SUI: Innovative Blockchain And $9 Billion Cryptocurrency
Find out what SUI is, how its blockchain works and what the growth prospects are for the cryptocurrency that has surpassed $9 billion capitalisation.
By the end of 2024, the market capitalisation of the SUI cryptocurrency had reached almost $9 billion, and analysts believe this is only the beginning. This cryptocurrency, based on an innovative blockchain, is increasingly attracting the attention of investors and developers.
In this article, we will look at what SUI is, how it works, its tokenomics and its prospects. You will find out where to buy or trade SUI and how this cryptocurrency is being used in the real world.
What is the SUI blockchain and cryptocurrency?
SUI is a modern blockchain created to solve the performance limitations of traditional networks such as Ethereum. Its architecture is based on an object-oriented data model, which enables efficient processing of transactions in parallel. This ensures high processing capacity and minimal latency, which are crucial for decentralised applications handling large amounts of data.
The SUI cryptocurrency is not only a means of payment, but a key element of the ecosystem, incentivising the participation of validators and users. It integrates unique mechanisms for paying transaction fees (gas fees) and storing data, making it one of the most technologically advanced platforms for creating Web3 solutions.
Short History of SUI
The SUI cryptocurrency was officially launched on 3 May 2023, along with the Sui Network. On the same day, the SUI token became available on the CoinList platform, which offered 48 hours of commission-free trading on SUI pairs. The project is developed by Mysten Labs, a company founded by former Meta employees who had worked on the cryptocurrency Libra (later renamed Diem).
SUI, as a native blockchain cryptocurrency, has a fixed supply of 10 billion coins. A portion of the tokens has been reserved for staking, for validator grants, for the Mysten Labs team and for early investors. SUI has four main functions:
Delegation and rewards
Payment of gas fees
Voting for network governance
Account units for DApps
Before the launch, exchanges such as OKX, Bybit and KuCoin announced support for the token, contributing to its rapid market uptake.
The Technology Behind the SUI Blockchain
Sui's core technologies, including the Move programming language, parallel transaction processing and the Delegated Proof-of-Stake (DPoS) consensus mechanism, make the blockchain highly scalable and efficient.
Architecture and Consensus Mechanism
Sui's architecture is based on Move, a programming language originally developed for the failed blockchain Diem.
Unlike other popular languages such as Solidity, Move allows the creation of smart contracts and digital assets in a more flexible and secure manner. This makes it ideal for games, decentralised finance (DeFi) and non-fungible tokens (NFT), where assets need to change state.
Sui uses a consensus mechanism Delegated Proof-of-Stake (DPoS), which allows users to delegate their SUI tokens to validators, who are responsible for verifying and processing transactions.
The Move language was designed with a focus on ownership and security, making it resistant to common vulnerabilities such as re-entry attacks. This approach ensures a more secure management of digital assets.
Technologies for Scalability and Efficiency
One of Sui's most innovative technologies is parallel transaction processing, tested to handle up to 297,000 transactions per second (TPS). This makes it significantly faster than other blockchains such as Solana, TON, Avalanche and Polkadot, which also support parallel processing.
In addition, Sui uses a new method of transaction splitting, in which different transactions are processed by different validators within the network. This approach distributes the workload more efficiently, reducing the risk of congestion and ensuring low network fees even during periods of high demand.
What is the Purpose of the SUI Network?
The blockchain was created to ensure maximum transaction speed. Developers also want to reduce the costs of creating decentralised services and the implementation of Web3 technologies.
The basis of this revolutionary technology is the Move programming language. The use of Move has made it possible to eliminate transpilers (converters between programming languages). Move is used to manage smart contracts and configure features such as fees, accounts and nodes.
The simple approach to transaction execution has increased processing speed. Furthermore, in the SUI blockchain, validators process transactions in parallel. Micro-transactions are processed without the need for confirmation.
The system's architecture will allow it to reach 300,000 TPS, a feature highly valued by developers of blockchain games and decentralised services.
The SUI blockchain is based on three main components:
Validators: independent software devices that confirm transactions.
Objects: ecosystem elements created by smart contracts. They can be modifiable or immutable.
Transactions: records of completed transactions between users.
An interesting aspect is the gas fee system. In the SUI network, validators change every 24 hours, so the cost of fees remains fixed for the entire day.
How Does SUI Work?
SUI is a layer 1 blockchain that uses the Proof-of-Stake (PoS) consensus to guarantee speed and security. A special feature is that it does not group transactions into blocks, but processes them individually, reducing latency.
For transactions with unique objects, no consensus is required. For shared objects, on the other hand, the Narwhal and Bullshark system, based on Byzantine Fault Tolerance, is used to distribute and verify data.
Transactions in SUI are divided into:
Solo: performed by a single user.
Collaborative: require the participation of multiple users.
Thanks to the Move language, the Sui platform supports parallel transaction execution and efficient data processing, making it ideal for games and DeFi applications.
Where is SUI used?
Where is SUI Used?
SUI is used in several areas due to its high performance and unique architecture:
Gaming: used for games with many interactive objects, such as Abyss World and Cosmocadia.
DeFi: platforms such as Turbos Finance and Cetus choose it for secure financial products.
Social: networks such as Polymedia Chat use it for censorship-resistant communications.
NFT: supports platforms such as Studio Mirai for fashion and digital art.
Where to Buy, Sell or Exchange SUI?
SUI can be bought and traded on exchanges such as Binance, OKX and KuCoin, both in the spot and futures market. In addition, it is integrated into DEX for transactions without intermediaries.
SUI's Future Perspectives
SUI aims to improve its consensus mechanism, support zero-knowledge rollups, expand its DeFi ecosystem, and collaborate with large gaming companies.
The integration of artificial intelligence into DApps could be one of the next innovations.
By the end of 2024, the market capitalisation of the SUI cryptocurrency had reached almost $9 billion, and analysts believe this is only the beginning. This cryptocurrency, based on an innovative blockchain, is increasingly attracting the attention of investors and developers.
In this article, we will look at what SUI is, how it works, its tokenomics and its prospects. You will find out where to buy or trade SUI and how this cryptocurrency is being used in the real world.
What is the SUI blockchain and cryptocurrency?
SUI is a modern blockchain created to solve the performance limitations of traditional networks such as Ethereum. Its architecture is based on an object-oriented data model, which enables efficient processing of transactions in parallel. This ensures high processing capacity and minimal latency, which are crucial for decentralised applications handling large amounts of data.
The SUI cryptocurrency is not only a means of payment, but a key element of the ecosystem, incentivising the participation of validators and users. It integrates unique mechanisms for paying transaction fees (gas fees) and storing data, making it one of the most technologically advanced platforms for creating Web3 solutions.
Short History of SUI
The SUI cryptocurrency was officially launched on 3 May 2023, along with the Sui Network. On the same day, the SUI token became available on the CoinList platform, which offered 48 hours of commission-free trading on SUI pairs. The project is developed by Mysten Labs, a company founded by former Meta employees who had worked on the cryptocurrency Libra (later renamed Diem).
SUI, as a native blockchain cryptocurrency, has a fixed supply of 10 billion coins. A portion of the tokens has been reserved for staking, for validator grants, for the Mysten Labs team and for early investors. SUI has four main functions:
Before the launch, exchanges such as OKX, Bybit and KuCoin announced support for the token, contributing to its rapid market uptake.
The Technology Behind the SUI Blockchain
Sui's core technologies, including the Move programming language, parallel transaction processing and the Delegated Proof-of-Stake (DPoS) consensus mechanism, make the blockchain highly scalable and efficient.
Architecture and Consensus Mechanism
Sui's architecture is based on Move, a programming language originally developed for the failed blockchain Diem.
Unlike other popular languages such as Solidity, Move allows the creation of smart contracts and digital assets in a more flexible and secure manner. This makes it ideal for games, decentralised finance (DeFi) and non-fungible tokens (NFT), where assets need to change state.
Sui uses a consensus mechanism Delegated Proof-of-Stake (DPoS), which allows users to delegate their SUI tokens to validators, who are responsible for verifying and processing transactions.
The Move language was designed with a focus on ownership and security, making it resistant to common vulnerabilities such as re-entry attacks. This approach ensures a more secure management of digital assets.
Technologies for Scalability and Efficiency
One of Sui's most innovative technologies is parallel transaction processing, tested to handle up to 297,000 transactions per second (TPS). This makes it significantly faster than other blockchains such as Solana, TON, Avalanche and Polkadot, which also support parallel processing.
In addition, Sui uses a new method of transaction splitting, in which different transactions are processed by different validators within the network. This approach distributes the workload more efficiently, reducing the risk of congestion and ensuring low network fees even during periods of high demand.
What is the Purpose of the SUI Network?
The blockchain was created to ensure maximum transaction speed. Developers also want to reduce the costs of creating decentralised services and the implementation of Web3 technologies.
The basis of this revolutionary technology is the Move programming language. The use of Move has made it possible to eliminate transpilers (converters between programming languages). Move is used to manage smart contracts and configure features such as fees, accounts and nodes.
The simple approach to transaction execution has increased processing speed. Furthermore, in the SUI blockchain, validators process transactions in parallel. Micro-transactions are processed without the need for confirmation.
The system's architecture will allow it to reach 300,000 TPS, a feature highly valued by developers of blockchain games and decentralised services.
The SUI blockchain is based on three main components:
An interesting aspect is the gas fee system. In the SUI network, validators change every 24 hours, so the cost of fees remains fixed for the entire day.
How Does SUI Work?
SUI is a layer 1 blockchain that uses the Proof-of-Stake (PoS) consensus to guarantee speed and security. A special feature is that it does not group transactions into blocks, but processes them individually, reducing latency.
For transactions with unique objects, no consensus is required. For shared objects, on the other hand, the Narwhal and Bullshark system, based on Byzantine Fault Tolerance, is used to distribute and verify data.
Transactions in SUI are divided into:
Thanks to the Move language, the Sui platform supports parallel transaction execution and efficient data processing, making it ideal for games and DeFi applications.
Where is SUI used?
SUI is used in several areas due to its high performance and unique architecture:
Where to Buy, Sell or Exchange SUI?
SUI can be bought and traded on exchanges such as Binance, OKX and KuCoin, both in the spot and futures market. In addition, it is integrated into DEX for transactions without intermediaries.
SUI's Future Perspectives
SUI aims to improve its consensus mechanism, support zero-knowledge rollups, expand its DeFi ecosystem, and collaborate with large gaming companies.
The integration of artificial intelligence into DApps could be one of the next innovations.
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