The Neo Name service is finally live after months of testing. Users can now bid on .neo domain names to use instead of their public key.
NNS launched on November the 9th and users can now start to bid on the desired .neo domain names. To encourage bidding for the first two weeks Neo Name Service have introduced a “domain name mining” incentive.
Neo Name Service (NNS) is a decentralised domain name service which runs’ 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.
Neo Name Credit’s (NNC) is the native token within NNS, NNC will allow users to earn GAS simply by holding the token however, NNC has a number of different use cases which many are currently unaware of.
In the opening week almost 19,000 GAS has been spent which is due to be distrusted to NNNC holders.
Within the NNS system there are two types of markets’. Firstly there is the primary market, which facilitates the first-time distribution of .neo domain names. on the primary market only GAS is used, this GAS is there distributed in its’ entirity to NNC holders.
So far in the first week there has been well over 10,000 domains registered as well as an additional 4000+ auctions still ongoing. The launch of Neo Name Service has been a huge success and
The domains themselves have varied in value and have gone from as little as 0.1 GAS to as much as 1035 GAS for wallet.neo. Whilst it appears one user owns 7 of the top 10 most expensive .neo domains there is still a large number of domains owned by any different users and demand seems to be particularly high considering we are only a week into the new dApp.
There is plenty of excitement about the upcoming secondary market which will be available soon on the NNS system. This will enable the buying and selling of pre-owned domains, or domains which have previously been purchased in the primary market. In the secondary market, only NNC tokens are accepted as a means of payment.
Therefore if a user wishes to purchase a domain in the secondary market and they do not own NNC tokens, they will need to purchase these tokens from an exchange before using them.
The domain mining period is still due to continue until October 23rd, 2018.
To reciprocate your support, we have prepared a gift for community members and supporters; a two-week domain name mining activity will be held after the launch of NNS Mainnet. The activity will run between Oct. 9th-23rd 2018 (GMT+8).
What is domain name mining?
After the user wins a domain name on the NNS Mainnet, the domain winner will be rewarded with an amount of NNC in proportion to the GAS they spend winning the domain. The specific NNC reward policy is as follows:
Domain name winners will be rewarded with 70 NNC for each 1 GAS they spend if the domain auction start time is between Oct. 9th-16th 2018(GMT+8).
Domain name winners will be rewarded with 50 NNC for each 1 GAS they spend if the domain auction start time is between Oct. 16th-23rd 2018 (GMT+8).
The amount of NNC that will be awarded in the domain name mining activity will be no more than 100 million NNC (10% of NNC total supply). If there is any NNC left, the leftover NNC will be locked up.
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