The SUI blockchain network is a proof-of-stake (PoS)-enabled and permissionless protocol that aims to provide high throughput and quick transaction settlement. It also supports a wide range of Web3 dApps and is sensitive to high latency. It provides an ideal ecosystem for developers to build Web3 applications for the expected large wave of Web3 users.
SUI blockchain is the first innovation from Mysten Labs, a Web3 infrastructure company. It is rapidly expanding and becoming a popular blockchain offering, trying to challenge the Solana network.
Solana heavily focuses on DeFi, while SUI aims to support Web3 projects and NFTs. The unique features of the SUI network look to solve issues like security, scalability, and gas. It is no longer a new kid on the block or a trend, as it successfully secured $300 million at a $2 billion valuation in Series B funding rounds.
So, what makes this crypto coin special, what is its goal, and where can I buy SUI tokens? These are some of the questions this article will try to answer. Read on to learn more about the SUI crypto token.
How Does SUI work?
The SUI blockchain has many features similar to other platforms, such as crypto token issuance, transaction settlement, dApps, and Smart contract development. However, several features separate it from others, intending to solve the blockchain trilemma issues of security, speed, and scalability.
SUI Move is a programming language, a variation of the Move language of the Diem blockchain. It is used to create Smart contracts. Most leading blockchain protocols build Smart contracts around accounts and addresses that can receive, send, and hold crypto tokens and interact with Smart contracts. However, the Move language uses programmable objects; assets native to SUI. Developers can create custom rules, including the ability to change the object and define rules on how to transfer these objects. Developers find it easy to program crypto assets using programmable objects. The Move programming language is ideal for crypto gaming assets and NFT development.
SUI programmable objects can be categorized into two: Owned and Shared. Owned objects can be modified by their owners; these include voting, sending messages on dApps, and crypto token transfers. Shared objects can be altered by any crypto user; this includes interacting with public Smart contracts.
The ability of the SUI network to scale is based on how consensus is reached for each object and is optimum for simple crypto transactions. For example, owned SUI objects do not need to reach a consensus to finalize blockchain transactions. Instead, specific algorithms grant instant approval for crypto transactions, meaning SUI transactions can be executed in parallel. This parallel execution is different from the single consensus mechanism in traditional blockchains like Ethereum and Bitcoin. Blockchain transactions on single consensus platforms require the approval of all validator nodes and are processed to the public ledger in the order they are received. This creates a bottleneck as more users on the blockchain affect its throughput. However, shared objects in the SUI network obtain consensus from validators for blockchain transactions.
Benefits of SUI Token
- Instant transaction settlement and high scalability
- It can define rich on-chain blockchain assets.
- Secure and easy-to-use programming language for developers.
- SUI offers a better user experience for Web3 applications and projects.
- Efficient Byzantine Fault Tolerant (BFT) consensus mechanism
Use Cases and Applications of SUI Token
- The SUI token is used to pay gas fees for all functions on the blockchain.
- Validators stake SUI tokens to participate in the consensus process, and tokens will be cut as punishment in cases of scams or fraud.
- SUI enables low latency, real-time on-chain crypto trading, and other DeFi services.
- The SUI token can be used to design rewards programs such as airdrops for thousands of users through low-cost crypto transactions.
- It can implement on-chain logic transparently to develop complex crypto games and other use cases.
- It can also be used for tokenization services and digital ownership of everything from real-estate assets and collectibles to educational and medical records.
- It can decentralize social media platforms by empowering creators while offering interoperability and privacy.
Read more: On-Chain vs Off-Chain
How to Acquire SUI Tokens?
You can buy SUI tokens on Zebpay. Sign up for a Zebpay account and start your crypto trading journey today.
SUI Token’s Future Potential
SUI has a lot of potential use cases, and many users are endorsing its features and development methods. It has to compete with many other blockchain protocols and grow its innovative ecosystem for wider adoption.
Read more: What are Blockchain Layers
Binance has made SUI tokens available through its Lauchpool, allowing crypto users to invest in a liquidity pool to earn rewards. Its introduction to Launchpool has created a buzz among the crypto community. Following this, Justin Sun, Tron’s founder, transferred a large amount of True USD (TUSD) stablecoins into the Binance platform. These tokens are needed to farm SUI crypto tokens.
SUI was founded by former tech leads at Meta and aims to solve key crypto issues like security, scalability, and gas fees. It will also employ a governance system where token holders can have a say on future upgrades. SUI is already a useful crypto token, but the development team plans to add more utility. There have been many mentions of the SUI crypto token in recent months. It has been in the news due to its recently concluded initial coin offering (ICO). It will be interesting to see SUI coin’s future roadmap.
You can now buy SUI tokens on ZebPay. Click on the button below to begin trading.