07 May 2018
It must be said that success in the highly competitive world of business lies in the ability of companies to engage in meaningful strategic partnerships, mergers and if need be acquisitions. With strategic partnerships organizations can leverage on the strengths and opportunities provided by other business interests.
NewEconoLabs (NEL) has taken a queue from the success stories of many business organizations. Those organizations that have built their success mainly on the strength of strategic business partnerships. The recently constituted NEO Name Service (NNS) of NewEconoLabs has now entered into strategic partnerships with two venture capital firms namely the NEO Global Capital (NGO) and Fenbushi Capital.
The NEO Name Service (NNS) project is one that was instituted by NewEconoLabs. It is a distributed, open source domain name solution service system powered by NEO blockchain. Users on this platform would be able to create a “.neo domain”. These “.neo domain” can substitute the more “traditional receiving address public keys”that users are already familiar with whenever transfers need to be made.
The problem encountered by most people is that they do not understand and remember wordless phrases like smart contract Hash or wallet addresses which are the “traditional receiving address public keys”. However, with a “.neo domain” solution service, users would not be required to remember those Hash or addresses that are hard to memorise. By knowing a phrase or word you can make use of a smart contract or make a transfer with ease.
The “.neo domain” project started in November 2017 and was created under the NEO Name Service (NNS) platform that was developed and run by NewEconoLabs (NEL). The founder of (NNS) is Liu Yongxin who is also a strong (NEL) promoter of the NEO China Developer Community.
At the moment the “.neo domain” is being used on TestNet. Agreements between NewEconoLabs and O3 (formerly O3 wallet) to actively support the “.neo domain” system has been reached. NewEconoLabs are also in talks with other NEO ecosystem wallets as it attempts to optimise and broaden it’s outreach.
In 2015 Fenbushi Capital was formed and CB Insights named it as one of the top 5 ranking blockchain venture capital businesses around. Fenbushi Capital has made investments in blockchain based projects surpassing the $50 million USD mark. This Venture Capital company is also known to be hosting a NEO consensus node that presently runs on TestNet.
Fenbushi Capital has also invested in (NNS) a move strongly believed by NewEconoLabs as a confirmation that the (NNS) project is one of unquestioned and unrivalled importance. With quality investment coming from Fenbushi Capital, it is the hope of (NEL) that the vast amount of capital investment in the (NNS) project will ensure its completion in double quick time as well as boost the global brand awareness giving the (NNS) project a much needed international appeal.
The NEO Name Service (NNS) of NewEconoLabs has also received a significant injection of funding from NEO Global Capital (NGC) another Venture Capital firm that they have partnered with. The NEO Global Capital (NGC) is a part of the recently formed NEO Foundation and actually acts as it’s investment arm. This is a strategic arm that invests in worthy projects that will boost the future of the NEO ecosystem for which the NEO Name Service (NNS) is seen as one of such projects.
This investment arm of the NEO Foundation has also provided valuable funding to other projects like Switcheo, Zilliqa, Ontology, Bluzelle and Moonlight. The strategic partnership between NEO Global Capital (NGC) and NEO Name Service (NNS) is believed to be a match made in heaven. It is the understanding by (NEL) that (NNS) will tremendously boost the overall user experience in the blockchain.
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