It can be used for multiple purposes, for example a secure and censorship resistant replacement for DNS.
Ownership of a name is based on ownership of a coin, which is in turn based on public key cryptography. The namecoin network reaches consensus every few minutes as to which names have been reserved or updated.
There is a FAQ.md to answer some general questions.
See http://namecoin.info or http://dot-bit.org for more information.
|Symbol / Tag||NMC|
Namecoin Wallet download
|Github / Source Code||Github|
|Namecoin Wallet Version
Get Info RPC
|Coins to be Issued||21,000,000|
|Block Time||10.00 minute(s)|
|Difficulty Retarget||2,016 blocks|