What is Sui?
Sui is a Layer-1 blockchain and smart contract platform designed to make digital assets fast, private, secure, and accessible. The platform was developed by Mysten Labs, a company founded by former developers from Meta’s Novi Research. Sui uses the Move programming language and focuses on supporting a wide range of decentralized applications (dApps), with an emphasis on scalability and ease of use.
Source: https://sui.io/research
How does Sui work?
Sui introduces an object-oriented data model powered by the Move programming language. Unlike traditional blockchains that process transactions sequentially, Sui enables parallel transaction execution, resulting in high scalability and low transaction costs. The network uses a consensus mechanism optimized for low latency and high throughput, making it suitable for a wide variety of applications, from DeFi to gaming.
The token
Ticker: SUI
Category: Platform Token
Blockchain: Sui
Protocol: Proof-of-Stake (PoS)
Year of launch: 2023
The technology behind Sui
Sui’s technology is based on an object-centric model supported by the Move programming language. This approach avoids issues like re-entrancy vulnerabilities and spoofed token approvals, which have led to multimillion-dollar losses on other platforms. Additionally, Sui allows developers to create dynamic NFTs that can be upgraded, bundled, and grouped in an application-specific way—supporting richer in-game economies and more immersive user experiences.
The Sui ecosystem
The Sui ecosystem is growing rapidly and includes a variety of dApps and products, ranging from DeFi protocols to NFT marketplaces and games. Users can create a Sui wallet, acquire SUI tokens, stake them to earn rewards, and explore the various dApps and services within the Sui ecosystem.
Who founded Sui?
Sui was developed by Mysten Labs, a company founded by former developers from Meta’s Novi Research. The team consists of experts in blockchain technology and cryptography, many of whom contributed to the development of the Diem blockchain (formerly Libra) and the Move programming language.
Impact on the environment
Click here to read more information about the impact of this coin on the environment.
Risk disclaimer
Please note: for more information about this crypto asset, consult the official resources provided by the project via https://sui.io.
Before trading, make sure to read the general risk warning about crypto asset trading:
Cryptocurrencies, including Sui (SUI), are volatile and involve risks. The value of SUI can fluctuate significantly, and investments may result in financial losses. Always do your own research and only invest money you are prepared to lose.
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