NS Describes Itself As

A decentralized naming and identity service built on the Sui Layer-1 blockchain. It provides a way for users to register human-readable domain names (e.g. alice.sui) that can be associated with Sui wallet addresses and other on-chain resources.

Project Function

• Human-Readable Names for Wallets: Users can register names with the .sui extension (e.g. example.sui) to replace complex wallet addresses with memorable names.
• “.sui” and “.move” Domains: SuiNS provides two types of domain name extensions: .sui domains for individuals and .move domains for projects/companies. A .sui name lets an individual represent their personal identity on Sui and point it to their wallet. A .move name allows companies or developers to identify their on-chain resources (like smart contracts or asset collections) under a readable name.
• Subdomains (Subnames): SuiNS supports creation of subnames under a main name​.
• Name Management Tools: Owners of SuiNS domains have full control to manage their names’ settings. Through the SuiNS dApp, a user can link their name to any Sui wallet address they choose (and update it anytime)​.
• Decentralized Websites (Sui Name Service  ): Beyond pointing to wallet addresses, SuiNS names can also point to content on the decentralized web. The team introduced Sui Name Service  integration, which lets users map their SuiNS name to an IPFS content hash.

Token Utility 

NS is the project’s governance token which can be used to vote and/or propose on the protocol’s governance dashboard. Furthermore, the token can be used for future incentives and rewards to governance participants.

About The Founders

SuiNS was developed by the team at Mysten Labs, the blockchain infrastructure company which developed the Sui blockchain. Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives and lead architects of pioneering blockchain projects. The mission of Mysten Labs is to create foundational infrastructure for web3.

Risks of NS

Like an investment in other crypto assets, there are some general risks to investing in NS. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in NS is subject to the following specific risks:

• NS operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. 

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with NS. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The NS community and Sui Name Service founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of NS have no recourse to the NS community, Sui Name Service founding team, or Uphold if NS declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing NS on the Uphold Platform, Uphold performed due diligence on NS and determined that NS is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of NS, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of NS.
• Any marketing materials put forward by the NS social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with NS, including any code defects, security breaches and other threats concerning NS and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with NS, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of NS.