Neo Name Service, One Of The Key Ingredients To Mass Adoption
For anyone looking to get involved in cryptocurrencies or blockchain technology, it can be an overwhelming at best and borderline impossible at worst. Not only do you need to decipher between the 4000+ altcoins, you need to keep accounts safe, download wallets, remember public and private keys, store these same keys in a safe place but not too safe that you will lose them. Then it comes to transferring, you need to send or receive a public key, which you can not get confused with the private keys or you will lose all of your funds.
Domain names will make using and sending cryptocurrencies much easier, just like when you use a .com site or any other domain for a website, this same technology will soon be applied to cryptocurrency platform like NEO.
For mass adoption to occur the procress of sending and recieving cryptocurrency needs to be simplified. Neo Name Service (NNS) will do just that by introducing .neo top level domain names to the NEO economy.
What is Neo Name Service and what is a domain name?
Neo Name Service (NNS) is a decentralised domain name service which will run on the NEO blockchain. In short Neo Name Service will allow users to assign a .neo domain as an alias for their public key. So rather than having a long complicated public key users can send and receive funds to an easy to remember name such as bitguru.neo.
The domain name will not replace the public key but will rather point to it via a smart contract. In effect your domain name will have your public key associated to it. When the live version of Neo Name Service (NNS) is released, a bidding system will be deployed within the network meaning users will need to purchase domain names. On which NNC will be the native governance token on their platform.
NNS has recently announced the launch of its TestNet, which allows users to claim 10 free Test Gas (SGas), create an auction for specific .neo domain name’s and then bid on the domain name’s using their SGas.
How will NNS work?
Neo Name service is a very simple application, users will be able to bid for a domain name which will be linked to their public addres via a smart contract. All bids on the live verion will use SGas which “is a NEP5 token, which is bound with NEO’s GAS at a ratio of 1:1 and they can be converted with each other freely.”
Once domain names have been purchased users will then be able to register a specified NEO public address to the domain name. When recieveing NEO, GAS or NEP5 tokens in the future they will simply need to provide their .neo domain name.