What is NNS? Why is it needed?
NNS is the NEO Name Service, a distributed, decentralized and extensible domain name service system ending in “.neo” based on the NEO blockchain. So what does this mean? Take for an example — a NEO public wallet address — we surely will not even remember the entire code or string except maybe for the first and last few characters of the address. Let’s say if I needed to perform a transaction and I am not able to provide the wallet address to the other person — that is going to be a problem, isn’t it? This is one of the issues that NNS solves through a name service ending in “.neo”. So if I need to provide my wallet address to someone to send me some NEO, I could just give the person my .neo address and the transaction can be performed. It is as easy as that.
The naming service system also extends to script hash smart contract addresses. Alias can also be used to point to a contract address and as such, smart contracts can be invoked thus avoiding mistakes as there could be many templates of smart contract addresses. There will be increased use cases for using a naming system on the blockchain as the number of services increase — use cases such as decentralized file storage, messaging and email that will be built on the NEO blockchain. This underlines the importance of NNS and how it improves usability on the NEO blockchain by making things much more easier and simplified.
How do I get a .neo domain name?
Essentially, domain names will be sold via fair & transparent auction and let’s say a domain name for example “gaming.neo” which could be a popular domain name that people would want to have — in this case, people have to bid for the domain name in the form of NEO GAS (GAS) and the highest bidder wins. GAS is the only asset used to bid for NEO domain names in the NNS system.
What is the purpose of the NNC token in the NNS system?
The token that is used in NNS is the Neo Name Credit (NNC) token — used for redistribution within the system. So how does this work? 100% of NEO domain name auction revenues (GAS) will be returned to all NNC holders in proportion to their NNC holdings. The amount of NNC you hold entitles you to the GAS from auction revenues and you can say this is a form of dividend that is paid out proportionally to all NNC holders. In a sense if you come to think about it, it is more like passive income and you get more GAS the more NNC you hold.
Conclusion
This is a simple yet much needed dApp in the NEO ecosystem. This will improve usability for services on the NEO blockchain, pushing forward for real world adoption. The mainnet is scheduled for August 2018 and in a just a matter of few weeks, you can have your very own .neo domain names.
#NNS #NNC @NeoNameService @NeoEconoLab
NNS Twitter: https://twitter.com/NeoNameService
NNS Telegram: https://t.me/forneonameservice
NNS GitHub: https://github.com/NewEconoLab/neo-ns
NNS Medium: https://medium.com/neweconolab
NNS Whitepaper: http://doc.neons.name/en/latest/
NNS Website: https://neons.name/index_En.html