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Price (USD)$ 1.57
Circulating SupplySUI 1.16593B
Volume (24h)$ 400.86158M
Market Cap$ 1.82881B
Low/High 24h$ 1.56 - $ 1.72
Change (24h)-$ 0.152492
At the moment, the crypto market offers a number of solutions that may be called ‘Ethereum killers.’ As a rule, they have higher throughput and efficiency than the second largest network. One of these blockchains is Sui Network. Its smart contract programming language, Move tackles several challenges developers have faced with Solidity and lets developers build dApps across multiple blockchain networks. Let’s find out more about this unique scalable blockchain.
SUI is the native token of the Sui Network created by Mysten Labs. The Sui blockchain is a permissionless layer 1 PoS network with smart contract capability. It can be used to create dApps that require immediate settlement, high throughput, and low latency.
Sui's architecture, unlike traditional blockchains that rely on one-time broadcasts, allows requesters or proxies to actively engage with validators to finalize transactions, providing near-instant finality. Sui's low latency makes it essential for integrating transactions into games and other settings that require real-time execution.
Sui Mainnet, launched in May 2023, scales horizontally to match application demands. Network capacity grows in proportion to the increase in processing power of Sui validators through worker addition, resulting in reduced gas fees even during peak network traffic. This scalability feature stands in stark contrast to other blockchains that have inflexible bottlenecks.
Sui validators are designed to be able to increase the network throughput indefinitely to satisfy the demands of builders/creators. Sui has the potential to do for Web3 what broadband internet has done for Web2.
Developers can construct unique digital assets, including as fungible and non-fungible tokens (NFTs), over the Sui network. With its secure and highly efficient platform, the blockchain intends to bring the next billion users online through Web3, supporting dApps in the gaming, DeFi, NFT, and other categories.
The Sui blockchain also promotes interoperability, enabling the exchange of data between networks via smart contracts and digital assets created on its network. Moreover, Sui is currently the only blockchain capable of scaling with the expansion of web3 while reaching industry-leading performance, cost, programmability, and usability. Sui is the first internet-scale programmable blockchain technology, serving as the foundation for Web3.
Sui scales horizontally with no upper bound to meet application demand while maintaining extremely low operating costs per transaction. Its breakthrough in system design eliminates a critical bottleneck in existing blockchains: the requirement for global consensus on a total-ordered list of transactions. Because many transactions are not competing for the same resource as other transactions, this computation is wasteful.
Sui offers a huge leap in scalability by permitting parallel agreement on causally unrelated transactions. Sui validators use Byzantine Consistent Broadcast to commit such transactions, eliminating the overhead of global consensus without sacrificing safety and liveness guarantees.
Moreover, the Sui Network accelerates transactions, and this is a great advantage if compared to other modern blockchains.
Solidity is the dominant player at the moment in the world of blockchain languages. Solidity, one of the earliest blockchain languages, was created to implement fundamental programming language principles utilizing well-known data types (such byte arrays and strings) and data structures (like hashmaps), with the potential to create unique abstractions by building on a well-known base.
As blockchain technology advanced, it became evident that the primary function of blockchain languages is working with digital assets, and their primary characteristics are security and verifiability (which adds an extra layer of security).
Move was created expressly to handle both issues: secure operations over digital assets as well as their representation. It has been created in collaboration with the Move Prover verification tool to add additional security. As a result, Move developers can formalize the key correctness properties of their application and use the prover to verify that these properties hold over all feasible inputs and transactions.
The Sui Network offers a number of unique features, including:
The total supply of SUI, MystenLabs crypto, is capped at ten billion tokens. A share of SUI’s total supply was made liquid at Mainnet launch, with the remaining tokens vesting over the coming years or distributed as future stake reward subsidies.
The Sui economy is characterized by three main sets of participants:
Gas fees in Sui crypto are charged on all network operations and used to reward participants of the Proof-of-Stake mechanism and prevent spam and denial-of-service attacks. Sui’s storage fund is used to shift stake rewards across time and compensate future validators for storage costs of previously stored on-chain data. The PoS mechanism is used to select, incentivize, and reward honest behavior by Sui Validators and the SUI owners that stake with them. On-chain voting is used for governance and protocol upgrades.
Since there is a limited supply of the SUI token, if Sui opens up numerous use cases and millions of users switch to the platform, the same number of tokens will eventually need to be employed across more economic activity. Furthermore, the existence of the storage fund generates crucial financial dynamics in that higher on-chain data requirements result in a larger storage fund, which lowers the quantity of SUI in circulation.
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