Neo Name Service (NNS) — Giving You A Simple Address on NEO Blockchain

Hey Guys!

Hope you’re keeping abreast with latest innovations in the world of blockchain technology.

Today, I would like to talk to you about one of such innovations which is both truly revolutionary and has many use cases that you will love.

I want to introduce you to Neo Name Service (NNS). Neo Name Service (NNS) is a distributed, open source and extensible naming system based on the NEO blockchain which offers a secure & decentralized way to address resources both on and off the blockchain using names which are simple and easy to remember.

Now let me ask you a question.

How many of you can write down your Neo public addresses? Or

How many of you can write down your last Neo smart contract transaction hash?

It’s pretty obvious that the answer is a resounding NO! Our public blockchain addresses and smart contract hash contains irregular string of letters and number which are virtually impossible to memorize. An example of Neo public address is what I have below:

AR4QmqYENiZAD6oXe7ftm6eDcwtHk7rVTT

You’ll all agree with me that it’s impossible to memorize this and easily write it down when we want to engage in any transaction hence, we all resort to copy and paste function.

I can easily remember my account number and send it to anybody from any part of the world for quick online transaction but I dare not try to rack my brain trying to remember my NEO public address because it will be a fruitless effort.

That is exactly why Neo Name Service (NNS) was birthed to eliminate the need to copy or type long irregular string of numbers and characters (e.g. wallet addresses, smart contract hash).

Wouldn’t you rather have a NEO public address such as david.neo rather than have something like AR4QmqYENiZAD6oXe7ftm6eDcwtHk7rVTT.

I bet you’ll love that.

That is exactly what NNS gives you and many more. NNS is telling you that you can use a NEO address that is as simple as pretty.neo because NNS maps these human-readable addresses into any machine readable blockchain identifier or resource such as public address, contract hash, etc. thereby making transactions smooth and secure.

Although, NNS basically provides a solution for NEO addresses or Smart contracts (ScriptHash) which are hard remember by replacing these with simple names that you can easily remember anytime. The system is extensible in that many other resources can be added in the future. In doing this, NNS improves the usability of the NEO blockchain.

So now let’s look at some amazing usability of the Neo Name Service (NNS) that helps us in our everyday life and make transactions a lot easier.

Usability of Neo Name Service (NNS)

Security

One of the major disadvantages of the long blockchain addresses is that it can be insecure at times. A long public blockchain address isn’t what anybody can remember at a glance and so hackers can easily intercept the passage of these addresses from one party to another without the receiver knowing. But a shorter, simple address provided by NNS solves that security problem because it will be quite obvious and easy for anybody to see if the address has been tampered with.

Speedy Transactions

Another amazing usecase of the NNS is that it provides speedy transactions. You can easily type your simple NNS public address (e.g. beautiful.neo) to initiate a transaction rather than moving from one place to another trying to copy your normal long, irregular public addresses before you can initiate a transaction.

Dividend for NNC Holders

One of the tokens introduced in the NNS system is NNC which is a UTXO asset with a total supply of 1 billion tokens. The root domain name voting is usually initiated by an NNC holder. For every domain name registration that occurs in the NNS system, a certain fee (GAS) is charged so as to sustain the system. This fee is then redistributed to all NNC holders in the form of SGAS which is an equivalent of GAS on the NEO blockchain.

I’m sure you’re so excited and can’t wait to get your own .neo address as well.

So, I will show you how you can register your .neo address and start using this pretty simple address that makes your NEO blockchain transactions a lot easier.

Registering A Domain Name Under NNS

The registration and distribution of domain names under the NNS system will be auction based but rather than adopt the sealed auction system used by Ethereum Name Service (ENS), NNS will be adopting a transparent bidding system because it believes that sealed auction system is not truly sealed and there is still information leaks in the system and the sealed auction system is also characterized by poor user experience. But a transparent bidding mechanism implemented by NNS ensures fair bidding process for everyone.

So how can I get my .neo address?

Getting a domain name on the NNS platform is through an auction system. There is a fixed interval during which all bids are valid and there is also a random period which the end time of the auction is uncertain. At the end of the bidding process, the winner can be known at once and the address allocated accordingly. Bidding is done through the use of GAS. This auction system is much more efficient in that the user does not need to remember the ciphertext and there won’t be any revealing period. So the bidding process is fair to everyone and even encourages people to bid early so as to avoid invalid bids because of the element of randomness introduced to the bidding period.

Neo Name Services (NNS) improves the usability of the NEO blockchain by providing users with a simple, easy-to-remember .neo address which is highly secure and speeds up transaction processes. The system can also be used to invoke smart contracts thereby avoiding mistakes while also having future value propositions as it can be used to facilitate cloud storage services, decentralized file storage, decentralized messaging, decentralized email services etc.

The mainnet launches in late august and you can start getting your simple, easy-to-remember .neo addresses.

The NNS Team

The NNS team consists of highly-knowledgeable professionals with years of experience in blockchain technology.

Partners

Roadmap

I have provided the links to the website and whitepaper of Neo Name Service (NNS) below:

Website: https://neons.name/index_En.html
Whitepaper: http://doc.neons.name/en/latest/

Below are the social medium platforms of Neo Name Service (NNS) platform:
Medium: https://medium.com/neweconolab
Telegram: https://t.me/forneonameservice
Twitter: https://twitter.com/NeoNameService