How does IPNS work?

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My first guess is it’s something along these lines:

Your client locally stores a pointer to an updatable hash and is programmed to look up the hash when queried. Where in the code could I examine its current state? I’d like to examine it in either the Go or the Node implementations.

I could not find any complete spec on how it is actually implemented. I’ve been trying to navigate the implementations and figure out the code structure, and I figured this was probably best left as a community question. I’d greatly appreciate a pointer to name query and resolution is in Go or Node implementations.

Is there an example implementation in Node?

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This discussion contains some info regarding how IPNS currently works and what its limitations are.

I have been looking at the go implementation, since that is what we use. The ipns stuff can be found in https://github.com/ipfs/go-ipfs/tree/master/namesys

not sure about the js impl, but the package structure should be similar.