Understanding LinkKey in one article (with SNS registration tutorial)

LinkKey is a Decentralized Autonomous Organization (DAO) with no corporate headquarters or offices. KEY is issued by community users, and its operation process depends entirely on the distribution and incentives of KEY tokens. Product design based on NFT features and social networks belongs to a new generation of digital social networks. LinkKey is committed to creating a “distributed social Metaverse”.

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LinkKey created SNS inspired by ENS, but with more emphasis on practicality.

SNS (Social Name System) is a very important decentralized username system in LinkKey. The agreement stipulates that all usernames are ***.key, such as alice.key, 1 key can only be bound with 1 ETH (ERC20), the name will be automatically generated as NFT, and unused names can be freely transferred and transactions. If individual NFTs and community NFTs are issued through sns, the name cannot be traded.

In LinkKey, users can quickly find the corresponding name instead of the ETH (Polygon) address. At the same time, this Universal Username Protocol will be fully opened up to the outside world so that all the web can access it.

At the same time, user registration on SNS is the only condition for issuing KEY tokens. When a new SNS is registered, the smart contract will issue 150 KEYs, and the SNS can be called a “mining device” for the KEY Token.

In the 1990s, anthropologist Robin Dunbar theorized that a person could have up to 150 friends. If it exceeds this number, not only will it be impossible to work and live normally, but the efficiency of all aspects will also be affected.

Therefore, the social NFT posted by each person in LinkKey is capped at 150 NFT.

Everyone can publish and operate their own NFTs in the LinkKey protocol, and give NFTs interesting or valuable rights, such as participating in or organizing events, providing business assistance, joint discussion topics, etc. We will initially provide a platform with the main function, users holding the same NFT will automatically enter the same group, otherwise the system will automatically be removed from the group. After the release of personal NFT, SNS (***.key) can no longer be traded.

In LinkKey, in order to create a community and issue community NFT (the total amount is fixed at 1500 NFT), the initiator needs to pay a support fee, which is similar to an insurance fee – when the community activity value is less than 10 points, these insurance funds will be averaged Distributed to members holding community NFTs; again, community NFTs will be greatly appreciated if community activity is very high. In addition, LinkKey has also designed advertising space for each community, advertisers can place ads directly, and community creators and members can share the advertising revenue.

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In the initial stage, there is no upper limit on the total amount of key tokens, because it depends on the development of the entire virtual society, and all participants form a community. The issuance of initial tokens (users, investors, teams) depends on the increase in the number of minting and issuing users, that is: for each additional user (SNS registration), 150 KEYs will be issued, of which 75 KEYs will be used for airdrops for all users (Register will get 1KEY immediately), 60 KEY for investor reward, 15KEY for team reward.

There will be regular airdrops to the corresponding user addresses based on the number of releases, which will be published on the official website. The cycle of this issuance method is three years. Before expiration, the DAO will vote on whether to continue issuing in this way or simply terminate the issuance.

Initially, for 10Matic registration of 1 SNS, the price will increase by 0.45 USDT (about 3% of the initial registration fee) for every 100 additional registrations.

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This rule will be followed after KEY registration, and 70% of the registration fee will be destroyed after KEY registration.

KEY can buy community virtual goods: such as the user’s original emoji, avatar; pay for advertising, and destroy KEY at the same time.

KEY will commit to gaining voting rights and participating in LINKKEY governance.

The registration fee is currently Matic, which will soon support KEY, TRX, BNB, USDT and other mainstream tokens. We will use the DAO tool to manage the registration fee, initially managed by the team and investors as DAO members.

Distribution ratio: 40% as liquidity support, 20% as investor dividend, 40% as team operation.

Data in the LINKKEY ecosystem is permanently stored using the IPFS protocol.

The more detailed technical composition is as follows: the registration process of the existing SNS and the additional token issuance and airdrop triggered by the registration, as shown in the figure:

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The keys issued by the registered name will not be airdropped to the entire network immediately, but token airdrops will be performed every other cycle (7 days);

The official said that it is hoped that the user identities, communication methods between users and the operating mechanism of the community in this agreement can become a set of open and fair technical agreements, which can be widely used in DApps such as communication, games and shopping in the future.

Registration Tutorial

Need to prepare:

1. Install the metamask wallet plugin in the browser (recommended: chrome, firefox)

2. Log in to the wallet and ensure that the account balance is sufficient (1-10 maticares are required to register the name)

step:

1. Enter the sns website: https://sns.chat/

2. Connect the wallet to the website

3. Click “Connect”.

Understanding LinkKey in one article (with SNS registration tutorial)

4. After the connection is successful, the page will prompt:

Understanding LinkKey in one article (with SNS registration tutorial)

5. Enter the name you want to register, click search, if the following picture appears, it means that the name has been occupied:

Understanding LinkKey in one article (with SNS registration tutorial)

6. As shown in the figure below, it means that the name can be registered:

Understanding LinkKey in one article (with SNS registration tutorial)

7. Click register, the website will call out the wallet for registration (actually minting NFT), as shown below:

Understanding LinkKey in one article (with SNS registration tutorial)

8. After clicking “Confirm” in the wallet, wait for a while, and the following prompt will appear after the network confirms the transaction:

Understanding LinkKey in one article (with SNS registration tutorial)

9. At this point, your name has been successfully registered, and then you can set your name information or transfer:

Understanding LinkKey in one article (with SNS registration tutorial)

Notice:

The registered name is actually an NFT. You can see the name you have on opensea. This NFT can be resold and you will fully own the registered name.

Only one name can be registered per account. If you need to register multiple names, you need to prepare multiple addresses.

When modifying the binding information of the name (such as BTC, ETH address), the state in the contract is changed by initiating a transaction, so the wallet needs to initiate the transaction and charge a low gas fee.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/understanding-linkkey-in-one-article-with-sns-registration-tutorial/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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