onename Drops Namecoin, Switches to Bitcoin
The startup Onename made a big announcement on September 12 at the Blockstack Summit 2015. Co-founder, Muneeb Ali, revealed during his lightning presentation that the Namecoin network is not decentralized and the mining group Discus Fish controls 60-70% of its hashing power. In result, Onename will be switching from Namecoin’s blockchain to Bitcoin. During the Blockstack summit, Ali revealed this information to the crowd and explained the company's decision to the audience to move the project and its “32,000 uses” from Namecoin to the Bitcoin blockchain. Onename is a tool that had used the....
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Onename, an open-source protocol provider which creates secure and trustless identities on the blockchain network has announced that the platform will switch from namecoin's blockchain to bitcoin at the Blockstack Summit 2015. The company's co-founder Muneeb Ali explained, "Namecoin is not secure," because of one mining pool's dominant control over the Namecoin mining network. According Onename co-founder Ryan Shea, one of China's largest mining pools Discus Fish (F2POOL) controls over 60% of the entire Namecoin network's hashing power. "A single mining pool has 67% of the hashpower on....
The Openname protocol was built by Onename and allows users to create an identity, verify it, and use it across the internet. The service acts like a digital passport and allows people to easily send Bitcoin to users of Openname. Onename has announced super decentralization of the Onename protocol by giving up their monopoly on users. Users of the protocol will be able to select a provider for authentication purposes, thus making the authentication process decentralized. Onename has also raised $1.5 million in funding. Also read: The Upcoming Decentralization Singularity. In addition to....
The confusing, user-unfriendly format of Bitcoin addresses has turned off many possible new users in the past, but Onename has been working on a solution to this ease-of-use issue for quite some time. Although the ability to link a Bitcoin address to a Onename username has been available for a while now, a newly released API will allow bitcoin users to share one easy-to-understand name with their friends and work colleagues. Privacy Concerns Remain. Although Onename allows users to map their username to a static Bitcoin address, there are a few issues with the current setup. Reusing....
Though the Bitcoin protocol has been described as an elegant solution to problems that have long plagued both digital currencies and the traditional monetary system, aspects of its construction violate one of the central tenets of tech design: 'keep it simple, stupid' (often abbreviated to KISS). Arguably, nowhere is this more apparent than in the design of bitcoin addresses, strings of 27 to 34 alphanumeric characters that, while providing privacy and security, don't easily allow users to exchange payment information, except via sometimes cumbersome QR code technology. However, OneName is....
Bitcoin and blockchain enthusiasts may recall an application called Onename, which was built on top of the identity- and storage-providing blockchain platform called Blockstack. In an announcement earlier today, the company announced they will be changing their name to Blockstack Labs. Onename Becomes Blockstack Labs. Now and then, Bitcoin companies will go through a rebranding without affecting their customers all that much. In the case of Onename, which will keep the name as a consumer product, the parent company name will change to Blockstack Labs. Onename will continue as it has....