NNS can replace long, irregular strings that are hard for human brains to remember with words and phrases. For example, you can transfer a token to an NNS domain name instead of a blockchain address. NNS is extensible. Domain names can be mapped to any blockchain identifier or resource such as contract hash, content hash, public key, and so forth.
Attention. There is a risk that unverified members are not actually members of the team
This product does not have a market in the conventional sense as it aims to overcome a very specific problem – long and not human-friendly addresses for NEO. Considering this the product cannot have any competitors. A similar product has been developed in Ethereum that has conducted 750K auctions in its first year starting in May of 2017. To sum up, the service is likely to be in demand but NEO lower popularity must be also noted. The prior goal is to develop an “add-in” to NEO blockchain enabling short human-friendly addresses in place of current ones. Ethereum has the similar service but NEO still not. The team does not deny it uses Ethereum ENS experience and it is ok. Technical description is detailed and deep and provides good explanation of the main differences with Ethereum ENS – different architecture and smart-contract work so that the system turns clearer. The current stage is Testnet and auction already available. Roadmap is fast – Mainnet is about to be launched in May and the product will work in June of 2018. The team has experience in developing products for NEO so this one is likely to reach NEO support as well. The development process can be checked via Github where the team demonstrates good activity. Token has three main functions: is taken when purchasing an address, is taken annually for address usage and is used for revenue distribution. A user has to pay for the participation in an auction so the services takes 10% from every bid even if it is unsuccessful. This fee is cumulated and distributed among NNC token holders. Financial information is not detailed and the project is generally non-profit that is a usual thing among NEO infrastructural products. Crowdsale will not be implemented in this project and tokens will be likely sold privately to investors with large funds. Being an infrastructural product of NEO, its token distribution is likely to include NEO Foundation part. The product is developed by the Chinese team of 10 members. CEO has been a soft developer for 3 years. He and CTO that is a core developer in NEO incorporated a non-profit company NEL in November of 2017. Developers did not indicate their previous experience in their LinkedIn profiles and do not have connections. So, the only source of information is mass media. The team has developed Neodun cold storage wallet and NEO-GUI. NEL is supported by NEO and publishes monthly reports covering their news.
Advantages.1. Neo-based domain name service. As a block-chain domain service, there are few competitors in the market.2. It provides a very fast and concrete roadmap. We have already released TestNet and MVP, and are planning to have a main net in the third quarter of this year. Development progress can be confirmed on GitHub.3. Strong support from NEO, NGC and FENBUSHI. It is information that can be confirmed through the news.A complementary point1. This is not yet a specific ico schedule and hard cap.2. Linkage information of team members is poor. Problems of Chinese team members.3. Another issue that actually leads to the use of NEO domains.
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