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Introduction
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1. Project introduction
The Sui Name Service supports username standards common across the web,Interacting on-chain just got a whole lot easier.
Getting a name from SuiNS can help define somebody's identity on-chain,No more forgettable string of numbers and letters,Make the presence known.
Blockchain addresses are complicated,Errors using them can lead to lost assets,SuiNS reduces the risk with short and understandable names.
2. Token application and distribution
Token application:
The NS Token takes Sui Name Service to the next level by taking the first step to becoming the first truly decentralized Web3 Name Service! The NS token gives governance over SuiNS to the community by allowing the community to have meaningful input (via their votes) over various aspects of the SuiNS protocol and its ongoing development. Utilizing groundbreaking technology through the Sui blockchain, SuiNS takes governance a step further by completely removing the need for any key or multisig holders.
Token distribution:
- 57% of NS tokens will be allocated to the Community and Foundation Treasuries.
22% of the initial total NS token supply will be controlled by token holders through governance voting.
35% of the total NS token supply will be administered by the SuiNS Foundation Ltd (“SuiNS Foundation”).
- 10% of the token supply was reserved for the community, and NFTs representing claims to these tokens were distributed to the community, the most important component of SuiNS! Community members will shape the future of the protocol by voting through governance.
- 5% of tokens will be allocated towards future governance rewards for $NS token holders who participate in voting.
- 28% of the token supply will be distributed to core contributors and early backers.
To ensure sustainable growth, investor and team tokens will be released over 3 years, with a 1 year cliff followed by a 2 year linear unlock. For Mysten Labs, 1 percent of tokens will be unlocked at the token generation event, followed by a 4 year linear unlock.
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