Neo Name Service — A short cut to remember your Neo address.

Cpt Whiskeyjack
Sep 8, 2018 · 4 min read

Before the advent of mobile phones with huge memory phone numbers were either memorized or were stored in a phone registry. While cryptos are yet not that famous to be integrated into your smartphone and since its next to impossible to memorize every address you own, Neo have come up with a new service call the Neo Name Service(NNS) to making it easier to memorize your Neo wallet address.

NNS is a product of NewEconolab(NEL). NewEconolab is a new community founded in November 2017 by Liu Yongxin, who worked at Onchain as a senior product manager, and Li Jainying, a NEO core developer, to attract more talent to Neo and accelerate the growth of the Neo ecosystem. NNS allows you to register a domain name and then maps your Neo address to the domain name. By doing this NNS removed the painful process of remembering and storing long address and allows you to memorize your Neo wallet address just like you remember the most important numbers in your phone. This also reduces the uncertainty of sending assets to the wrong address.The domain name basically acts as an alias to your Wallet address. Domain names are acquired through auctions using CGAS. CGAS is NEP-5 token that is pegged at 1:1 with GAS. The reason for this is initially GAS was supposed to be used for auctions but since GAS is a UTXO(unspent output) asset and cannot be used for bidding on the NNS service. So CGAS was created and pegged at 1:1. Another interesting fact about NNS is that anyone holding NNS native token NNC will be rewarded with CGAS. All the CGAS used for bidding domain names will be redistributed back the holders of NNC tokens based on the amount of tokens they hold making NNC a equity token like NEO itself. The redistributed CGAS can be converted back to gas on the NEL wallet.

You can create a neo domain address through the NEL wallet. Currently this feature is in its testing phase. I have been testing their NEL wallet and domain service name mapping for sometime now. More info regarding this on another day.


You might be wondering how is this is different compared to Ethereum Name Service(ENS). The creators of NNS drew experience from ENS and built over it. Apart from the basic differences like number of transactions, speed, block chain tech, etc, NNS allows you to create sub-domains within your own domains.That means other domain can exist within your own domain. This allows you to store all your address in one location rather than have multiple domains for multiple address. The next advantage is being able to used as a decentralized storage. This basically mean you can move your data off a centralized system and store it on a liberal system which allows for greater safety. The third is different types of resolutions implemented in NNS. Basically NNS was built to be superior to ENS with more advantages.


NNC is not only used as a utility token. It is not only used for storing and gaining GAS( CGAS can be converted to GAS) dividends but by holding NNC tokens, new tokens will be credited when the NNS domain name registry is migrated to another blockchain. So if you are holding 50 NNC now, when NNS domain name registry migrates to Ontology or Red pulse New name tokens will be credited to your account. Apart from first time distribution of domain names through auction, you can also buy and sell pre-existing domain names. While payment for auction names is through CGAS, payments for buying and selling domain names will be through NNC only. Currently these are the only use cases but in the future NNS plans to introduce Decentralized Autonomous Organizations (DAO), decentralized trading, and token liquidity facilitation.


NNC has already been airdropped to all neo holder and 50 NNC have been airdropped during NNS test net as well. One more airdrop is coming up after the main net release. 100 million NNC tokens which is 10 percent of max supply will be airdropped to people who register domain names. Complete details of this airdrop has not been announced yet. You can join their telegram chat at https://t.me/joinchat/IESfVEkjE8iSVKfBnaOhTQ to get more information about NNS and all their airdrops.

For more updates uou can follow NNS through their social links at
NNS website: https://neons.name/index_En.html
NNS twitter: https://twitter.com/NeoNameService
NNS GitHub: https://github.com/NewEconoLab/neo-ns
NNS Telegram: https://t.me/forneonameservice

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