How the New NEO Name System Service Works for NEO Blockchain Users
The NEO Name Service
NEO has designed a new name service whose aim is to bring its blockchain technology to the masses. The concept brings value to both the users as well as the developers to help them explore blockchain. NEO now joins Ethereum that had embraced the name service idea much earlier. The idea behind this concept is to make the crypto more discoverable and visible on the blockchain space.
The name service is open source which helps increase its usability. NEO aims at becoming an integral smart ecosystem and this name service is a step in the right direction. Of course such concepts are appealing but may take time to go main stream.
How Does NEO Name Service Operate
Basically, a name service allows users to read data easily by replacing regular strings into information that can be read by a layman. Some of the data that can make use of a name service is blockchain wallet addresses as well as smart contract hashes. For example a smart contract will be visible with a neo extension at the end. Actually the name service concept is similar to the way domain names of websites operate only that this one is in a NEO blockchain ecosystem.
NEO users have welcomed this development as it will make sending and receiving money over NEO much easier. Developers will also gain from the service since their apps will be approachable. The key advantage of the NEO Name Service is that it improves speed on this particular blockchain. Considering that the platform charges zero fees, this new addition is bound to take NEO to the next level.
The NNS token will power transactions on the NEO blockchain. It will also be a form of reward for users who have faith in NEO. By offering NNS tokens to its fans, the NEO team hopes that it will entice them to embrace the NEO Name service concept. It seems that with the NNS token reward system, people will definitely be interested in the new concept. However, it will interesting to see how the team keeps more people taking up the service in the future.