Long and confusing wallet names has long been a bane of existence for the inattentive users of cryptocurrencies. NEO Global Capital plans to change the situation by partnering with Fenbushi Capital in development and testing of the newest project – Neo's Name Service Project (NNS).
NNS is a twist on the existing technology of Domain Name Service.in this case it's not just a comprehensible name for an IP-address, but a decentralized, open-source and extensible domain name system based on the NEO blockchain. The main reason behind the project is to replace long and hard to remember wordless codes, such as a wallet address, with a human-readable word or phrase to allow users to access the wallet or a smart contract in the future without marking it down, which is unsecure in the long run, or trying to commit them to memory.
Neo's Name Service will allow users to register .neo domains that can be used instead of public keys for the incoming transactions.
In regards to partnership, it deserves a little background. NEO Global Capital is a Venture Capital firm which aims to assist blockchain projects that enrich the NEO ecosystem and help it develop. Fenbushi Capital is also a Venture Capital firm with a reputation of giving large donations for promising blockchain startups and projects. Also Fenbushi holds a NEO consensus node running on the Testnet blockchain. So this partnership validates the NNS projects as a beneficial entity to the whole of NEO ecosystem.