bitGuru Investment Fund Update – Neo Name Service

Just a quick update on our portfolio…

You may or may not be aware of the upcoming NNC airdrop by Neo Name Service. Well this is likely to be our next investment.

What is Neo Name Service?

Neo Name Service (NNS) is  a decentralised domain name service which will run on the NEO blockchain. In short Neo Name Service will allow users to assign a .neo domain as an alias for their public key. So rather than having a long complicated public key users can send and receive funds to an easy to remember name such as bitguru.neo.

The domain name will not replace the public key but will rather point to it via a smart contract. In effect your domain name will have your public key associated to it. When the live version of Neo Name Service (NNS) is released, a bidding system will be deployed within the network meaning users will need to purchase domain names. On which NNC will be the native governance token on their platform.

The testnet is ongoing with the mainnet expected to launch on the 27th June. NNS did offer an initial airdrop of NNC tokens, which will be the native token on their platform. The initial airdrop was 50 NNC for anyone who registered a domain name on the testnet, during the dates of 17th May, 2018 – 24th May, 2018. Unfortunately that airdrop has passed… but there is still good news, there will be a second NNC airdrop for NEO holders.

Investment

We have decided to invest $4,400 of the portfolio into NEO, there is a few reasons for this;

  1. The NEO price is about the lowest it has been for a long time so looks a great buy even in the short term for some slight profit
  2. The snapshot for the NNC airdrop is due on the 27th June, and NNC tokens will be distributed at a rate of 0.1 per NEO. It may only amount to 10 tokens… but its is 10 free NNC tokens.
  3. We are potentially going to be investing into NNC, if the price of NEO does increase we can take profits from the NEO and invest this into NNC. If the price doesn’t increase then we will still likely invest some of this into NNC.

Here’s how the portfolio looks currently. Don’t forget to join the Telegram group to follow the progress of the fund.

 

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By | 2018-06-13T16:20:25+00:00 June 11th, 2018|Cryptocurrency News|0 Comments

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