Domain Names Are Crucial For Mass Adoption

Domain names will make using and sending cryptocurrencies much easier, just like when you use a .com site or any other domain for a website, this same technology will soon be applied to cryptocurrency platform like NEO.

For anyone looking to get involved in cryptocurrencies or blockchain technology, it can be an overwhelming at best and borderline impossible at worst. Not only do you need to decipher between the 4000+ altcoins, you need to keep accounts safe, download wallets, remember public and private keys, store these same keys in a safe place but not too safe that you will lose them. Then it comes to transferring, you need to send or receive a public key, which you can not get confused with the private keys or you will lose all of your funds.

While many will argue the above is all second nature and it is in fact very easy, you cannot argue that the required process of learning all of this is likely the reason why many avoid crypto. Try explaining how they work to someone who has never heard of crypto and rest assured you will struggle.

For mass adoption to occur certain elements of using crypto will need to become far more simple. For example hardware wallets have been released so you do not need to store your public and private keys on pieces of paper. This allowed users to keep their coins in wallets which were offline but removed the need to remember a lot of confusing digits.

Domain names could pose the final part of the solution to issue of needing to remember, store and send public keys. A few months back we wrote about a project known as Neo Name Service, a domain name project which will run on the NEO blockchain and will eventually be used by the majority of NEO users.

What is Neo Name Service and what is a domain name?

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.

NNS has recently announced the launch of its TestNet, Robbie Wang of NewEconoLabs posted a tutorial alongside the announcement, which guides users through the process of registering a TestNet domain name.

Follow the progress of our $10,000 Live crypto investment fund! – Follow on Telegram

 

By | 2018-08-09T15:57:12+00:00 August 9th, 2018|Cryptocurrency News, NEO News|0 Comments

Leave A Comment