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14 May 2018
NEO Name Service (NNS) has recently announced that it has changed its model with bids for domain names to be made using GAS rather than NNC tokens. In the past, NNC was used to place bids for domains with the holders of NNC getting back system domain auction revenue that is made out in the form of NNC tokens.
However, at this point in time NNS will only allow GAS to be used in placing bids for domains and holders of NNC tokens will get system domain auction revenue in form of GAS tokens. If you are not yet familiar with what NNS is all about on the NEO blockchain, then it will be important to have a brief review of their operations for you to appreciate the importance of this change in their model.
The NEO Name Service or NNS is an open source, distributed naming system that is powered by NEO blockchain technology. It is the vision of NNS to substitute Smart Contracts (ScriptHash) and wallet addresses which have the tendency of being difficult for people to remember with phrases or words. These phrases or words are much easier for people to remember or memorize. NNS initially provides an ending in “.neo” alias name service.
With the NEO Name Service you don’t have to memorize wallet addresses or Smart Contract Hash. In order to make a transfer from your wallet or to make use of the Smart Contract of the NEO Smart Economy, all you need is a word or phrase.
NNS provides a bidding service through the use of Smart Contracts on the NEO Smart Economy. With the goal being to determine who is able to register a second-level domain name. There are 4 stages involved in this service and they include; opening a bid, placing a bid, revealing a bid and winning a bid.
The opening of bid means that the right of ownership of a domain name can commence through bidding.
The NEO Smart Economy is an economic model where Smart Contracts are written in code and then automatically executed. This is instead of an agreement made between humans and executed by humans. This is a transparent, secure, cost efficient system for transaction and on the NEO blockchain. With the NNS domain name registration bid-auction service, users engaging in the Smart Contract don’t need to memorize their ScripthHash, they just need to input a word or phrase to proceed with the contract.
GAS tokens were established with a similar maximum supply as the base cryptocurrency of NEO. It incentivizes people to hold on to NEO as it will gradually accrue in their accounts over a period of time and this is also dependent on the amount of NEO they hold.
GAS is a requirement for launching Smart Contracts as well as other forms of dApp on the NEO network. It is because of this basic requirement that NNS has modified its economic model to accommodate GAS for domain name bid-auction instead of NNC. GAS tokens like many other cryptocurrencies except NEO tokens (which are divided into integers of 1, 2 and 5) can be subdivided into several decimals. It also has a number of utilities that further enhances it’s value in the NEO Smart Economy and it’s expected to reach the 100 million milestones by 2039.
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