NNS ICO Review: NNS Token sale Details, info,Rating

NNS ICO

NNS ICO
7

TEAM COMPOSITION

6.0 /10

BITCOINTALK.ORG THREAD

7.5 /10

Community and Media

6.0 /10

TOKEN DISTRIBUTION

7.9 /10

WHITEPAPER

7.5 /10

Pros

  • It is based on NEO platform which will improve usability.
  • This is a decentralized platform.
  • Redistribution of system fees.

Cons

  • Important details are not mentioned in the whitepaper.
  • Information are not fully transparent to the user yet.
  • The project is not well developed and developers are seem to be dependent on others to do so.

Satoshi Nakamoto created base58 encode rather than using base64 encode while creating Bitcoin address. In this base58 code he deleted some ambiguous characters: 0(zero), O (capital letter o), I (capital letter i) and l (lower case letter L).

This shows us the thought of Nakamoto’s usability of Bitcoin address in the future. However blockchain addresses are still not user-friendly. They are hard to remember and not easy to compare whether it is right or wrong.

We all know that the popularity of blockchain is increasing day by day. This enhances the chances of blockchain use in day to day life of a normal user. The service of Ethereum’s ENS is available in the market which can solve some sort of problems related to this but not all of it.

But the NEO based service NNS can solve the all problems related to tough address and blockchain domain registration, etc.

What is NNS?

NNS is a distributed, open and extendable naming system based. This platform is based on NEO blockchain and on the name of NEO service.

The main goal of the project is to replace irregular string such as wallet address and smart contracts hash with words and phrases. As this current wallet address and hashes are hard to remember for normal peoples.

Through using the NNS service people will don’t have to remember wallet address and hash that they don’t understand. Users can make a transfer or use contracts by just knowing a word or phrase.

NNS can be used to resolve a wide variety of resources. The initial standard for NNS defines resolution for NEO addresses or Smart contracts(ScriptHash), but the system is extensible, allowing more resource types to be resolved in future without NNS upgrades.

white paper

How NNS will solve this problem?

NEO Name Service (NNS) will increase the usability of NEO blockchain by providing NNS service. This is based on alias (another name or assumed names) uses.

The primary usage scenario of alias service is transfer of tokens via alias, especially for those accounts who need to make public their wallet addresses and do not need to change their addresses frequently. For example, when an ICO is underway, the project initiator need to make public its official wallet address on its official website.

As the official wallet address can modified by hackers, it is difficult for investors to notice that. So if the project initiator could make public a short and easy-to-remember address alias, then it will be easy to remember. Also, it could be easily found. This will prevent wallet address from being modified by hackers. What types of resource an alias points to be extensible, as long as corresponding resolver is achieved.

In addition to that pointing to an account address, an alias could also point to a contract address, so smart contracts can be authorized via alias. There will probably be many smart contract templates, thus mistakes could be avoided if the alias service is used to invoke smart contract templates.

As blockchain is the infrastructure of next generation Internet, an increasing number of services will be based on blockchain. For example, the decentralized cloud storage service. File addressing is done through the file’s hash value-the only identifier.

The NNS service will give a hash value to an alias such as a file name that could be understood easily, then they map the alias to the file’s hash value to achieve the file addressing. So alias service could be used together with NEOFS-the decentralized file storage based on NEO in future.

NNS could also provide alias service for decentralized messaging, decentralized email service and so forth as more and more services are being built on NEO.

What are current problem of Domain Name registration?

In the present type there are two type of Domain Registration method – first are like Bitshares and second is Ethereum’s ENS.

Nowadays service providers sets different prices for the Domain names. As the Blockchain Domain names are decentralized in nature so pricing issues does not come in the first method. This is the simplest method available in the market for now. However there is no market pricing process at the time of initial distribution. Also there is no multi-participation option is available.

This methods works when the blockchain domain name value is low but when the demand for blockchain domain names increases in the market this method does not reflect that. As a result of this the value of domain names does not increases.

Ethereum ENS service adopts a sealed auction registration method. The registration process is composed of bid opening, placing, revealing, and bid winning. The whole process is of about 7 days. The main part is placing a bid and revealing a bid process. The blockchain is an open and transparent ledger system.

In order to achieve sealed bidding, the user’s bid consists of two parts, one is the real bid, and the other is the confusion money. Others can see your total bid in the system rather than your real bid to avoid the information advantage of later bidding.

The disadvantage of auctions of sealed bidding is that they cannot achieve a complete seal, and there are information leaks because the actual bid cannot exceed the total price. Second, the user experience is poor. The user needs to save the cipher text and reveal the bid in the bid revealing period on time. Users need to do a lot of work, or it will lose the qualification and bid fund.

These problems can be solved by using NNSs’ alias method for blockchain domain naming at the time of registration.

Token details

Total token supply – 1000000000

Token symbol – NNC

Platform – NEO

ICO Details

ICO date – 13th June to TBA

Conclusion

As they project idea is unique but the implementation does not seems to be good. It is about average. The developers and advisors need to be worry about it and work according to that. Otherwise there are number of competition is available in the blockchain market. If the company unable to manage the transparency to the user the project will be a miss and not a hit.

So I hope you like this post. Please share this post with your friends and family.

Cheers!!

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