KEYTAKEAWAYS
- Sui Name Service (SuiNS) simplifies blockchain interactions by providing memorable domain names and digital identity management.
- The $NS token empowers holders to participate in decentralized governance, shaping the platform’s development and decisions.
- SuiNS V2 introduces new features, including @ handles and subnames, enhancing user experience across Web2 and Web3.
CONTENT
SuiNS offers decentralized domain names on the Sui blockchain, simplifying blockchain interactions and digital identity management. $NS token holders influence the platform’s future through on-chain voting.
WHAT IS SUI NAME SERVICE (SUINS)
Sui Name Service (SuiNS) is a decentralized domain name system based on the Sui blockchain, designed to offer users a simple and efficient naming solution. SuiNS allows users to map complex blockchain addresses to easily memorable .sui domains and @xxx handles, enhancing convenience and security in blockchain operations. These decentralized domains can be used for transactions, decentralized applications (dApps), and digital identity management, making SuiNS a vital tool in the Web3 ecosystem.
ꚰ Website : https://suins.io/
Overall, SuiNS represents an exciting new development in online naming systems, potentially transforming how users access digital assets. Its decentralized architecture ensures data security, while its versatile features make it an attractive choice for both individuals and businesses. By leveraging blockchain technology, SuiNS has created a robust tool that simplifies and secures network addressing, making it easier than ever to access digital assets.
Sui Name Service (SuiNS) provides human-readable identifiers that can replace your wallet address. For example, a Sui wallet address is a string of numbers and letters, which is difficult to remember. Therefore, SuiNS allows you to purchase shorter names, which you can change to your own or other easily memorable names, similar to social media usernames. Prices start from 500 $SUI for 3-character names, 100 $SUI for 4-character names, and 20 $SUI for 5 or more characters, with these prices being annual fees.
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Sui Name Service V2
SuiNS V2 is a major upgrade launched in mid-June 2024. Previously, a name like “anna.sui” would now become “@anna”. This simplification highlights Sui’s user-friendliness by removing the “.sui” suffix and adding “@” as a prefix. The new system’s advantage is its functionality in both Web2 and Web3, which could attract more Web2 users to join the Sui Web3 ecosystem. In Web2, the “@” symbol is commonly used to refer to users, companies, or applications.
Existing SuiNS users can transition seamlessly with an option to switch between “.sui” and “@”. However, NFTs will still carry the “.sui” suffix, meaning both options remain available for use. This flexibility is present throughout the Sui ecosystem, including in the Sui Wallet, browser, and various RPC and SDK tools.
SuiNS Subnames
Another new feature of SuiNS V2 is subnames. These allow you to create and add new custom identities under a primary SuiNS name. This service is free, requiring only gas fees, which are very low on Sui. This supports better organization and hierarchical structures for groups and organizations, such as companies, DAOs, and other entities, which can add brand account names for both users and employees.
Introducing SuiNS Subnames: a game-changer for digital identity management. Create nested, personalized subnames for your organization or personal use at no extra cost, except for gas. pic.twitter.com/kYqKyCED4f
— Sui Name Service (SuiNS) (@SuiNSdapp) June 21, 2024
ꚰ Official X (Twitter) : https://x.com/SuiNSdapp
SUI NAME SERVICE (SUINS) TOKEN | $NS
The native $NS token of the SuiNS platform allows holders to participate in governance. As a holder, you can vote on proposals put forward by the SuiNS Foundation.
$NS tokens are the means to achieve decentralized governance. Through voting, $NS tokens provide governance utility, enabling the SuiNS platform to continually evolve through consensus-driven decisions by distributed token holders.
Therefore, as an $NS token holder, you can control and influence the future direction of the protocol. On-chain voting may cover cases such as:
- Protocol development and features.
- Management of the SuiNS treasury.
- Oversight of strategic initiatives.
Additionally, as a holder, your rates for purchasing more names will be reduced.
$NS Token Distribution
The distribution of $NS tokens is designed for stability. The SuiNS Foundation will manage the $NS treasury, responsible for the platform’s long-term viability and sustainability.
- Treasury – 57%: The treasury can provide grants or use funds to support or maintain the platform’s operations. The SuiNS Foundation cannot use tokens in the treasury for voting, ensuring a clean and fair voting process.
- Core Contributors and Early Supporters – 28%.
- Active Community Members – 10%: For those who interact with the platform in meaningful and active ways.
- Future Governance Rewards – 5%: For those who play an active role in governance.
And the maximum supply of $NS tokens is 500,000,000.
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SUI NAME SERVICE (SUINS) | FEATURES
- Support for Multiple Username Standards: SuiNS supports commonly used username standards, making on-chain interactions more convenient and intuitive.
- On-Chain Identity Definition: With SuiNS, you can establish a clear on-chain identity, avoiding hard-to-remember strings of numbers and letters, and enhancing your visibility.
- Risk Reduction in Operations: SuiNS minimizes the risk of asset loss caused by complex blockchain addresses by providing simple and memorable names.
- Ownership of Names: Once you purchase a name, it belongs to you entirely. You can use, gift, or sell it until it expires.
HOW TO REGISTER FOR SUI NAME SERVICE (SUINS)
The registration process for SuiNS is straightforward. Users simply search for their desired Sui @ domain on the SuiNS official website, confirm availability, and complete the registration by paying with $SUI. After registration, users can manage their domains and perform transfers through a user-friendly management interface, designed to accommodate both beginners and experienced users with ease.
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