If you are reading this you are either interested in learning about another great NEP5 project, or you want to find out how you can get free coins via the NNC airdrop. Either way, you are going to learn something. Neo Name Service is a project currently being developed by New Econo Lab or NEL for short. But who are New Econo Lab? and what is Neo Name Service?
Who are New Econo Lab?
New Econo Lab (NEL) is the New Economy Laboratory they are a team of developers and web engineers who are working towards improving the NEO smart economy. NEL is in fact the biggest NEO Chinese Community according to their brief description on GitHub.
The co-initiators of NEL are Liu Yongxin and Li Jianying. The team have worked on a range of different NEO based projects and continue to contribute to the NEO smart economy with exciting new developments. Some of their projects include a NEO Wallet, a hardware wallet, a NEO tracker, blockchain based games on the NEO blockchain and now their newest development, Neo Name Service.
Neo Name Service is quite possibly the most exciting projects being developed by New Econo Lab. So what exactly is Neo Name Service?
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.
NNS airdrop for NEO holders
All we currently know about the NNS airdrop is that it will occur after the 27th June. NEL announced on Twitter on 6th June, 2018 that they will take a snapshot on 27th June, 2018 once they have completed the NNS contract security testing and have confirmed there are no security loopholes.
NNS plans to airdrop its NNC tokens to NEO holders in the ratio of 1 NEO=0.1 NNC. The snapshots of NEO holdings will be taken on June 27th after the completion of NNS contract testing and no security loopholes are found. NNC will be airdropped within one week after that.— NewEconoLabs (@NewEconoLab) June 6, 2018
“NNC is the system governance token of NNS and NNC holders can receive domain name auction income in proportion to their holdings.” NNS tokens will be distributed at a rate of 0.1 NNS per NEO. This is very similar to the Ontology (ONT) token distribution, which was also distributed amongst NEO holders. Hopefully NNS tokens perform as well as ONT.
To take part in the NNC airdrop is simple. Just make sure that you have your NEO stored in a NEO wallet in which you own the private keys. For example: NEON wallet, Morpheus wallet, Aphelion wallet, NES wallet.
This project looks like it will be very successful, although it seems like a simple solution, the issue of public keys is a major barrier to mass adoption. Remembering public keys is unrealistic at best, and they can be very confusing. Having the ability to assign a simple .neo domain name will be a huge development for the NEO smart economy as whole.
NNS is without a doubt a project that we will be adding to our bitGuru investment fund, once the tokens are live on exchanges. The token will allow users to receive an income and therefore incentivises users to hold the token. The team behind it have proven their skills with the vast number of projects they have already launched for the NEO community. So there is no doubt they will carry through with this project and make a success of it.
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