- The Bitcoin block chain is required.
- Names can be added by associating a Bitcoin output with a value of at least N with the new name.
- This output's script is used to verify any changes to the name.
- If this output is spent, the 0th output from the new transaction has the right to take control of the name at any time. (If that output is spent, this right is inherited.)
- For each name, the following is stored in a single "current name state": scriptSig, name, serial/lastupdate, NS records, signature
- Serial is a timestamp and can only ever be updated upwards, except when changing the control-output (ie, transfers).
- Names may be purged (at the miner's choice) any time the serial is over a year in the past.
- Only the most recent current-name-state database is needed at any given time. Old ones can be discarded entirely after the new one is verified.
- (Edit) Miners collect name updates and merge them into the previous current-state. They include a hash of the new current-state in the merged-mining table.
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Just throwing out a concept here... This is NOT based on ANY of the existing Namecoin infrastructure/design. In particular, this does not have any dedicated currency/tokens for buying domain names.