NewEconoLabs (NEL) has released an article highlighting the NEO Name Service (NNS) and QR scan code binding process. In traditional peer-to-peer payment platforms (i.e., WeChat, Venmo) users can verify the identity of another party before confirming the transfer of funds. If User A scans a QR code to send funds to User B, User A can verify that the QR code belongs to User B before approving the transaction.
With private wallets, users still can scan a QR code of a recipient. However, identifying information to verify the address of another user is typically a public key. Therefore, NEL posits that scanning a QR code of another user isn’t more efficient or necessarily safer than manually entering the recipient’s wallet address.
NNS enables users to bind a string of alphanumeric characters in the form of a “.neo” domain name to a public key. An address bound domain name offers a more straightforward method of address verification between two parties in a transaction. To further simplify the process, NEL has developed the functionality to bind QR codes with NNS domain names.
Users can bind their NNS domains to QR codes through the NEL web wallet. NEL also purports functionality on “mobile phone[s] is currently under development and will be released in the O3 wallet after development.” Additionally, binding support is under development for the Teemo wallet.
NEL notes that only one address can be bound to a single domain name at any given time.
Binding instructions can be found in the full article linked below:
https://medium.com/neweconolab/neo-domain-name-binding-fast-identity-verification-in-one-step-a9891e6eb26a
BitMart Listing
The NEO Name Credit (NNC) token has been listed on the BitMart exchange with deposits opening on Wednesday, April 17th.
BitMart is a centralized exchange that seeks to offer its users with tokens that are “secure, compliant, and innovative.” Through internal analysis, BitMart believes NNC to be structured and promoted as “Utility Token,” and therefore, should be not categorized as “Security.”
NNC trading began on April 18th and withdrawals will be available from 10:00am (UTC-4) on April 19th.
At the time of press, BitMart is a Top 20 exchange, with a 24-hour trading volume of US$545 million according to CoinMarketCap.com.
The full announcement of the listing can be found at the link below:
https://medium.com/@bitmart.exchange/bitmart-lists-neo-name-credit-nnc-70097781cb83
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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