NEO Name Service (NNS), a domain name service for the NEO blockchain, has announced the development of a decentralized exchange to allow trading of registered .neo domain names. The news was announced in its latest bi-weekly report covering the second half of November, 2018. NNS is a project of NewEconoLabs, a Chinese NEO community development group.
NEO Name Service DEX
NEO Name Service state that its decentralized exchange (DEX) will use a “fixed-price” buying and selling model, and that the exchange’s smart contract development has reached release candidate status. The DEX will be integrated into the NEL wallet, a web-based wallet that can handle NEO blockchain assets and interact with the NEO Name Service smart contract.
NNC Dividend Claims
NNC holders are eligible to earn CGAS dividends from the sale of .neo domain names. However, NewEconoLabs has moved away from an automated method of airdropping CGAS to NNC holders, because the dividend transfers were causing congestion on the NEO blockchain. NewEconoLabs is moving to a manual ‘claim-based distribution” which is expected to be easier for the NEO blockchain to handle.
O3 Wallet Support
NEO Name Service claims that Japan’s O3 Labs, creators of the O3 wallet for desktop and mobile platforms, is “expected” to support the exchange of GAS to CGAS from within the wallet. CGAS is a GAS equivalent that exchanges 1:1 with the native blockchain asset, GAS, and is designed to interact with smart contracts published on the NEO blockchain.
The GAS:CGAS swap is necessary to purchase domain names in the NNS smart contract.
O3 Labs is also said to be integrating support for NNS auctions. The CGAS and domain name auction functions are expected to launch on the wallet in mid-December, 2018.
Development and Bug Fixes
New functions were added to the platform to allow users to buy and sell domain names, as well as a “delist” function to remove their domain names from sale in the marketplace. Improvements were also made so that users can tell at a glance whether or not a domain name is for sale. A listing price for each domain was also added to the selling interfaces.
The full NNS biweekly report can be viewed at the following link:
https://medium.com/neweconolab/nns-second-bi-weekly-report-of-november-f9ca32aff3f7
About The Author: Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.
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