Since 2011, just after Satoshi Nakamoto left the Bitcoin project for good, networks have emerged that leverage the BTC chain in some way. A variety of projects over the last nine years have found value in anchoring some sort of feature set to BTC in order to bolster the satellite’s underlying network. The following article examines when these anchor-style projects started, where they are today, and how these concepts have been perceived by the crypto community.
Blockchain Projects That Leverage BTC
Satoshi’s cryptocurrency invention is almost 11 years old and a lot has changed since the early days. One thing that has remained a constant, however, is projects using the BTC chain in some form for leverage. Protocols that harness the network include projects like Namecoin, Counterparty, Rootstock, Blockstack, Omni Layer, Factom, and Veriblock.
Namecoin is a project that started in 2010 when a few early blockchain developers including Gavin Andresen and Satoshi talked about using the BTC chain for a domain name system (DNS). That December, developers offered a reward for a DNS system and Namecoin (NMC) was born from these discussions and ideas. After months of DNS and Bitcoin discussions, Namecoin was officially announced on April 18, 2011. The NMC network is a separate blockchain that creates a domain naming system and the NMC code is based on the BTC codebase releases of that timeframe. Namecoin uses a system called merged mining and on block 19,200 the NMC network allowed users to mine both BTC and NMC at the same time.