NewEconoLabs (NEL) has published its second bi-weekly NEO Name Service (NNS) report for September, highlighting its numerous project and ecosystem updates.
The team began its report by reminding readers about the impending launch of its MainNet on October 9th. Following the launch of the NNS MainNet, the platform will enable domain name mining for a period of two weeks.
From October 9th to October 23rd, NNS will allow users to bid on .neo extensible domains via an auction process with “mining” rewards for successful bidders. Users bid on auctions using GAS. Auction winners receive their .neo domains and a proportionate amount of NNS tokens to the auction’s closing GAS price.
Domain mining rewards will be issued under the following terms and structure:
Domain name winners will be rewarded with 70 NNC for each 1 GAS they spend if the domain auction start time is between Oct. 9th-16th 2018 (GMT+8).
Domain name winners will be rewarded with 50 NNC for each 1 GAS they spend if the domain auction start time is between Oct. 16th-23rd 2018 (GMT+8).
The amount of NNC that will be awarded in the domain name mining activity will be no more than 100 million NNC (10% of NNC total supply). If there is any NNC left, the leftover NNC will be locked up.
All NNC rewards will be delivered after the domain name mining is closed.
NNS Ecosystem Updates
Besides the upcoming launch of the NNS MainNet, the team has been busy behind the scenes expanding its ecosystem. One notable development is NEL’s cooperation and eventual integration with O3 wallet, an application for storing NEO, GAS and other NEP-5 tokens. O3 will support the transfer of .neo domains sometime between October 8th and October 15th; at the end of October O3 users will be able to bid on .neo domains within the application.
The team also worked on the platform’s backend API adding numerous features such as the ability to query a domain name’s status and registration information. The transaction-sending interface was also optimized and the API is now compatible with the new NEO CLI 2.9.0 log contract notification structure.
Extensive development was also done on the NNS frontend in preparation for its MainNet launch. The team increased its security measures of converting GAS to CGAS (a NEP-5 equivalent to GAS used in NEO smart contracts). NNS wallets also now display transaction fees for transfer between addresses.
NEL also posted videos highlighting the usage of its TestNet. The videos were produced by a participant of the NNS tutorial competition. The two videos can be seen here and here.
More information on NewEconoLabs and NEO Name Service can be found at the links below.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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