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 .n...