First, let's understand what a blockchain domain is
Decentralised domains are NFTs that allow owners to transfer digital assets, using the domain name as the destination address, and to run websites on a decentralised, censorship-resistant internet.
Blockchain domains are addresses that exist as tokens or smart contracts on the decentralised Internet. They map individual blockchain addresses to legible domain names. As a result, instead of a long blockchain address, such as 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa, a short domain, say name.sui, can be used.
What is Sui Name Service
Sui Name Service is a platform for purchasing domains in the growing Sui blockchain, for those who do not know it is an innovative blockchain built on the Move language by a team from Meta(Facebook), its feature is the ability to perform multiple transactions in parallel as opposed to classic blockchains where one transaction follows another, more than 250 million dollars have been invested in this blockchain, there is no doubt that in the next few years this blockchain will be on top, respectively, any project built in this network is destined for success, especialy if it is a project with a young and strong team and a clear vision of the future and its goals, such is the Sui Name Service.
SNS is the largest and fastest-growing project in the Sui ecosystem. Only the laziest have not heard of this blockchain and if you are among them, here is a short description of what Sui is and what its features are
What is Sui
Sui is a public blockchain of layer 1 smart contracts that aims to provide scalability and low latency for simple day-to-day use cases such as asset transfers and payments. This is made possible by parallel transaction processing, which allows for more efficient use of processing resources and allows for increased throughput by simply adding more resources.
Sui invokes the consensus protocol only for co-owned objects, eliminating the concept of "blocking time" for simple transactions. This is what enables transactions to be terminated immediately.
The Sui platform is written in Rust and supports smart contracts written in the Rust-based programming language Move. Move was originally created by Facebook to develop the Diem blockchain (formerly known as Libra), which has now been abandoned due to regulatory opposition
Direction of development
It’s all logical and simple. The developers intend to develop their project in the direction of games and gaming platforms, such as Epic Games, Blizzard, Steam, and this is not surprising, because every year the number of users is growing, almost everyone has played games and more and more games are integrated with crypto projects and integrate into their products blockchain, NGT, smart contracts, etc. And also we should not forget about meta universes which are based on blockchain, one example is The SandBox, i am sure most of the players in it use ENS domains (they just don’t know about SNS yet, but this will be fixed soon). Here’s what the developers have to say about it:
It's about using the historically revolutionary technology that Sui is for a commercial purpose that consumers can actually use. The $SNS is so focused on gaming because it is the parallel most natural for crypto-currency to break into. People who use games are more computer-savvy than regular consumers and people who use games are already familiar with practical use cases for crypto-concepts - csgo skins as NFTs, etc.
I think everyone is already clear, the project is really cool and not only that you have the opportunity to become a part of something truly beautiful and massive you can also earn on it, for this join their Discord, Twitter and also perform tasks on Crew3, if you will be active and useful to the project you will get a part of the selected tokens SNS, or domain to be able to mint one of the first — submit your application here
Tokenomics
The first thing you should pay attention to is the tokenomics of the project, it will be provided below, as well as you can read in more detail here.
There will be 100M total $SNS tokens and they will be capped at this amount — forever.
2. 50% of the 100m supply of $SNS tokens will be locked at release. These tokens will be controlled by the $SNS parent company SolNames LLC.
3. The 50% of the token supply at release will be distributed as follows
- 25% to the community (2.5% exclusively allocated as extra for whitelist participants)
- 10% to the parent company as an investment
- 15% to the founding team and active contributors — discord, valuable contributions, etc (48-month vesting schedules)
4. Tokens will eventually receive dividends from $SNS-owned products, creating a REAL utility for long-term ownership. Dividends will be based on a % of specific $SNS product profits. The exact distribution is yet to be determined, however, this is a personal goal of the team to create real value for the community.
You can also apply for WL and be one of the first to mint your .sui domain, to apply follow this link and fill out the form. You can also win WL in their Discord activity
Now available a lot of activities through which you can book a place among the lucky ones who will have 25% of tokens from the total supply, more on this you can read here