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   739

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 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 3.0 to be Launched on New Blockchain

It's expected that work on the new blockchain will be completed by the second quarter of 2020 and the token holders will need swap tokens they have
29 April 2019   215

Neo project plans to launch the third version of its protocol in the new network, which will require the asset holders to swap the tokens they have, Cointelegraph reports.

According to the co-founder and lead developer of Neo Erik Zhang, the Neo 3.0 chain will take its beginning from the new genesis-block. Fulfillment of this condition is necessary because several improvements in performance and scalability at the architecture level are incompatible with the existing block.

According to the project team, all data and transaction records will be transferred to the Neo 3.0 network. However, developers of decentralized applications can continue to work on their products, since most of the new features are backward compatible.

Zhang argues that the update will significantly increase the speed and stability of the Neo network, as well as make it suitable for large-scale commercial applications. It is expected that work on the new blockchain will be completed by the second quarter of 2020, and the test network will start by June. New features will be added as they become available.

When we talk about Neo 3.0 being ready for large-scale commercial use, we mean it provides the possibility to run large-scale applications with blockchain technology. In the future, we'd like to see applications such as YouTube, Alipay, and gaming giants like Tencent and Blizzard run on blockchain, and Neo 3.0 will allow these big organizations to do that.

Erik Zhang

Co-founder, Lead Developer, Neo

In January, an unforeseen fork occurred in the Neo network, due to which its performance was interrupted for several hours.