Namespace (Cryptocurrency) Definition
What is a Namespace?
Namespaces are a part of blockchain-based cryptocurrency platforms like Ethereum and NEM, which provide digital financial asset holders with a secure and decentralized resource address system that is easily identified and readable, both on and off the blockchain.
How do Namespaces Work?
Namespaces are used in lieu of blockchain wallet addresses within blockchain platforms in an equivalent way to how website names are used in lieu of IP addresses on the internet. Because cryptocurrency exists on the blockchain as an illegible and very long, tangled chain of letters and numbers on the blockchain (think Oe35ktnflw6r39fg48qh097bpgt4g and so forth), Namespaces are truly critical for identity recognition.
In the example of websites, regardless of the size or complexity of the site, each page is directly linked to the site’s IP address. However, each page, or section of the site, while linked to the original IP address, also receives its own unique identity.
The same is true for Namespaces. The original Namespace is usually linked to a single user. From there, every asset that user accumulates preserves a digitally link to the original user Namespace, while getting its own unique features that set it apart from other assets.
The most well-known example of Namespace systems utilized in real life is on the NEM blockchain, which allows single domain users to create unlimited subdomains within the NEM system, for multiple businesses and investing accounts. NEM is a developer-friendly public blockchain, and its cryptocurrency is XEM. NEM also features its own wallet, the Nano Wallet, within which any user can add XEM and then create a Namespace and a Mosaic. NEM supports almost any sort of digital asset within their mosaic system, making it a truly flexible, open source platform.
One of the most powerful tools within the NEM system is its developer suite, which can be used to create effective and powerful apps simply. NEM also offers robust smart contract services, including notary and timestamps, on its platform.