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11 October 2018
Neo Name Service (NNS) launched the Neo Name Service Mainnet on October 9ht at 10:00 am (GMT+8). If you still don’t know what NNS MainNet is for, this article is for you, as we will quickly explain it for you. We will also cover the ‘limited’ domain name mining which will run between October 9th-23rd (GMT+8).
NNS, Neo Name Service allows you to purchase a domain name ending on (.NEO). However, do keep in mind that the process or function is not the same as with buying a .com domain name for example. If you want to get your hands on a .NEO domain name, you’ll need to start/ join an auction and ‘win’ the auction.
If you were already considering purchasing a .NEO domain and haven’t heard about the limited ‘domain name mining’ activity, you should continue reading, as you’ll be essentially be rewarded with free NNC tokens! As there has not been an NNS ICO, you can also consider this as another way ‘invest’ in the project.
The NEO name service aims at resolving the issue of hard to read wallet addresses. You can basically exchange this: AUbjHTYAbgJLYWozg9YRr5tLBArwXMQiXf into mydomainname.neo
Another advantage is that it allows to add descriptive data for domain names. We can expect many use cases in the future which will use this feature, however we’ll have to wait for additional development before this becomes a reality.
So, before you get started with purchasing your first .NEO domain name, you should familiarize yourself with the two tokens which are part of NNS ecosystem.
NNC is a UTXO asset which essentially allows you to get a stake in the Neo Name Service project. The total supply of NNC is 1 billion. CGAS on the other hand, (previously SGAS) is linked to NEO GAS 1:1. You’ll need to convert your Neo GAS into CGAS if you want to bid for a domain name. Now, interestingly, all CGAS income from the domain name registration sales will be distributed to NNC holders!
Note, that if you have a losing bid, you’ll still have to pay a 10% auction fee. The ‘Winning bid’ will simply pay the full ‘bid amount’. The NNC holders will receive the redistributed CGAS in proportion to their holdings.
Domain name mining is a temporary reward program which is construed with the idea to thank the early adopters of .NEO domain names. NNS has put aside a maximum of 100 million tokens or 1 tenth of its total supply to be distributed to early buyers of .NEO domain names.
The reward program will run for 2 weeks, in which early adopters will receive a certain amount of NNC tokens for every GAS token they have spent purchasing .NEO domain names. Sounds like an amazing incentive to get started with your .NEO domain name within that period.
In order to eligible to be rewarded NNC tokens, you’ll need to ‘win the auction’. If the start time of the domain name auction was initiated between Oct. 9th-16th 2018 (GMT+8), you’ll receive 70NNC tokens for every GAS token have spend. If the start time of the auction started thereafter but before-23rd 2018(GMT+8), that amount per GAS tokens drops to 50 NNC. Note that NNC holders will also receive an equal ratio of tokens of the upcoming Ontology Name Service.
In other words, if the GAS price today sits at around 5,70 USD per GAS token, it means that you’ll be getting ‘free’ NNC tokens at a valuation of around 0.08 USD per NNC token if we consider a full distribution of the maximum supply of 1 billion tokens. Based on the same metrics, you could say that this would roughly be equal to purchasing tokens at a 81 million USD market cap valuation, fully diluted.
Example: If you would purchase a .NEO domain name for 5 CGas you’ll be awarded with 350 NNC tokens, as long as you the domain name auction started in the first week. If the domain name auction was to initiate between the 17h and the 23rd of October, you would receive 250 NNC tokens. Note that this domain name mining activity is a one-time event.
As we wrote before, the maximum amount of NNC tokens to be allocated will be one hundred million. If there are any NNC tokens which were not allocated to domain name buyers during this domain name mining activity, they will be locked up.
In order to purchase your .NEO domain name and benefit from this limited domain name mining period, you’ll have to win a .NEO domain name auction. You can start your own auction or simply browse through the existing (.Neo) domain name auctions and ‘JOIN’ an auction by placing a higher bid.
If you want to learn more about how to start your (.NEO) domain name auction, you can check out a written tutorial we have made, or check the video tutorial hereunder.
These are definitely exciting times for the team behind the Neo Name Service. NNS crossed the 2000 auction mark after it had been ‘live’ on MainNet for only 6 hours, and hit the 5000 mark in less than 2 days!
NNS has also reported that users should consider erasing the cache of their web browsers in case they would have any issue. It was also recommended to only use Chrome, Firefox or Safari!
Time will tell if this is the next ‘killer app’ for NEO. We hope you enjoyed our content. Feel free to leave us a comment below and follow us on our social media.
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