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   534

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 Release New High Scalability Platform

New solution is targeted at large enterprise clients
12 July 2018   410

NEO team announced that they are preparing to release a new version of its platform for large-scale enterprises. The new version will focus on usage scenarios that require high bandwidth, which will be achieved through the integration of a number of solutions, for example, sharding, which will allow the platform to scale effectively. This is reported by NewsBTC.

NEO 3.0 will be an entirely new version of the NEO platform, built for large-scale enterprise use cases. It will provide higher TPS and stability, expanded APIs for smart contracts, optimized economic and pricing models, and much more. Most importantly, we will entirely redesign NEO’s core modules.
 

Erik Zhang

Co-founder and core developer, NEO 

The platform will use a new economic model. According to the current plan, the developers will make NEO a divisible unit and will provide a small annual increase in gas emissions. The developers recognized that the current model using NEO / GAS isn't the most effective, since NEO was an indivisible unit in the calculations, and GAS could not be divided when paying commissions.

The NEO token used to be indivisible. It caused some troubles. We are trying to change it so in the future the NEO token will be divisible just like Ether or Bitcoin. That’s one of the biggest changes.
 

Da Hongfei 

CEO, NEO

The developers' proposal has already met with negative public reaction. Some believe that in the new system, the nodes will be able to manipulate the price of gas in order to maximize their own profit, while others assume that the divisibility of NEO will devalue the GAS.

The main task in ensuring NEO's compliance with corporate standards remains to increase the bandwidth of the platform. To achieve this, NEO will reorganize the code and base modules, optimize the protocol and prepare for the integration of dynamic shading.

Also, developers intend to implement support for cross-platform smart contracts, which can be launched in various blockchains, if they conform to the standard NEO 3.0. To achieve this, it is necessary to implement the support of such contracts in the NEO virtual machine (NeoVM) and to issue unified APIs.