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With concern mounting over the potential impact of the Stop Online Piracy Act and claims that it could make the Domain Name Service more vulnerable, one group is looking to circumvent the threat of domain name blocking and censorship by essentially creating a new Internet top-level domain outside of ICANN control. Called Dot-BIT, the effort currently uses proxies, cryptography, and a small collection of DNS servers to create a section of the Internet's domain address space where domains can be provisioned, moved, and traded anonymously.
How it works
Dot-BIT is derived from a peer-to-peer network technology called Namecoin, derived from the Bitcoin digital currency technology. Just as with Bitcoin, the system is driven by cryptographic tokens, called namecoins. To buy an address in that space, you either have to "mine" namecoins by providing compute time (running client software that uses the computer's CPU or graphics processing unit) to handle the processing of transactions within the network, or buy them through an exchange with cash or Bitcoins. All of those approaches essentially provide support to the Namecoin distributed name system's infrastructure.
And since it lacks the anonymizing routing abilities of "hidden" networks like Tor's .onion domain, it won't protect the identities of publishers and users who visit sites that use a .bit name.