Into the Future of Neo Name Service
For NNS fans out there, or just a curious reader of this article, I want to delve you into the future of Neo Name Service that some may not be aware of.
Let's start first with the NNS auction smart contract update:
The previous smart contract charges 10% even if you are an auction starter. If someone willing to bid higher, even a whale can lose a whooping 10% if someone "more whaler" outbid them, or when the auction ends abruptly in the extended period.
The upgraded smart contract, now live, eliminates fees for losing bid as an auction starter. Yes, no more 10% deduction when you lost a bid! — so to be the one to start a bid on a name you want to. This I believe will encourage higher bids for names because there is no more risk of losing 10% on your bid.
The other modification is pretty fair and reasonable:
"In the overtime bidding period, the minimum bid raise will be 10% of the current highest bid price. One bidder’s continuous bid raises alone can’t trigger the end of an auction, unless a new bidder places his or her bid. This is to avoid the problem of triggering the end of an auction by a bidder’s frequent but small bid raises."
Many in the NNS Community are dissatisfied on the turn-out of CGAS dividends, but i want to share with you why I am bullish about NNC and even bullish with Neo names.
1. Transferable domain names
Support for transferring domain names is now live! Yes, you heard it right. This will allow p2p trading of names without a trading platform. You just need to change the "Owner address" to transfer the ownership of a domain name. You can found that on "Domain Management" tab and click "Edit" on a certain domain name.
If you are interested in trading your name on OTC, I know a trusted group where NEO official Telegram admins are escrows. See link at the end of article.
2. Secondary Market
The secondary market being developed is a decentralize exchange. There will be no fees on trading domain names. On this market, only NNC is the means to buy pre-owned domain names. This is expected to go live by the end of the year. So expect the increase in demand for NNC to rise up soon.
3. Subdomain Support
Though not yet official, expect support for adding a subdomain to your domain name by the end of the year.
How does it work?
Supposed you own "familyname.neo". With support for subdomains you can then have "myname.familyname.neo", "mysister.familyname.neo" and so on and so forth—for free!
Now, think a little bit on how this will improve user-friendliness of applications under Neo Platform:
Imagine your cryptocurrency exchange named "switch" for example providing you an address like "user1.switch.neo" as a neo/gas/nep-5 deposit address, far better and more secure than having like "AWvxosEDpzbYLRNQoUZT5kQ53fm5rkwwrX" as a deposit address.
A social media or content creation platform under Neo can provide neo(subdomain) names for their users all under a single domain name!
On the developers side, they can use subdomains to descriptively point to a specific address—way to go for Neo App developers out there.
Also, launching an ICO can be more secure by providing like "deposit.newico.neo" as a deposit address for investors. This will avoid hackers and scammers phishing attempts to malign deposit address.
In a sense, NNS will provide ease of use, security and beauty for both users and Neo developers! This I believe will be the game changer.
4. Subdomain Renting Platform
NEL has a plan to develop a platform where you can have users pay you for renting a subdomain under your domain name. When this platform goes live, you will be able to monetize owning a domain name, without selling your domain/forfeiting your ownership. It's like having a regular passive income. This is just the first phase, an ownership transfer is yet being discussed.
So being an early owner of good names I believe will pay-off. Demand on Neo names I believe will pick up soon.
5. NEL Dapps on the way
It's good to remember that NNC will not only be for NNS. NEL is developing other DApps where NNC will be used as a utility token.
"In the future, we plan to introduce more use cases that are not only bounded to the the vertical of domain names — Decentralized Autonomous Organizations (DAO), decentralized trading, and token liquidity facilitation are already under consideration. NNC will also be used in DApps that will be developed by NEL in future."
6. Ontology Naming Service and Airdrop
NEL also plans to have its naming service on Ontology Blockchain, ending in ".ont" next year. They will airdrop a new token for this on the ratio of your NNC holdings - another smart way of rewarding those who really support this project.
7. NNS and DNS together!
Many thought it was just a dream, but yes it's possible!
To quote Robbie Wang(NNS Overseas Community Operations Manager):
"We have a goal. if you have a domain name like kees.neo, you will have the dns www. kees.neo automatically, but this takes a long time in future."
Il’ll just leave that there :)
NNS is one of those projects that not only uses blockchain but also helps blockchain to achieve mass adoption. They did not have a public sale (ICO) but they already have a working product, and their service has a practical use case for both ordinary users and application developers.
You can join our conversation in Telegram here:
Nel Wallet: https://wallet.nel.group
Cryptoholics NEO Domains OTC group: https://t.me/CryptoholicDomains