The Use Cases Of NNC Tokens That You Don’t Know About

robbie wang
Aug 31, 2018 · 2 min read

NNS

NNC is the token used in the Neo Name Service (NNS) domain name registry system. It is commonly thought that holding NNC tokens will only provide GAS dividends, but we hope to explain that its use cases is actually a little more than that.

By holding NNC tokens, you will be credited an equal ratio of tokens, when the NNS’ domain name registry system migrates onto another blockchain in the future, i.e. migration onto Ontology is bound to happen. The ratio will be determined based on the amount of token supply on that particular blockchain.

Also, on NNS’ system, there are two types of market. First, there is the primary market, which facilitates the first-time distribution of .neo domain names. In this market, only GAS tokens are accepted as payment and all the GAS revenue will be distributed to NNC holders in proportion to their NNC holdings. Then, there is also the secondary market, which allows the buying and selling of pre-owned domain names. In this market, however, only NNC tokens are accepted as the means of payment.

At this point in time, NNC tokens will primarily be used to receive GAS dividends. 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.


NewEconoLabs

New Economy Laboratory,The Biggest NEO Chinese Community

robbie wang

Written by

NewEconoLabs

New Economy Laboratory,The Biggest NEO Chinese Community

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