Sui Name Services is an innovative name resolution solution that offers a decentralized alternative to currently used centralized systems. It offers users a simple and secure way to assign meaningful names to IP addresses, leveraging blockchain technology to ensure system security and immutability. Additionally, Sui name services offer developers a way to build dApps that use name resolution, opening up new opportunities for innovation.

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SNS Core Team & Advisors – These are members of the team who have helped build the SNS Decentralized Automated Organization (DAO) and also consultants who have given their advice on how to further maintain the system. Early Registers – These are users who have engaged in early interaction with SNS. Discord Roles (Stork, Stork+, & Super-Stork) – These are community members who have discord roles and have participated in the CREW quest by SNS. Distribution Quota More than twenty-five percent (25%) of the $SNS Token will be airdropped to the community of which five percent (5%) will be allocated “Storks”. The aim is to incentivize and appreciate the community and as a propellant for doing more for the community as SNS is a community-owned protocol.

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Sui name services uses a currency called SUI, which is an Ethereum-based token. Users can use SUI to buy and sell domain names on the platform. Additionally, developers can use SUI to create decentralized apps (dApps) that use the Sui name service's name resolution system.

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Sui name services is based on the Ethereum blockchain technology, which means that it is a distributed and secure system that does not depend on a central authority. This makes the system resistant to censorship and blackouts, as it does not depend on specific servers or datacenters.

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Anthony, founder of the Sui Name Service's developer StorkLabs, announced that Sui Name Service plans to release $SNS token in Q3 2023. The total supply of $SNS is 100 million, with 25% to be airdropped to the community and 75% to be distributed to core contributors and token treasury.

It is said that the $SNS token will be used to vote on use of community funds, feature changes, or anything related to the SNS-products / direction

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Despite their shared origins, Aptos and Sui are very different in their attempts to solve the scaling problem. While Aptos is more similar to existing designs, Sui is more innovative and thus more complicated to build upon.

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Evan Cheng, CEO of Sui developer Mysten Labs, is seeking to raise over $100 million for a Web3 fund, according to The Block.

Sui is a Layer 1 smart contract platform that claims to offer unprecedented low-latency for simple use cases by forgoing consensus to instead use simpler and lower-latency primitives.

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NFT

Mysten Labs, the company behind the yet-to-launch layer-1 blockchain Sui, has raised $300 million aimed at building core infrastructure and accelerating the adoption of its Sui blockchain ecosystem. 

The blockchain company, which was founded by former executives of social media giant Meta in 2021, said in a Thursday announcement that it landed $300 million in a Series B funding round led by crypto exchange venture arm FTX Ventures.

Other Series B investors included Coinbase Ventures, Jump Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs and O’Leary Ventures, among other investment funds and partners, with the new capital valuing the company at over $2 billion.

In addition to equity, investors will receive warrants for native tokens to be traded on the future blockchain.

Mysten is the creator of the Sui blockchain, a proof-of-stake (PoS) layer-1 blockchain that uses a feature called “transaction parallelization” to achieve high throughput, low latency transactions and low transaction fees, which may give existing blockchains such as Ethereum and Solana a run for its money.

Mysten co-founder and CEO Evan Cheng said the new funding would be used to build its technology, the company’s hiring efforts and expansion to the Asia-Pacific region.

“This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission.”

Cheng suggested that current Web3 infrastructure “is in the dial-up era,” noting:

“It’s slow, expensive, capacity constrained, insecure, and simply hard to build for.”

The latest funding suggests that some venture capital investors remain unphased by the crypto bear market. A recent report from Messari revealed that $30.3 billion in funds was invested by VC firms in the first six months of this year, outpacing the entire fundraising year in 2021.

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