Sui Name Service (SuiNS) Will 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.

Mysten Labs, the company behind the Sui blockchain, recently announced that Sui Name Service (SuiNS) will become a decentralized protocol.

This step is being taken to bring more accessibility and openness to the project, as 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 a $NS token for voting on proposals, through which the community will decide what path SuiNS will take.

Similar to Ethereum Name Services (ENS), SuiNS allows users to purchase simple and understandable names that can be used in the Sui ecosystem.

These names are essentially account identifiers that can be used to substitute your wallet address.

A Sui wallet address has over 60 characters, making it difficult to remember and use.

With SuiNS, you can substitute this address with a simple and easy-to-use Sui name, such as @James.

Earlier, SuiNS had a suffix of .sui (e.g., James.sui); however, with SuiNS V2, which launched in mid-June 2024, users can now buy more straightforward 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.

SuiNS is planning to launch the $NS token later this year, which will grant holders the power to vote on proposals.

Although only the Sui Foundation will have the authority to create a proposal, the holders will decide whether it gets accepted or rejected.

To maintain community control, the foundation will not have any authority to use tokens in the $NS treasury to vote.

The voting power is determined by the number of tokens a user holds, and they will receive rewards for their active participation in the governance once a proposal is over.

With the launch of SuiNS, the project is empowering its community to make decisions for its future.

It will also be creating a discussion forum to listen to its community's questions and decide on the creation of proposals.

With the community in charge of SuiNS, it is set to become a fully decentralized and transparent project.