{"id":169846,"date":"2024-08-09T17:12:30","date_gmt":"2024-08-09T17:12:30","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=169846"},"modified":"2024-08-09T17:48:48","modified_gmt":"2024-08-09T17:48:48","slug":"suins-to-transform-into-decentralized-protocol-ns-token-launch-and-community-governance-revealed","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/suins-to-transform-into-decentralized-protocol-ns-token-launch-and-community-governance-revealed\/","title":{"rendered":"SuiNS to Transform into Decentralized Protocol: $NS Token Launch and Community Governance Revealed"},"content":{"rendered":"<p style=\"text-align: justify\">TL;DR<\/p>\n<ul>\n<li style=\"text-align: justify\"><strong>SuiNS announces its transition to a decentralized model<\/strong>, allowing the community to govern the protocol through the $NS token, which will be launched later this year.<\/li>\n<li style=\"text-align: justify\"><strong>57% of the $NS tokens<\/strong> will be allocated to the treasury for the platform&#8217;s sustainability, while <strong>28%<\/strong> will be assigned to initial contributors and <strong>10%<\/strong> to active community members. The remaining <strong>5%<\/strong> will be reserved for governance rewards.<\/li>\n<li style=\"text-align: justify\">$NS token holders <strong>will be able to influence the development of the protocol through a weighted voting system<\/strong> based on the number of tokens held.<br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong>SuiNS, the name service associated with the <a href=\"https:\/\/crypto-economy.com\/what-is-sui\/\" target=\"_blank\" rel=\"noopener\">Sui<\/a> network, has announced a major <a href=\"https:\/\/mystenlabs.com\/blog\/decentralization-of-suins\" target=\"_blank\" rel=\"noopener\">shift<\/a> towards decentralization, a crucial step in its evolution<\/strong>. This will allow the community to take an active role in <strong>governing<\/strong> the protocol through the use of the <strong>new $NS token<\/strong>, which will be launched later this year.<!--more--><\/p>\n<p style=\"text-align: justify\">The decentralization of SuiNS represents a move towards a <strong>community governance model<\/strong>, where $NS token holders will be able to influence the direction of the protocol. The initiative aims to transform the service into a decentralized public good, moving away from centralized management to a model where the community has direct control and participation. <strong>The $NS token will facilitate decision-making<\/strong> regarding the development and features of the protocol. Additionally, it will offer holders the opportunity to <strong>purchase names on the platform at discounted prices<\/strong>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Announcing one giant step for openness and accessibility\u2026<\/p>\n<p>Sui Name Service (SuiNS) will become a decentralized protocol! <a href=\"https:\/\/t.co\/yjF9Yvb0oL\" target=\"_blank\">pic.twitter.com\/yjF9Yvb0oL<\/a><\/p>\n<p>&mdash; Sui Name Service (SuiNS) (@SuiNSdapp) <a href=\"https:\/\/twitter.com\/SuiNSdapp\/status\/1821923670324850874?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">August 9, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">In terms of distribution, <strong>57% of the $NS tokens will be allocated to the treasury<\/strong>, which will be responsible for funding the long-term sustainability of the platform, as well as supporting maintenance and necessary operations. It is important to note that <strong>treasury tokens will not have voting rights<\/strong>, ensuring an equitable governance process.<\/p>\n<h2>SuiNS: How Will the Tokens Be Distributed?<\/h2>\n<p style=\"text-align: justify\"><strong>28% of the tokens will be allocated to core contributors and early backers, while 10% will be distributed to active community members<\/strong> who have interacted meaningfully with the protocol. The remaining <strong>5% will be reserved for future <a href=\"https:\/\/crypto-economy.com\/dao-decentralized-autonomous-organization\/\" target=\"_blank\" rel=\"noopener\">governance<\/a> rewards<\/strong>, incentivizing active participation in the decision-making process.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-169849\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/suins-post-1.png\" alt=\"suins post\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/suins-post-1.png 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/suins-post-1-300x109.png 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/08\/suins-post-1-768x279.png 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\">The governance process will be structured through a <strong>weighted voting system<\/strong>, where the weight of votes will be determined by the number of tokens held. Additionally, a <strong>token lockup mechanism<\/strong> will be offered for those who wish to have a greater impact on protocol decisions. Governance participants will receive rewards based on their proportion of votes at the end of each proposal.<\/p>\n<p style=\"text-align: justify\">To ensure a smooth transition to this new model, <strong>a forum will be established to discuss governance aspects and address community questions.<\/strong> This forum will be crucial for ongoing participation and the evolution of the protocol. The decentralization of SuiNS marks the beginning of a new phase in which the community will take control of the future of the name service, fostering a more inclusive and resilient digital infrastructure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR SuiNS announces its transition to a decentralized model, allowing the community to govern the protocol through the $NS token, which will be launched later this year. 57% of the $NS tokens will be allocated to the treasury for the platform&#8217;s sustainability, while 28% will be assigned to initial contributors and 10% to active community &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"SuiNS to Transform into Decentralized Protocol: $NS Token Launch and Community Governance Revealed\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/suins-to-transform-into-decentralized-protocol-ns-token-launch-and-community-governance-revealed\/#more-169846\" aria-label=\"More on SuiNS to Transform into Decentralized Protocol: $NS Token Launch and Community Governance Revealed\">Read more<\/a><\/p>\n","protected":false},"author":34,"featured_media":169848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9346,70,74],"tags":[4620,4656,9512],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/169846"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=169846"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/169846\/revisions"}],"predecessor-version":[{"id":169850,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/169846\/revisions\/169850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/169848"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=169846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=169846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=169846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}