THIS IS DEMOCRACY.
We are going to reward all of the people who have supported us thus far and helped make the $SNS a reality - the community. In this stage, the community will also receive real power, however, this will be done in a wise-owl way to ensure that our token has genuine value yet the team behind the $SNS can also ensure this power is not misused by bad actors within the community.
We believe $ENS is the greatest example of a DAO-based governance token release that has proven successful long-term. No other community has supported a project like $ENS and worked to keep it successful while also keeping the token price fairly stable. For this reason, we seek to adopt an airdrop-like release for $SNS token to reward the people who have actually held $SNS domains and used our product/service, and they should have the greatest allocation amongst the release.
Currently, as of Friday, July 22, 2022, this is the goal for the release. I have considered this for quite some time and believe this is the most successful way to release governance for a project successfully given its size.
1.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
1.25% to the community (2.5% exclusively allocated as extra for whitelist participants)
2.10% to the parent company as an investment
3.15% 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.
This system of checks and balances ensures that the company retains certain control to protect consumers and is able to remain profitable while the community also receives benefits from the company and helps drive direction. Profitability is important as it will ensure that we can stay competitive moving forward. The $ENS non-profit model is great, however, it is more difficult to be competitive in this industry while retaining that approach. We can do the most amount of good with a smart profitable approach.