Blockchain Sui, one of the most major projects in the cryptocurrency space in 2023, officially launched its mainnet on May 3, 2023. Developed by former Meta CEOs, Sui utilizes the Move programming language, originally created to power the Meta Diem blockchain. So what is Sui Network? What makes this platform stand out? Find out with BlogBitcoin in the article below.

What is Sui Network?

Sui Network is a Layer1 blockchain designed to address Web3-related challenges. Its mission is to “serve the next billions of users on Web3” by offering Decentralized Application (DApp) deployment options that compete with existing smart contract chains like Ethereum.

To differentiate itself from other popular blockchains, Sui blockchain introduces architectural designs aimed at enhancing speed and scalability without compromising security. These include the Sui consensus mechanism, parallel transaction execution, and the Sui Move smart contract programming language.

The delegated proof-of-stake (dPoS) network of Sui allows validators to stake SUI, the native token of the platform, for transaction validation. SUI also binds the ecosystem together by serving as a means of executing custom programs, acting as an exchange medium, and encouraging user support for ecosystem development.

Why we need SUI Network?

Sui Blockchain has a mission to solve the limitations of existing blockchain platforms, including slow transaction processing, high costs, and limited scalability.

One primary reason is the slow transaction processing speed of current blockchain platforms. Bitcoin, for instance, the processing speed only about 7 transactions per second, while Ethereum is around 15. This limitations are difficult to practical use cases.

Sui’s Transaction Speed: 297,000 transactions per second.

Additionally, transaction fees on traditional blockchains is very high. In contrast, Sui Blockchain can process thousands of transactions per second at significantly lower costs. This makes Sui Network attractive to businesses and investors.

Sui Blockchain serves as a decentralized and versatile platform for developing decentralized applications (dApps) and Web3 projects. Developers can leverage Sui Network across various domains, from finance to gaming and entertainment. Moreover, Sui Network can be used to build gaming applications, allowing users to play without relying on third parties for transaction settlement.

How SUI network works?

Blockchain Sui aims to solve the longstanding blockchain three big impossble problems by introducing unique features:

1. Speed
2. Scalability
3. Security.

Sui Move: A different approach to smart contracts

Sui Move is the programming language used to build smart contracts on the Sui blockchain. Unlike most blockchains, which design smart contracts around “accounts” (addresses that can receive, hold, and send native tokens), Sui Move revolves around programmable “objects”. These objects represent assets specific to the Sui ecosystem.

Developers can create custom rules for these objects, including their changeability, and define how they can be transferred. This approach simplifies programming, especially for NFTs and gaming applications.

Sui’s Consensus Mechanism: Parallel transaction execution

Sui optimizes for simple transactions and scalability, directly tied to achieving consensus for different types of objects. For example, ownership objects don’t require consensus for transaction completion. Instead, specific algorithms allow near-instant approval for their transactions, enabling parallel execution. This approach surpasses the consensus mechanisms of Bitcoin, Ethereum, and most other blockchains.

In those traditional blockchains, every transaction must be approved and processed by all nodes in the order received before being added to the public ledger. This often creates bottlenecks as more users join the network, affecting transaction throughput.

Sui’s innovative features position it as a promising contender in the Web3 landscape, offering a fresh perspective on blockchain development.

Key features and use cases SUI token

SUI is the native token of the Sui blockchain. Here are its three primary use cases:

Pay transaction fees

• SUI serves as a payment method for transaction fees on the SUI Network.
• Users can pay fees using SUI when conducting transactions within the ecosystem.

Staking, Bonding, and Slashing

• Users can stake SUI to become validators on the platform.
• Validators play a crucial role in securing the network.
• In case of fraudulent behavior, a validator’s staked amount may be slashed as a penalty.
• This mechanism ensures both safety and security within the network.

Voting on Project Proposals

• SUI enables users to participate in voting for project proposals.
• Community input helps manage and drive the development of the Sui Network.

Basic information about SUI token

• Token Name: Sui token
• Ticker: SUI
• Blockchain: Sui
• Token type: Utility token
• Token standard: Sui’s standard
• Total supply: 10,000,000,000 SUI
• Circulating supply: 860,392,959 SUI
• Current price of SUI/BTC:

Token allocation

The total supply of SUI is 10 billion tokens and is distributed according to the following ratio:

• Community Reserve: 50%
• Community Access Program & App Testers: 6%. This is for early participants in the Sui ecosystem. They will receive tokens in a variety of ways, such as through sponsorships and competitions.
• Mysten Labs Treasury: 10%
• Investors: 14%
• Early Contributors: 20%

Storing SUI tokens: Wallet options

SUI token of the Sui blockchain is currently traded on various exchanges such as Binance, Kucoin, ByBit and OKX.

Sui Wallet

The simplest way to store SUI tokens is within the Sui Wallet. This browser extension, compatible with Google Chrome, allows you to create new wallets or import existing ones for self-managing your assets. Additionally, Sui Wallet supports NFT storage, providing a safer environment for your NFTs on the Sui Network.

If you prefer multichain wallets, consider using Coin98 Wallet to store your SUI tokens. Follow these steps to receive and store SUI tokens in Coin98 Wallet:

1. Access the Coin98 Wallet app and click Receive on the main interface.
2. Search for and select the SUI token.
3. Copy the SUI wallet address and send your tokens to that address.

Explore these storage options and keep your SUI tokens secure!

Team & Investor of Sui Network

The team behind Sui Network comprises former Meta engineers who founded Mysten Labs to create this groundbreaking blockchain. Let’s explore the key players:

1. Evan Cheng (Co-Founder and CEO): With 16 years of experience at leading tech companies like Apple and Meta, Evan Cheng brings invaluable expertise to the project.
2. Alongside three other Meta team members: Sam Blackshear, Adeniyi Abiodun, and George Danezis.

All of them previously worked in the Novi Financial division, contributing to the development of the Diem blockchain and the Move programming language.

Investment and Partnerships

Mysten Labs decided to launch a new blockchain protocol Sui Network to address scalability challenges that have plagued the cryptocurrency industry for years.

Sui’s testnet debuted in August 2022, followed by the mainnet going live on May 3, 2023. In its Series A funding round, the Sui Network raised $36 million, led by a16z and Redpoint. Notable investors include Coinbase Ventures, Standard Crypto, and Lightspeed.

In September 2022, Mysten Labs secured an additional $300 million in Series B funding, with participation from a16z, Jump Crypto, Binance Labs and more.

Mysten Labs and the Sui Network collaborate with various platforms across different domains, including Axelar, Cramium, Ethos, Gaggle Studios, Gameplay Galaxy, and Latitude.

Exciting Sui Network Roadmap Plans

Sui has an exciting roadmap ahead, featuring personalized NFT proposals based on wallets, on-chain activity integration into user data sources, brand storytelling through NFTs, and the deployment of Suibox—a customizable personal space for users to showcase their creativity.

Sui’s personalized proposal system helps users discover NFTs aligned with their interests. By considering asset classification algorithms, consumer behavior, social connections, brand preferences, and content areas, users can explore the Sui world and support premium NFTs within the ecosystem.

Sui aims to keep users informed about the latest online activities from their favorite crypto whales, creators, brands, collectors, and traders. By integrating additional projects into its ecosystem, Sui ensures a dynamic and engaging experience for its community.

Sui Network official links address

• Website: https://sui.io/
• Twitter: https://twitter.com/Mysten_Labs
• Medium: https://medium.com/mysten-labs
• Discord: https://discord.com/invite/sui

Conclusion Sui Network Blockchain Technology

Sui Network focuses on revolutionizing blockchain technology by significantly enhancing transaction processing speed. It provides unprecedented scalability and low latency for straightforward use cases. Most transactions can now be processed in parallel, optimizing existing resources and dramatically increasing throughput.

This achievement is groundbreaking in the blockchain space. Sui stands out as the only blockchain capable of scaling alongside Web3 development while maintaining top-tier performance, cost-effectiveness, programmability, and usability.

However, being a relatively new blockchain, continuous ecosystem development is essential to keep pace with other popular blockchains in the industry.