The advancements in technology have made the world so much easier to navigate.

From where we once had to operate computers through long command lines, we now just tap a screen to have a world of possibilities literally at our fingertips.

Given this level of comfort, it’s difficult to think of a world where instead of typing in the usual “Gmail.com” to access your email, you had to enter multiple commands or even a long string of URL that you couldn’t bookmark either.

Sounds painful, doesn’t it?

That is actually something that every blockchain user has to go through whenever they are either sharing their contact information on a blockchain or getting someone else’s information. So far, there had only been solutions that were provided by cryptocurrency exchanges to save someone’s blockchain addresses, but even that involved entering a long string of information at one point.

Not anymore.

NEO Name Service (NNS), an open naming system based on the NEO Blockchain, strives to resolve this issue, and resolve it for good.

It is truly a revolutionary project with a professional team, which boasts of extensive

experience and seems capable of pulling off the feat of providing a truly disruptive solution

to the aforementioned problem.

The Devil in the Details

While the problem with lengthy addresses is apparent and would be understandable by anyone who uses blockchain, it doesn’t hurt to take a look at it in a detailed manner in order to understand all the consequences that it poses to truly appreciate what NNS is trying to propose.

What NNS is trying to achieve is to change the game as we know it.

Since the usual blockchain addresses that we have to use are too large, they bring their own set of complications with it. However, how those complications can affect a user in their worst case scenarios is what we will be exploring here now.

Since the addresses are way too hard to remember, it is easy to make a mistake in entering an address during a fund transfer. And if the odds are not in your favor, you may just transfer it to the wrong address, and just like that… the money goes “missing”, never to return.

While these instances are rare, they are still very much possible. If anything, the notion of having a short address in itself spells convenience, which is why NNS remains as a very propitious solution.

How Will NNS Work?

On the NEO blockchain, NNS is going to act as the blockchain’s “Bit.ly”, and shorten addresses and URLs to make it possible to share them with one another easily.

It will allow this through the usage of its immutable ledger where addresses will be saved permanently in various modes, such as subdomains, pet names, real name domains, and so on and so forth.

This would provide customizable addresses, making them memorable and easier for sender to transfer funds to their accounts. Furthermore, it would also add a layer of privacy to these addresses, since they will be masked to a certain extent.

For example, if you are a person that gets paid using your address publicly, you may be in danger of getting hacked. However, with what NNS plans to offer you, you will be able to keep your identity secure by using multiple addresses, or a single address that does not lead anyone to your actual blockchain address.

How Will It All Function?

An example of how an address will look at the end would be “Crypto.neo”.

It seems too good to be true to be reducing a complicated address to such a memorable and short URL, but fortunately, it is very much possible.

Just with the service allowing users to do that makes every transfer more secure and accessible. The alias is still backed up by their page where you can increase the security using phrases for the payments.

While a lot of other cryptocurrencies project have tried to achieve similar functions, most have failed in implementing this or just lacked the funding and popularity to turn it into a successful venture. However, the project has NEO as its cooperative partner, which goes a long way into describing how strong the project could be if it is being backed by its parent

blockchain.

NNS has already achieved most of the goals on its Roadmap and has been working towards completing everything on time. It has already launched its testnet and is on its way to properly making the service available for those who are interested in it (which is basically everyone).

All of NNS’ operations are based on smart contracts, which make the service even more efficient and transparent for its users.

How Are the Tokens Involved?

The project remains completely decentralized and will be utilizing its own native tokens to supplement its operations of hosting the customized domain names.

At the moment there are 2 current tokens that are being supported by the beta testing of the project. Two kinds of tokens were introduced in the economic model of NNS. One is NNC the other is sGAS, both of which are NEP5 tokens’. sGAS is bound with NEO’s GAS at the ratio of 1:1 and they can be converted with each other.

The reason for the sGAS tokens is that GAS is a UTXO token which is difficult to integrate with the smart contract on the NNS platform, therefore sGAS was created to solve this issue.

It is worth noting that while both sGAS and NNC are NEP5 tokens’, sGAS is used for bidding on the domain names. The entire NNS system income will be redistributed to NNC holders in proportion to their holdings. Once the mainnet is launched and users begin to bid for .neo domain names then the system will generate income immediately.

This gives the NNC token inherent value in that holders will earn GAS, this gives holders an incetive to advertise the platfrom and commit towards the sucess off NNS. The NNC token value will be determined by the income generated on the NNS platform as oppose to market trading.