- The service allows users to assign .neo domains as aliases for their public addresses.
- Over 2000 names already been taken within the first six hours of the launch.
- NNS is an important step towards making cryptocurrencies a hassle-free technology.
The NEO Name Service (NNS) is now live and bidding has started. The service allows users to assign .neo domains as aliases for their public addresses, instead of the long complicated keys and make sending and receiving cryptocurrencies easy.
Crypto Made Easy
NEO Name Service (NNS), the decentralized name service running on the NEO blockchain by New Economy Laboratory (NEL) went live on Tuesday, October 9, 2018. Users are now free to bid on domain names ending with .neo, which they can use to create tailor-made wallet addresses, smart contract hashes, and email addresses among others.
The bidding process, known as mining, has already started and will run for two weeks until October 23, 2018. Successful users will also be rewarded with several NNC tokens. Over 2000 names had already been taken within the first six hours of the launch. While they set the domain name prices at a minimum price of 0.1 CGAS (~$0.60), some names high demand went for as much as 100 CGAS (~$600).
A Step Forward for the NEO Ecosystem
The domain name will not be replacing the public key but will instead point to it using a smart contract meaning it will associate the public key with your domain. The bidding system allows users to purchase their favorite domain names and the NNC will become the native token on the platform.
Users are paying with GAS instead of the NNC token for their domain names. However, the NNC token gives users several privileges including allowing them to vote on root domain names besides receiving a cut from the auction fees. The developers stated:
“Bidding on .neo domains needs GAS, but, if you buy and sell pre-owned domains, only NNC is accepted. We are developing the .neo domain name exchange. […] at this stage, NNC is more like a security. There is no need for a large portion of NNC [to be] circulated…NNC has its utility side. Anyway, NNC will be circulated over time as its use cases expand.”
The NEO Name Service (NNS), which comes soon after the launch of the Ethereum Name Service (ENS), is likely to become a hot feature of the NEO blockchain and is an important step towards making cryptocurrencies a hassle-free technology.