NNS Token: NEO Blockchain Domain Name Service For NEO Sites?
What Is NNS?
NNS is an open, extensive, and distributed NEO naming system based on blockchain technology. Its main aim is to replace irregular string such as wallet address and smart contract Hash, which people find hard to recall due to their confusing nature.
People have easy time in recalling addresses and Hash, as they are only required to know a word or phrase in order to make transfers. The focus of an alternative name service is sending of tokens by another name especially for those accounts that do not want to make their wallet addresses public and do not want to keep changing their addresses.
NNS System Roles
The system has two primary roles: to find a lasting solution to human readable names like nice.neo into machine-readable identifiers such as the NNS address, and to give elaborate information for domain names such as whois, contract interface description, and others.
NNS differs sharply with DNS based on its blockchain architecture. It is consolidated and serves blockchain network. NNS also operates on domains (dot-separated hierarchical names) with the owner of the domain being fully in charge of the distribution of sub domains. Otherwise, NNS has similar goals to DNS.
NNS NEO Blockchain Domain Name Service Componets
The platform has four main components:
Top-level Domain Name Contract
A root domain name like .sub is managed by a domain name root even if it is a second-level domain name such as kk.test or third-level domain such as mmm.nn.test. All the same, both of their owners are still kept in the domain name root, which keeps data such as the possessor of the domain name, the register of the domain name, the resolver of the domain name, and the time to leave (TTL) of the domain name in the form of a dictionary.
This could be either an account address or a smart contract. Those who own the domain names can change the ownership of the domain name by sending it to another address, change register, and change the resolver.
A smart contract, which provides a variety of ownership models, is allowed to be the owner.
If the domain name is co-owned by two persons, the transfer of domain names of changing of registrars is made possible with signatures of two people. For a domain co-owned by more than two people, the transfer of domain names or changing of registers is only made possible with signatures from more than 50%.
If the domain name is an account address however, the user is permitted to execute register’s interface to manage second-level domain names.
The register allows for bringing out subdomain names of a domain name to other owners. It also checks the rightful owner of the sub domain.
This is a smart contract, which interprets names into addresses.
NNS Economical Model
NNC (a UTXO ASEET WITH 1BILLION) and SGS (a NEP5 Token) were introduced as tokens in the economic model of NNS. There are two ways of voting, which are influenced by NNS root domain name that initiates the NNC.
The first way of voting is where the administrator commences the root domain name voting and it is activated when not more than 30% of people are against it within 3 days, while the second one is where any NNC holder starts the root domain name voting.
More details about NNS is available on their whitepaper.