NewEconoLabs (NEL) announced recently that they are partnering with Neo Global Capital (NGC) and Fenbushi Capital, for Neo’s Name Service Project (NNS).
NEO Global Capital is the venture capital arm of the NEO foundation, that focusses on blockchain investments. It has been a key contributor to projects such as Ontology, Trinity and Zilliqa. The main aim of NGC is to assist projects that will benefit the NEO foundation and value of the NEO ecosystem in the long run.
Fenbushi Capital is also a Venture capital firm that focusses on blockchain projects, investing over $50 million so far. They also hold a NEO consensus node running on the TestNet version of the blockchain.
Both these firms have a strong record in investing in up and coming projects and thus this new partnership could be extremely exciting.
Neo’s Name Service Project is a distributed, open source and extensible domain name system based on NEO’s blockchain. This service will replace wordless phrases such as wallet addresses, that are difficult to remember and unsafe to keep saved on computers. The new worded wallet phrases will be .neo domains, that will be used instead of public keys in money transfers.
NewEconoLab is a development community and founded in China in December. They will assist in the development of this project, as a result of the new partnership. On top of this they will try to grow the NEO ecosystem in any way possible.
It is not yet known when the NNS will be completed, and we do not yet know any of its real features. However, if NEO does live up to expectations then this could be a major selling point for the NEO blockchain, and herald many more easy to use wallets. This, in turn, creates a much more accessible blockchain and cryptocurrency experience, making mainstream adoption that bit more likely.