One of the best things about platform coins is that sometimes they give you free airdrops

Nobody does this better than NEO.

Not long ago I wrote this post about the Master Contract Token (MCT) airdrop. 97% of MCT was distributed to NEO holders! Before that it was Ontology (ONT), a coin that has done remarkably well so far, despite the lacklustre market that it launched into. (The best thing about the ONT drop is that there is still more to come!)

The latest airdrop is being processed right now...

While you were sleeping...

Early this morning (UTC time) NEO block number 2436800 was added to the NEO blockchain and wallet balances were captured by the team at NewEconoLabs (NEL). NewEconoLabs have a project/product called the Neo Name Service (NNS). Neo Name Service has a token called NNC. Neo Name Service is comparable to the similar Ethereum service called ENS.

A quick recap of those abbreviations for the sake of clarity:

• NEL - NewEconoLabs

created:

• NNS - Neo Name Service

which has a token called:

• NNC - Neo Name Credit (you have to dig deep to find that snippet of information!)

that is similar to:

• ENS - Ethereum Name Service.

there we go, all caught up.

What is NNS?

Very briefly: NNS enables you to get ".neo" domain names.

By GabboT (Man of Tai Chi 05Uploaded by tm) [CC BY-SA 2.0], via Wikimedia Commons; modified by Bit Brain

How much and when?

The NNS contract has already been activated and the snapshot has been taken. NNS say that the NNC tokens should be airdropped to NEO holders within a week. For those with NEO on exchanges, I am not sure which exchanges are supporting the airdrop and which aren't.

From https://twitter.com/NeoNameService

You will earn 0.1 NNC for every 1 NEO coin held. So if you hold 10 NEO then you get 1 NNC. That sounds great because it's similar to the first ONT airdrop, but...

ONT have only dropped half of their airdrop so far. NNC will only drop once. Supply is the same as ONT: 1 billion. Unlike MCT who dropped a massive 97% of their total token supply, only 1% of the total NNC supply will be airdropped! What's worse is that NNS are keeping 70% of the tokens! (Strangely enough their whitepaper is curiously silent on the topic of token distribution - unless I somehow missed it.) That's truly terrible and I give them a solid 1 out of 10 for keeping so many tokens under their ownership/control.

From https://twitter.com/NeoNameService/status/1004282564012462080

But it's not all bad news: NNC holders will earn dividends (hooray!), just like NEO holders get GAS and ONT holders will get ONG; NNC holders will get SGAS - a special form of GAS that can be exchanged for GAS at a 1:1 ratio. All the fees paid for registering domains will get redistributed to NNC holders. Now you know why NNS are holding onto that 70%...

While definitely not the best project on the NEO net, it's good to see more and more DApps developed for NEO. It's also great to keep getting airdrops, especially of dividend paying coins, even if the amounts are only very small. Perhaps 10 to 20 years from now those small amounts will add up to something substantial, who knows?

Other useful links

NEL Twitter page: https://twitter.com/NewEconoLab

NNS Twitter page: https://twitter.com/NeoNameService

NNS webpage https://neons.name/index_En.html

Yours in crypto,
Bit Brain

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Published on

by Bit Brain

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