The NNS project is a smart contract protocol layer application built entirely on the NEO blockchain and is a true blockchain application. The combination of many projects and blockchain is just to issue a kind of token, the service of the token is provided by a central organization, while all services of the NNS are provided by the smart contract, which is distributed and flexible and extensible, without centralization risks.
NNS is a large-scale application of NEO smart contract system. In order to achieve resolver flexibility and scalability, we apply the latest NEP4 dynamic call. In the economic model, we will design the Vickrey auction contract and the Dutch auction contract. In order to achieve an easy redistribution of system costs, we’ve extended the NEP5 tokens standard and added the concept of coin days to allow system revenue redistribution without locking tokens, blending application tokens and equity into one kind of token.
As domain name services can improve the usability of the blockchain and have rich usage scenarios, there will form an ecosystem around domain names. In the future, we will work with NEO Eco-system C-lients to allow all NEO wallets to support the transfer of tokens via alias. We will also explore new usage scenarios such as working with pet games and giving pets nicknames via NNS. In the future, as the NEO ecosystem is used more and more, the domain name of NNS will become more and more valuable.