Neo Name Service to provide easy to remember wallet names

NEO Global Capital partners with Fenbushi Capital to expand NEO ecosystem with its own DNS analogue for wallet adresses – Neo's Name Service
14 May 2018   1179

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.

NEO to Finance Switcheo Development Team

Investments were provided as part of the NEO EcoBoost ecosystem development program, which is $100M in whole
15 January 2020   143

NEO blockchain project invested in non-custodian exchange Switcheo. This was reported by Switcheo developers on their blog.

Investments were provided as part of the NEO EcoBoost ecosystem development program. The amount of investments by companies was not disclosed. It is known that $ 100 million was allocated for the EcoBoost program.

Switcheo CEO Ivan Pun believes that new financing will help his company implement several planned projects, including launching products from the decentralized finance (DeFi) field. NEO founder Da Hongfei said the two projects will continue to “work in tandem” to develop the NEO ecosystem.

Switcheo launched in 2018 and is the most popular decentralized exchange for working with NEO and tokens based on its blockchain. In addition, the exchange allows swaps with assets of the Ethereum and EOS blockchains.

Since February, Switcheo users will be able to pay fees for trading on the platform with NEO GAS tokens. The SWTH token will no longer be used for this. NEO, for its part, will finance the exchange of SWTH for GAS at a set minimum price - it will be determined later. At the same time, a multi-level program will be launched, thanks to which SWTH holders will be able to receive discounts on commissions when trading on the exchange.