NNS developrs the same features for NEO Exchange. Ethereum ENS - a somewhat similar project - was launched a year ago and did not become widely popular since then. The process of integration of existing chains into Blockchain Communication Protocol may be complex and lengthy. Currently, the Beta version is not available. The product has been in development only for 3 months, according to GitHub. The comparable technology Ethereum ENS was launched a year ago but did not gain significant customer base and was barely integrated into cryptoexchanges.
The IOV Token is the fuel to the IOV Blockchain, the Blockchain Name Service. The Blockchain Name Service registers blockchain definitions, blockchain names, value address names, as well as who owns these names. A IOV Token is necessary as a stake for the Validators to participate in the blockchain. The fee paid for every Blockchain Name Service update is settled in IOV Token. The exact fee size has not yet been disclosed and is subject to change. The company valuation after reaching ICO Hardcap will be around 39M EUR (45M USD). This figure seems high if compared with NNS, which aimed to raise 3M USD. The given funds allocation is not detailed and gives only high-level distribution.
There are no marketing specialists in the team. The team is not concentrated in one place and is spread around Europe and the USA.
Differentiation: There are other platforms/services that allows users to create human readable addresses. IOV differs from most platforms by incorporating this aspect of the platform (Blockchain Name Service) with the IOV Wallet, which is able to interact with a multitude of blockchains using the Blockchain Communication Protocol.
Market Penetration Potential: The platform requires the cooperation of other organizations/platforms to use willingly integrate their system into the IOV ecosystem via BCP and BNS. There is currently a usability issue with cryptocurrency, as users typically have to manage multiple tokens and blockchains. A good growth strategy is essential in order to attract notable projects and gain momentum with the platform’s adoption.
Solution Advantage: When compared to projects that aims to develop a means to improve the user experience when using cryptocurrency, the platform combines the use of human readable addresses (which some projects aiming to develop) in conjunction with the development of a wallet where users are able to send/receive/exchange a multitude of tokens (which other projects also aim to develop). The Blockchain Name Service and Blockchain Communication Protocol which allow future alternative blockchains to integrate easily with the IOV Wallet. The combination of these aspects give the platform an advantage when compared to similar projects.
Long-Term Vision: The project aims to increase the ease of use with cryptocurrency and make sure that the technology is widely adopted. The scope of the project is considerable (within the realm of blockchain/cryptocurrency) and establishes guidelines and standards in order to improve the user experience when dealing with cryptocurrencies.