NEO blockchain is an open source platform that aims to create what they have dubbed as the new “smart economy” whereby the NEO ecosystem could yet create better ways of managing financial transactions. NEO platform could also be regarded as a smart contract platform that makes the process of dApps building extremely easy for developers by ensuring that they can code and deploy dApps in a variety of programming languages like C+, Java, JavaScript etc. In a world where millions of transactions are carried every day, there is the need to have a platform that could cope with this demands and NEO offers a viable way out.
One of the biggest impediments to the mainstream adoption of NEO blockchain technology particularly at the user level is the lack of human-friendly blockchain addresses and Smart contracts (ScriptHash) which would make transactions easy to carry out while allowing programmers to easily create decentralized applications. In an interview with CNN Money Switzerland, the NEO CEO, Da Hongfei said “NEO’s “philosophy is to serve the real economy” and the only way to do this is to create a “smart economy” where the process of carrying out transactions can be made easy.
This is exactly the reason why NEO Name Service (NNS) was birthed.
NEO Name Service (NNS) is an open source, distributed naming system on the NEO blockchain which aims to accelerate the usability of the NEO blockchain. The ultimate goal of the NNS is to actualize NEO’s vision of a fully decentralized smart ecosystem. NNS basically aims to replace irregular strings such as the long alpha-numeric NEO blochain wallet addresses and Smart Contract Hash with a simple .neo address. What this implies is that instead of using your normal NEO blockchain address which looks like this: AeYWeEg3Qu7Eru9y1VXdkQcAF58Pfe2LZs, you can simply use a .neo address like foley.neo to carry out transactions.
This NNS is also extensible in that these easy to remember domain names can be mapped to any blockchain identifier or resource such as contract hash, content hash, public key etc. So, you don’t need to stress your brain trying to remember the long NEO blockchain addresses and ScriptHash that you don’t understand anyway before you can make a transaction. Simply use your .neo domain names to do that and build awesome dApps on the NEO blockchain. This greatly increases the speed of transaction on the NEO blockchain plus the fact that the NEO blockchain boast of zero transaction fee, this is exactly the solution that the financial world, ecommerce, and other industries that witness millions of transactions each day needs.
NNS also increases the speed at which developers can move tokens on the NEO blockchain. This is particularly important for developers and enterprises who wants to build awesome dApps on the NEO blockchain. With this, you can easily build dApps that connects you with your end users in no time.
Furthermore, NNS offers loyalty rewards to the members of the community who believe in the platform. This reward goes to the holders of NNC which is a NEP5 token that powers the transactions on the NNS network. The reward is in the form of SGAS which is also a NEP5 token with a total supply of 100 million. SGAS is bound with NEO’s GAS at the ratio of 1:1 and they can be converted with each other freely. So, whenever a domain name registration is initiated on the NNS network, a fee in form of SGAS is paid which goes into a pool and then redistributed to all NNC holders based on the number of tokens held.
I’m sure you’re pretty much as excited just as I am to get your own .neo domain name and start using it to make transactions. Well, I am eagerly awaiting the launch of the NNS mainnet too which is scheduled for late august of this year. What I love about this is the fact that domain name registration on the NNS network is based on an efficient and fair bidding system. You’ll have to bid for your preferred domain name just as anybody else with the use of SGAS and then at the end of the bidding process, the highest bidder wins and gets the domain name.
This is definitely a huge step towards making the NEO blockhain gain mainstream adoption as a secure means of carrying out swift transactions.
For more information on NNS, please visit the following useful links:
Website: https://neons.name/index_En.html
Whitepaper: http://doc.neons.name/en/latest/
Medium: https://medium.com/neweconolab
Telegram: https://t.me/forneonameservice
Twitter: https://twitter.com/NeoNameService