Sui Name Service (SuiNS) is making some noise in the blockchain world with its latest announcement. The platform, which debuted on the mainnet in 2023, has undergone substantial transformations in recent months. But this is just the beginning.
SuiNS has just revealed its ambitious plan to become a decentralized protocol. This groundbreaking move promises to revolutionize how users interact with the Sui ecosystem and empowers the community to take ownership of the platform’s future.
Let’s learn more about it.
Mysten Labs, the company behind Sui, revealed in a recent blog post their plan to make Sui Name Service a fully decentralized protocol. This change aims to make the project more accessible and open, staying true to one of the core principles of blockchain—decentralization.
By moving SuiNS to a decentralized model, decision-making power will be handed over to the community. To support this, the project will introduce the $NS token, which the community can use to vote on proposals and guide the future of SuiNS.
Like the Ethereum Name Service (ENS), SuiNS allows users to buy simple, easy-to-remember names within the Sui ecosystem. These names act as account identifiers, replacing the lengthy 60+ character Sui wallet addresses with something much simpler. Previously, SuiNS offered names ending in .sui (like James.sui), but with the SuiNS V2 update in mid-June 2024, users can now buy even shorter names, like @James.
How to Get Your Sui Name
Users can buy a Sui name for at least one year, with the option to extend it for up to five years. The cost of a name depends on its length: a three-character name costs 500 Sui, a four-character name costs 100 Sui, and names with five or more characters are priced at 20 Sui.
Later this year, SuiNS will launch the $NS token, giving holders the ability to vote on proposals. Although only the Sui Foundation will have the power to create proposals, the community will decide whether they are accepted or rejected. To ensure the community truly has control, the foundation won’t be able to use tokens in the $NS treasury to vote. Voting power will depend on how many tokens a user holds, and active participants will receive rewards once a proposal is concluded.
With the launch of SuiNs, the project is going to empower its community to make decisions for its future. It will also be creating a discussion forum to listen to its community questions and decide the creation of proposals. With the community in charge of SuiNS, it is going to be a fully decentralized and transparent project. The future of this project looks very promising as this step is definitely going to set a milestone for it.
With community at its core, SuiNS is setting a new standard for blockchain governance. Will you be a part of it?
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