Asset: id/ozcoin

Mint: Jun 11th, 2012

This vault contains a Namecoin Identity id/ asset. Launched in May 2012, Namecoin Identities refer to the first-ever attempt at a Web3 decentralized identity service, which aimed to trustlessly verify identity securely and without relying on a central party.

There are a total of 7075 Namecoin IDs from 2012 to 2017, collectively they form the third ever NFT collection in the blockchain history after Historical Domains and Punycodes. They are also one of the first examples of utility NFTs, meaning that these non-fungible tokens (NFTs) have some purpose, apart from the art or aesthetic value.

Namecoin is the first fork of Bitcoin and therefore the first altcoin. It’s a special purpose blockchain designed primarily for decentralized domain names and digital identity. All Namecoin assets expire after 36,000 blocks (~8 months). Therefore, it's necessary to keep a small amount of NMC (around 1-2) in this vault so the asset can be renewed automatically.

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