Sui ($SUI): The Layer-1 Crypto Blockchain Called 'Solana Killer'!
In the ever-evolving crypto world, Sui is emerging as a promising Layer-1 blockchain, known as the 'Solana Killer'. With a focus on transaction speed, reduced latency in smart contract deployment, and overall transaction speed, Sui sets a new standard in blockchain technology.
what is sui?
Sui is a Layer-1 blockchain launched in May 2023, with a native token of the same name, SUI. Using Move, a Rust-based programming language, Sui provides high-speed transactions, instant processing, and scalability.
Sui differentiates itself from previous blockchain ecosystems by enabling parallel processing of transactions and horizontal scalability, which allows it to maintain low transaction fees. The Sui blockchain operates on a delegated proof-of-stake consensus mechanism and has an upper limit of 10 billion SUI tokens. At the time of the initial token sale, many of the tokens offered were set aside for community reserves, for developers, app testers, and others. 14% of the available tokens are eligible for investor purchase.
Sui Digital Assets (SUI) and Their Functions
Sui's native token, SUI, will facilitate the network's proof-of-stake consensus mechanism, on-chain voting for blockchain upgrades, and gas fees. It also allows Sui users to participate in the system's DeFi activities. Sui's mainnet launch on May 3 was accompanied by a SUI token sale, with each participating crypto exchange offering 225 million tokens. Sui tokens will be distributed both to community reserves for research and development, grants, and subsidies, as well as to early contributors to the project, application testing, and other stakeholders. There is a hard cap of 10 billion SUI tokens in total. 14% of the tokens released at launch are available to investors.
Why is Sui Crypto Popular?
Sui attracted attention in the crypto community after an exchange between Binance founder CZ and Tron founder Justin Sun. Sui differentiates its validation system by providing parallel processing of transactions, which Sui developers say will increase throughput, reduce latency, and improve scalability. Potential use cases of a parallel process validation system include gaming, retail payments, and physical points of sale using Sui. To enable this type of transaction processing, Sui scales horizontally, meaning it has no upper limit to meet application demand, and can maintain low operational costs with each transaction. Sui does not require global consensus on an organized list of transactions, which is a major bottleneck area for many existing blockchains.
*Disclaimer
This content aims to enrich readers' information. Always do your own research and use cold hard cash before investing. All crypto asset trading and investment activities are the responsibility of the reader.
