EmblemVaul, a bridge that enables the NFT interaction of different blockchains – including Bitcoin – within Ethereum, has added support for Namecoin. This initiative will allow users to buy .bit domains, typical of this cryptocurrency network, from platforms such as OpenSea and Rarible.
The support of Namecoin, although it was not announced directly, it was confirmed by EmblemVault’s Twitter account on September 30, in response to a tweet about how to use OpenSea to buy .bit domains from Namecoin.
For the operation of EmblemVault, it establishes what is known as a bridge. That is, an address, in this case in Namecoin, that blocks the assets (domains, NFT, currencies) in the original chain and generates a wrapped token. This token is the equivalent, in Ethereum, to the original token in Namecoin. Thus, users can sell them within said network in decentralized markets specialized in NFT.
In the case of purchase, once the NFT is acquired, users only have to “unwrap” the token using EmblemVault, what said token or domain will deliver to them within the original chain , be it Bitcoin or Namecoin. To sell them again in Ethereum, they just have to wrap them, again, and transfer them.
In this sense, with the launch of EmblemVault and its support for Bitcoin NFTs (Rarepepes), it made these were the most sought after and demanded within the platform, on September 19, as reported by CriptoNoticias.
Namecoin, for its part, is considered the first altcoin (alternate currency) born in 2011, according to an entry on the BitcoinTalk forum, copying the original protocol of Bitcoin, with the variant that its blockchain allowed to store data within it. This allowed him to develop a protocol similar to DNS (domain name service), but working in a decentralized way.
Domain name in OpenSea
According to a tutorial by DestopCommando, a division of EmblemVault itself for the adoption of this protocol, Namecoin’s .bit domains, will be listed on the platform as a particular NFT , which will show an image along with the domain name.
Each domain that is listed within the different platforms on which EmblemVault works, was originally claimed by a user, within Namecoin, and later put up for sale on said platform. In this sense, each domain has a renewal period of 36000 blocks in Namecoin, or approximately 8 months.
In order to use the domain purchased through EmblemVault, users must “unwrap” the token belonging to the domain within Namecoin.
.bit domains work the same as .com domains, only, in this case, their registration and verification is done on a decentralized blockchain, and not through a centralized private server. The registration or holding is directly linked to a portfolio address and not to personal information of a user.