Sui: Empowering Digital Asset Ownership with Parallel Transaction Execution
Sui (SUI) is a Layer-1 blockchain platform designed to make digital asset ownership fast, private, secure and accessible to everyone. As a blockchain on which smart contracts can be created, Sui is optimized to provide low latency transfers and instant finality
Sui provides "horizontal scaling" through a process of "transaction parallelization" that enables "parallel consensus" between different types of independent transactions. The organization of data as independent objects makes it possible for independent transactions to be verified by Sui nodes. Underlying this verification process is a Proof-of-Stake (PoS) consensus mechanism.
Who are the Founders of Sui?
Sui is developed by Mysten Labs, founded by former Meta employees. The founders of the Sui blockchain platform are: Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, Kostas Chalkias. The chairman of the board of directors (CEO) of Mysten Labs is Evan Cheng, one of the founders.
SUI Token Statistics
SUI token or SUI coin is the cryptocurrency of the Sui blockchain network. The maximum supply of SUI tokens is set at 10,000,000,000,000. The SUI token was offered to investors in an ICO that took place between April 15 and April 22, 2023.
What Makes the Sui Project Special?
Sui is a blockchain platform that offers high levels of scalability and instant certainty. Sui provides these important benefits through parallel transaction execution. On most blockchains, including Bitcoin (BTC) and Ethereum (ETH), transactions are executed sequentially or one at a time. This prevents some form of competition between transactions and double-spending. However, it also limits transaction volume and can create congestion on the network. Parallel execution allows Sui, on a MacBook Pro, to process 120,000 transactions per second. On Ethereum, that's 7 to 15 transactions; on Visa, which is faster than Ethereum, it's 24,000. Another element that makes Sui special is its programming language. Like Aptos (APT), Sui offers developers the Rust-based Move scripting language. While most smart contract platforms are designed around accounts, thanks to Move, Sui's storage is designed around objects. These objects can be programmed and transact over smart contracts. Sui's global state is a repository of programmable objects.
SUI Token Project
SUI token or SUI coin is the cryptocurrency of the Sui blockchain platform. SUI is used to pay gas fees for transactions on the network. In addition, users can stake SUI tokens to participate in Sui's PoS mechanism and earn interest income.
SUI Price
SUI token was launched with an ICO that took place between April 15th and April 22nd, 2023. The SUI token ICO price was set at 0.100000 dollars. Nowadays it is around 1$. (Jan 2024)
SUI Recap
In brief, Sui is a highly scalable blockchain network. With its unique PoS consensus structure and parallel processing technology, Sui is seen as a promising alternative to Ethereum. In fact, some commentators have nicknamed Sui the "Ethereum killer". This is because Sui offers a much faster infrastructure for executing smart contracts. In this respect, the SUI token can also be considered one of the most promising cryptocurrencies.
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