On May 5, the NewEconoLabs (NEL) announced a partnership between NEO Global Capital (NGC) and Fenbushi Capital for Neo’s Names Service Project (NNS).
NNS is Neo’s Damion Name Service and is a distributed, open source and extensible domain name system based on the NEO Blockchain. Its primary aim is to delete wordless phrases such as wallet addresses that are difficult for the users to remember. The addresses will be replaced by a word or a phrase and NNS will permit access to the wallet or a smart contract.
NEO Global Capital is a Blockchain-focused Venture Capital and has contributed to several projects such as Zilliqa, Ontology, Switcheo, Moonlight, Point-to-point payment network, Trinity, and others. It is the investment arm of the NEO Foundation. Its goal is contributing to projects that will help in NEO ecosystem’s growth and flourishment.
Fenbushi Capital was established in 2015 and is also a Venture Capital entity with the reputation for investing in Blockchain projects heavily. The firm has already invested $50 Million in Blockchain projects and is also holding a NEO consensus Node currently running on the Testnet version of the Blockchain.
Instead of public keys as a receiving address when making transfers, through the partnership, users will be allowed to create .neo domains. All in all, this partnership continues validating the NNS project as being a viable one and a game-changer for the Blockchain technology.
With respect to NewEconoLab, this is a development community that was founded in China back in December 2017. Its first priority is to attract and retain the top talent in Blockchain development and assist in the growth of the NEO’s ecosystem.
Currently, NEO is in the 11th position among c cryptocurrencies according to CoinMarketCap and is trading at $63.73 at time press. On January 16, the coin price was around $196.