All About Sui (SUI)

What Is Sui (SUI)?
Sui is a groundbreaking layer-1 blockchain platform designed to support the needs of global adoption by offering a secure, powerful, and scalable development platform. At its core, Sui leverages a novel object-centric data model and the secure Move programming language to address inefficiencies prevalent in existing blockchain architectures.

Sui is a platform that focuses on speeding up the execution of smart contracts and enhancing scalability for decentralized applications (dapps). It aims to set itself apart from other blockchains, like Ethereum and Solana, by introducing unique architectural designs that aim to boost speed and scalability without compromising security. Key features include the Sui consensus motor, parallel transaction execution, and the Move programming language for smart contracts.

The Sui network operates on a delegated proof of stake (dPoS) model, allowing validators to stake SUI, its native cryptocurrency, to confirm transactions. The SUI token is crucial for executing programs, functioning as a medium of exchange, and rewarding users who help develop the platform. Sui was created by MystenLabs, founded by a group with experience in developing the now-defunct Diem blockchain and Facebook’s Novi wallet program.

Sui’s Move language is designed specifically for building smart contracts, differing from the account-based models of blockchains like Ethereum. Instead of accounts, it uses programmable “objects” that can easily be managed and categorized as either owned or shared. Owned objects can be modified exclusively by their owners, while shared objects can be altered by anyone, particularly useful for public smart contracts.

The architecture of Sui aims to address the blockchain trilemmabalancing speed, scalability, and security. Owned objects can complete transactions quickly without requiring full consensus, allowing multiple transactions to be processed simultaneously. In contrast, shared objects need to achieve consensus among validators, resulting in a more ordered transaction process.

The native token, SUI, supports network functions like transaction fees and rewards for validators who maintain network security. Validators can vote on network upgrades based on the number of SUI tokens they stake. There is a total of 10 billion SUI tokens, with allocations including 20% for early contributors, 14% for investors, 10% for the treasury, and 50% for a community reserve managed by the Sui Foundation. This reserve funds various initiatives, including grants and validator support.

Sui was designed to streamline blockchain functions and enhance user experience and development capabilities. It also aims to cultivate an active ecosystem through various support mechanisms offered by the Sui Foundation.

On top of strong technical foundations, Sui prioritizes user experience by eliminating barriers commonly associated with blockchain interactions. Through innovations like zkLogin, sponsored transactions, and programmable transaction blocks, Sui creates a higher standard for user experience within Web3 by ensuring applications are accessible and user-friendly.

Introduction Among the rising stars in cryptocurrency, SUI is gaining significant attention. It is built on a blockchain of the same name. SUI aims to address the shortcomings of earlier blockchains and is presented as an innovative platform.

Since its launch less than a year ago, SUI has quickly climbed to the 60th position in market capitalization. A deeper look into the technology and cryptocurrency reveals the reasons behind this success.

The history of the Sui team Launched in May 2023, SUI is a Layer 1 blockchain (like Bitcoin or Ethereum) with a fresh concept.

Project presentation SUI is designed for high-speed transactions, immediate processing, and scalability using the Move programming language, which is based on Rust. A notable feature of SUI is its capacity to process transactions in parallel, which keeps costs low. It is frequently compared to Aptos due to similar technology. The project is mainly focused on gaming and commerce.

Buy SUI tokens securely.

How does Sui work? A closer examination of the project shows key aspects.

Language and development kit The Move programming language is tailored for developing and executing smart contracts. It seeks to create a new generation of blockchains and decentralized applications (dApps) while ensuring the security of digital assets. Developers can define collections of resources, procedures, and structures for various projects, similar to how Windows provides a platform for application development.

SUI also aims to improve user experience and offers a Web3 solutions development kit (SDK), facilitating advancements in DeFi, GameFi, asset tokenization, social platforms, and NFTs.

The blockchain storage model SUI’s developers claim they can handle nearly 300,000 transactions per secondfar exceeding Bitcoin and Ethereum, which process 7 and 40 transactions per second, respectively. Traditional blockchains generally process transactions sequentially, forcing one transaction to finish before the next can start, which can create delays during high demand.

In contrast, SUI uses a parallel processing approach. By identifying transactions without direct dependencies, SUI can execute multiple transactions at the same time. This parallel processing significantly enhances throughput and minimizes latency.

SUI validates each transaction individually. Once a transaction is successfully executed, it receives a certificate of authenticity, providing undeniable proof of successful validation that cannot be revoked or changed.

This individual validation process and the issuance of authenticity certificates improve the security and reliability of the SUI blockchain. Notably, SUI allows for third-party payment of transaction costs, so users do not need to cover these expenses.

What are Sui tokens used for? SUI tokens, the native tokens of the SUI blockchain, support various essential functions within the ecosystem. They serve as fuel for transactions, allowing users to pay the gas fees for validating and executing transactions on the blockchain. Gas fees compensate for the computing work needed for transaction validation.

Gas refers to the measurement unit for the effort required to execute a transaction or smart contract. These fees motivate validators to process and secure transactions, maintaining network stability.

Additionally, SUI tokens are used for staking, allowing holders to lock their tokens to support validators and earn rewards. They also have a governance role, enabling holders to vote on proposals affecting the SUI protocol’s future.

Tokenomics “Tokenomics” refers to the rules and economic principles governing a cryptocurrency token. The SUI tokenomics outline the economic structure and usage within the SUI blockchain, including:

Issue and total supply: A total of 10 million SUI tokens are planned, with about 2. 5 million currently in circulation. Distribution: SUI tokens are allocated to various stakeholders, including developers and investors, via sales or rewards. Usage: They are used for gas fees, staking, and governance. Incentives and rewards: Validators and participants earn tokens for contributing to network security and efficiency.

Features include over 300,000 TPS, a large number of nodes for decentralization, a Proof of Stake consensus mechanism, using the Move programming language for smart contracts, staking with rewards, regular audits for security, decentralized governance, interchain bridge integration, and competitive gas charges.

What are Sui’s projects? To buy SUI, one must create an account on Coinhouse, verify their identity, go to the SUI purchase page, select an amount, make a payment, and finalize their purchase. SUI plans to expand its dApps ecosystem by incentivizing developers and supporting innovations in DeFi, NFTs, and blockchain gaming. They are also working on scalability improvements, forming strategic partnerships, enhancing security, and launching educational initiatives for technology understanding and adoption.

Coinhouse’s opinion SUI is seen as a promising cryptocurrency with advanced technology and a skilled founding team. Its fast transactions, parallel processing, and secure programming language address user and developer needs in the blockchain sector.

The rapid growth in market capitalization and impressive total value locked highlight the interest it generates in the crypto community, suggesting it could become a key player in DeFi and beyond.

SUI represents a new era of blockchain, emphasizing speed, scalability, and security. Its ongoing development and increasing adoption indicate a potential revolution in decentralized applications, setting the stage for a robust ecosystem. SUI is certainly a cryptocurrency to watch closely.

Who Are the Founders of Sui?
Mysten Labs, the original contributor to Sui, was founded by former lead architects of Meta’s blockchain research team:

Evan Cheng, CEO of Mysten Labs, has an extensive background in platform development, with more than 24 years building developer-facing technology and leading engineering teams at companies such as Apple and Facebook.

Adeniyi Abiodun, CPO of Mysten Labs, has led engineering and product teams across Big Tech companies including Oracle, VMware and Facebook. He has led product teams within the blockchain industry for over 10 years.

Sam Blackshear, CTO of Mysten Labs, is a researcher and engineer specializing in programming language design, program verification, and developer tools. He is the creator of the Move smart contract language.

George Danezis, Chief Scientist of Mysten Labs, is a Professor of Security and Privacy Engineering at University College London with over 20 years of experience working on peer-to-peer system security and privacy.

Kostas Chalkias – Chief Cryptographer of Mysten Labs, has over 10 years of experience in lead cryptographer roles in many big tech companies, including Meta and R3.

What Makes Sui Unique?
Sui’s innovative architecture offers low-latency transactions with stable transaction fees, high throughput through horizontal scaling and parallelized execution, and empowers developers with powerful capabilities and tools to craft the next generation of Web3 applications.

At the heart of Sui’s uniqueness lies its object-oriented design, offering a new way of developing on blockchain. Offering powerful capabilities in a way that ensures deep composability with important developer and user safety measures. As everything on Sui is an object, the ability to define object types allow developers to create objects tailored to their application needs with inherent network-wide compatibility. This changes how assets and protocols can work together to create greater products with broad composability.

Dramatic improvements to crucial network processes, such as transaction processing, are enabled by the use of objects on Sui. By having explicitly defined transaction dependencies transactions on Sui are able to be executed in parallel. Along with this, Sui has unique consensus requirements that allow specific transactions to actually bypass consensus and be completed significantly faster. Many transactions are finalized and settled in less than half a second all while maintaining high throughput and stable transaction fees.

Application builders benefit from Sui’s focus to provide solutions that overcome common barriers in Web3 adoptions. This is accomplished through tools natively available for all developers such as zkLogin and sponsored transactions addressing barriers such as wallet onboarding and transaction fees, respectively.

Finally, Move on Sui has been tailored to Sui’s object-oriented data model creating a development platform that combines a new yet intuitive platform with a powerful and secure programming language. This allows both developers and users to rest easier knowing that the additional safety measures required by Move on Sui help to mitigate, if not entirely eliminate, the most common exploits in other smart contract developing languages.

With Sui Wallet and zkLogin, you can onboard Sui immediately! zkLogin allows you to create and manage Sui accounts with a simple web login like Google. Using zero-knowledge cryptography, zkLogin brings the convenience of using a familiar web account to all the benefits around security and ownership that blockchain technology provides. Download Sui Wallet and get started today.

How Many Sui (SUI) Coins Are There in Circulation?
The SUI token has a total supply capped at 10,000,000,000 (ten billion tokens) and is primarily used to secure the network and act as a unit of account and payment within the network.

The SUI token currently serves three primary purposes on Sui:

Proof-of-stake participation – Sui uses a delegated proof-of-stake mechanism to select, incentivize, and reward honest behavior by Sui validators and the SUI token owners that stake with them.
Gas fee payments – SUI tokens are used to pay for gas fees required to execute transactions and store data onchain.
Utility across applications – SUI is a versatile and liquid asset that can be used for various applications within Sui’s ecosystem, such as decentralized exchanges, lending and borrowing applications, games, and much more.
Governance – The SUI token will play a crucial role in future governance of Sui by granting holders the right to participate in onchain voting on important issues, such as protocol upgrades and changes to the platform.
Additionally, the Sui storage fund is used to shift stake rewards across time and compensate future validators for storage costs of previously stored onchain data. This tokenomic design creates a mechanism for users to store data onchain indefinitely while compensating current and future validators fairly for storage, ensuring long-term sustainability.

How Is the Sui Network Secured?
Sui uses a delegated proof of stake (PoS) mechanism to secure the network from sybil attacks, where validators and delegators take on acts similarly to other dPoS mechanisms.

The unique element of Sui’s network level architecture is the protocols leading to consensus. Narwhal is the protocol developed to create and efficiently manage a mempool for a directed acyclic graph (DAG), which Sui uses. Bullshark, the consensus protocol, then pulls transactions from the Narwhal mempool to validate and finalize transactions. As mentioned above, certain transactions can actually by-pass the consensus mechanism and follow the Byzentine Consistent Broadcast mechanism to achieve finality in less than half a second with true settlement guarantees.

This network design has shown to reach transaction speeds of over 297,000 transactions per second in a testing environment.

Where Can You Buy Sui (SUI)?
SUI can be purchased on numerous centralized exchanges, including Binance, Coinbase, KuCoin, Bybit, Kraken, Bitfinex and more.
What is SuiNS?
As a name service platform, SuiNS assigns identifiers on Sui, such as alice.sui. These identifiers, referred to as names, are linked to Sui accounts, streamlining transactions by directing them to the associated Sui account. This simplifies the process of specifying Sui accounts for users, enhancing their overall experience.

SuiNS names are represented as NFTs and stored in the user’s wallet, ensuring that ownership benefits, inherent to Sui objects, extend to SuiNS names as well. Moreover, SuiNS offers additional personalization options by allowing users to associate avatars with their names. These avatars, also NFTs, leverage Sui’s support for composable objects, offering users a multitude of possibilities for their graphical representations. In addition to avatars, SuiNS supports IPFS websites, enabling users to create either straightforward informational pages or intricate, dynamic sites.

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DeFi Projects on SUI:

• Turbos Finance
  • concentrated liquidity, hyper-efficient decentralized exchange allowing users to trade assets at great prices and earn rewards by providing liquidity.
• BlueFin
  • decentralized derivatives exchange that offers high performance, low costs, and a Web2-like user experience.
• Aftermath
  • an all-in-one platform for trading, liquid staking, and earning yield that is fast, inexpensive, and fully transparent.
• Kriya
  • a vertically-integrated range of DeFi products meant to aggregate liquidity, enhance capital efficiency, and offer tools specifically for institutions and whales.
• Sudo Finance
  • real world asset & derivatives exchange protocol allowing high leverage trading with zero slippage.
• NAVI
  • borrow and lending protocol on Sui, enabling users to participate as liquidity providers and borrowers with powerful features such as automatic leverage vaults.
• Cetus Protocol
  • a decentralized exchange and concentrated liquidity protocol built on the Sui utilizing a flexible underlying liquidity network to make trading easier for any user.

NFTs on Sui:

• NFT marketplace providing access to Sui assets include Hyperspace and Tradeport, among others.

Check out Aptos (APT) — a blockchain built on the Move language too.

Read more on the “Aptos and Sui: The New Kids on the Block” report.

Read about the best enterprise-grade DApps.

Summary of Sui Cryptocurrency Platform

Introduction
Sui is a cryptocurrency platform designed to improve the speed and scalability of executing smart contracts for decentralized applications (dapps). It employs unique architectural features to set itself apart from other blockchains like Ethereum and Solana.

Key Points

• Platform Goals: Sui focuses on reducing execution time for smart contracts and enhancing scalability for dapps without compromising security.
• Architectural Features:
• Sui Consensus Motor: Facilitates efficient transaction validation.
• Parallel Transaction Execution: Allows multiple transactions to be processed simultaneously, reducing bottlenecks.
• Move Programming Language: A specialized language for creating smart contracts, simplifying asset management, especially for NFTs and gaming assets.
• Token System:
• SUI Token: The native cryptocurrency used for transaction fees, operational costs, and rewarding validators. Validators use SUI to vote on network upgrades based on the number of tokens they stake.
• Creation and Management:
• Developed by MystenLabs, founded by technology executives from the discontinued Diem blockchain.
• Sui Foundation: An independent body that supports ecosystem developers through grants.
• Distinction from Other Blockchains:
• Transaction Types:
• Owned Objects: Can be modified by their owner and finalized quickly without needing consensus.
• Shared Objects: Require consensus from validators to finalize transactions, which maintains order but may slow down processes.
• Token Distribution:
• The total supply of SUI tokens is 10 billion.
• Distribution includes allocations for early contributors, investors, a community access program, and a reserve managed by the Sui Foundation for various development initiatives.

Conclusion
Sui aims to tackle the challenges of speed, scalability, and security in blockchain technology through innovative features and its native token system. The platform continues to evolve under the guidance of its founders and the supportive structure of the Sui Foundation.