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NNS

NNS – service transforming long NEO addresses to short and human-friendly ones

Rating: 4.2

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
Testnet is available and the code is traced via Github


Token description
ICO date
01.01.2018 - 01.07.2018
Token price
N/A
Platform
NEO
Blockchain
NEO
Token distribution date
N/A
Consensus method
Escrow
N/A
ICO currencies
USD
Bounty camping
N/A
Markets
N/A
Token functions
Used in participation in an auction and as an annual payment for an address usage
Risks
MARKET

The auction activity may decrease in the 3rd month taking into consideration Ethereum ENS statistics

PRODUCT

No sufficient risks were found

BUSINESS MODEL

The project is incorporated in China causing possible legal problems for investors

FINANCES

The project is non-profit but it is usual for NEO infrastructural products

TEAM

LinkedIn profiles are rather formal and do not consist valuable information

Full analysis
Market

This product does not have a market in the conventional sense as it aims to overcome a very specific problem – long and not human-friendly addresses for NEO. Considering this the product cannot have any competitors. A similar product has been developed in Ethereum that has conducted 750K auctions in its first year starting in May of 2017. To sum up, the service is likely to be in demand but NEO lower popularity must be also noted.

Product

The prior goal is to develop an “add-in” to NEO blockchain enabling short human-friendly addresses in place of current ones. Ethereum has the similar service but NEO still not. The team does not deny it uses Ethereum ENS experience and it is ok. Technical description is detailed and deep and provides good explanation of the main differences with Ethereum ENS – different architecture and smart-contract work so that the system turns clearer. The current stage is Testnet and auction already available. Roadmap is fast – Mainnet is about to be launched in May and the product will work in June of 2018. The team has experience in developing products for NEO so this one is likely to reach NEO support as well. The development process can be checked via Github where the team demonstrates good activity.

Business model

Token has three main functions: is taken when purchasing an address, is taken annually for address usage and is used for revenue distribution. A user has to pay for the participation in an auction so the services takes 10% from every bid even if it is unsuccessful. This fee is cumulated and distributed among NNC token holders.

Finances

Financial information is not detailed and the project is generally non-profit that is a usual thing among NEO infrastructural products. Crowdsale will not be implemented in this project and tokens will be likely sold privately to investors with large funds. Being an infrastructural product of NEO, its token distribution is likely to include NEO Foundation part.

Team

The product is developed by the Chinese team of 10 members. CEO has been a soft developer for 3 years. He and CTO that is a core developer in NEO incorporated a non-profit company NEL in November of 2017. Developers did not indicate their previous experience in their LinkedIn profiles and do not have connections. So, the only source of information is mass media. The team has developed Neodun cold storage wallet and NEO-GUI. NEL is supported by NEO and publishes monthly reports covering their news.

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