The post Sui Name Service Goes Decentralized: Power to the Community! appeared first on Coinpedia Fintech News
Sui Name Service in its recent X (formerly twitter) post informed the community that they are going to become a decentralized protocol. Sui Name Service or SuiNS launched on the main net in 2023 has gone through major updates a few months ago. This time, it brought more interesting news for its community. Let’s learn about it.
A step towards decentralization
Mysten Labs, the company behind Sui, in their latest blog post shares their vision to make sui name services a decentralized protocol.
Announcing one giant step for openness and accessibility…Sui Name Service (SuiNS) will become a decentralized protocol! pic.twitter.com/yjF9Yvb0oL
— Sui Name Service (SuiNS) (@SuiNSdapp) August 9, 2024
Source : X(Formerly Twitter)
This step is taken to bring more accessibility and openness to the project. Decentralization is one of the founding pillars of blockchain. Restructuring SuiNS as a decentralized protocol will put the power of decision making in the hands of the community. The project will launch $NS token for voting on proposals. Using this token, the community will decide what path SuiNS will go on.
What is Sui name Service
Just like Ethereum Name Services, SuiNS allows users to purchase simple and understandable names that can be used in the Sui ecosystem. These names are account identifiers and you can use them to substitute your wallet address. A Sui wallet address has over 60 characters which is impossible for anyone to remember. You can substitute this address with a SuiNS. Earlier SuiNS had a suffix of .sui for example James.sui however, with SuiNS V2 launched mid June 2024, users can now buy more simple names like @James.
You can buy a Sui name for a minimum of 1 year and can extend it for 5 years. The price of a name depends on the characters it contains. A 3 character name costs 500 Sui, a 4 character costs 100 Sui and anything between 5 characters and above costs 20 Sui.
Governance Mechanism
SuiNs is going to launch the $NS token later this year, which will provide holders the power to vote on proposals. Though only the Sui Foundation will have the power to create a proposal, the holders will decide if it gets accepted or rejected. To maintain community control, the foundation will not have any authority to use tokens in $NS treasury to vote. The voting power is decided by the number of tokens a user holds. And they will get rewards for their active participation in the governance once a proposal is over.
Looking Ahead
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 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.
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