Home
News
- 1 Sui, a layer-1 blockchain and smart contract platform is empowering the creators, traders, and investors in the Sui Ecosystem.
- 2 The platform came into existence to make cryptocurrencies more private, secure, and accessible to every individual.
The evolution of Web3 technology takes the interest of individuals towards blockchain technology to the next level. The fame of blockchain technology is not going to fade away and is expected to make more blasts in the near future. Several platforms are built over the blockchain technology and Sui is one of them. The blockchain aims to solve issues linked to Web3, mainly to reduce the latency in the execution and booming speed and security.
What makes the Sui blockchain platform distinct from other platforms? Let’s uncover the unique features of the Sui platform.
What is Sui Blockchain (SUI)?
Sui is emerging as one of the leading topics in the crypto universe. Holding a fabulous team and groundbreaking technologies, Layer-1 blockchain technology is all set to write the history of the land of cryptocurrency.
Evan Cheng, the Co-founder and CEO of Mysten Labs is behind the Sui Blockchain. The platform was introduced on May 3, 2023, along with the network’s native token, SUI. The permissionless, Proof-of-Stake (PoS) powered network was launched to provide instant settlement and the highest output. The platform also aims to empower a multitude of next-generation latency-sensitive decentralized applications.
In addition to this, the entire network is developed keeping three types of communities in mind including users, validators, and token holders.
Sui Blockchain Landscape
With the most robust and developed ecosystems, Sui Blockchain Technology stands out in the competitive world. The platform offers a wide range of solutions including Sui Explorer, Sui Wallet, and Storage Fund.
Sui Explorer or Suiscan is a native explorer, introduced in August 2022, streaming as one of the trusted glassy tools in the crypto space. Maintaining and updating on-chain data, and debugging and auditing smart contracts are the main accounts of Suiscan. Sui Wallet on the other side, is an open-source Chrome extension that allows users to store and manage assets.
Sui Wallet Features include interaction with different dApps and storage of NFTs.
Another main component of the Sui Ecosystem is the Storage Fund, mainly designed to redistribute gas fees to the validators along with maintaining inflows and outflows.
The Complete Working of the Sui Platform
The working of Sui Blockchain Technology mainly ensures instant transactions along with low costs of transactions. However the overall working of the Sui platform is based on three pillars that are parallel transaction execution, Move language, and Sui Consensus engine.
The Sui Move programming language is mainly responsible for developing smart contracts using Rust, one of the most popular programming languages. The language also made the development and implementation of different projects and platforms on top of Sui.
Parallel transaction execution, on the other hand, is one of the outstanding innovations of Sui. The mechanism helps the Sui network to carry out verified and approved transactions in parallel. Another factor on which the operations of Sui Blockchain technology rely is the Sui Consensus Engine Narwhal which is mainly involved in the Sui environment to reduce the latency issues. Reading data properly without any friction helps in system data arrangement.
Understanding SUI Token and How to Buy One?
SUI, the utility token of the Sui blockchain holds several use cases including staking, paying fees, governance, and assets. The total supply of SUI is 10 Billion and the circulating supply is 965,577,711 Million SUI.
5 easy steps can help you become SUI holder
Setting up a digital wallet that supports SUI tokens is the initial phase and helps maintain a high level of security. Another step is to choose a compatible exchange, create an account on the same, and verify it to make further buying.
Selecting a reputable crypto exchange that supports SUI tokens, and transaction fees will help in making the buying process much more efficient. Binance, Kraken, Coinbase, and Bitfinex are some of the most common platforms to look at.
Cheating an account over the chosen platform, completing the KYC or Anti-Money Laundering (AML) requirements. Once the account is verified the next step is to deposit funds into the account. Deposits can be made using bank transfer, online payment modes like PayPal, or any credit or debit card accepted by the respective platform. Placing an order for the SUI token is the final phase of the process.
You can transfer the purchased tokens to other wallets that support the respective token. Some of the common wallets include the Suiet Wallet, OKX Wallet, Trust Wallet, Glass Wallet, or Ethos Wallet.
Conclusion
Sui network holds the potential to become a leading player in the crypto world, offering a unique opportunity for investors to enter the crypto space. The platform’s native token, SUI, is used for different purposes including Staking, asset management, paying fees, and governance. Binance, Kraken, Coinbase, and Bitfinex are some exchanges supporting SUI tokens and are expected to hit new heights soon.
FAQs
What makes the Sui blockchain unique?
On-chain storage, horizontal scaling, and a ledger for every single transaction make the platform unique. Sui Explorer, Sui Wallet, and Storage Fund are the main players.
What makes the Sui network blockchain more secure?
The default Sui Consensus Engine Narwhal makes the platform more secure. The mechanism simply ensures that the data submitted to the engine is available, arranging the data in a readable manner.
How to buy SUI using PayPal?
US customers are able to purchase SUI tokens using PayPal. Customers outside the US can purchase tokens using other payment modes. Also, transaction availability relies on region.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
