Sui is a layer-1 blockchain and smart contract platform designed in a Monolithic structure. The highlight of the Monolithic blockchain is its ability to handle all tasks on a single network. Sui is claimed to be able to process more than 100,000 transactions per second (TPS), complex transactions can be executed within 2-3 seconds.
Sui’s scaling is not the same as Solana or Internet Computer (scaling vertically) but similar to Ethereum 2.0’s approach (horizontal expansion). Its main goal is to provide an infrastructure for Web3, enabling developers to build and launch applications rapidly with appropriate incentives.
Highlights of Sui
Sui is attracting the attention of the crypto community with its good scalability, fast transaction speed, and high security. With its horizontal scaling structure and Move language, Sui blockchain is demonstrating outstanding potential in meeting the growing demands of the crypto market.
Good scalability and fast speed
In traditional blockchain networks, transactions are executed one by one or sequentially. When a transaction is created, it will get included in a block and if someone trades tokens on the decentralized exchange, it will get included after the first transaction. But with the parallel execution system of Sui Blockchain, instead of executing one transaction after the other, users can do a lot of transactions at one time. This technology also helps Validators execute transactions quickly without sacrificing security.
High security and Move language
Sui uses a distinct programming language called Move, developed by Meta’s Libra project, and based on the Rust language. The Move language is designed and created as a safe, yet flexible programming language for developers. This helps to reduce security risks during application development on the Sui blockchain. Move also offers static type checking, which helps prevent many security vulnerabilities that hackers have exploited in the past.
SUI Token
SUI Token is the native token of the Sui project and is capitalized to distinguish it from the Sui platform.
Key metrics
- Token Name: Sui
- Ticker: SUI
- Blockchain: Sui
- Contract: Updating
- Token type: Governance & utility token
- Total supply: 1,000,000,000 SUI
SUI utilities
- SUI is the asset denomination needed for paying the gas fees required to execute and store transactions or other operations on the Sui platform.
- Users can stake SUI to participate in the proof-of-stake mechanism.
- SUI can be used as a versatile and liquid asset for various applications including the standard features of money – a unit of account, a medium of exchange, or a store of value – and more complex functionality enabled by smart contracts, interoperability, and composability across the Sui ecosystem.
- SUI token plays an important role in governance by acting as a right to participate in on-chain voting on issues such as protocol upgrades.