What is SUI? What it is, Pros and Cons, FAQs

SUI is a smart contract platform, built according to the Monolithic structure, a blockchain capable of handling multiple tasks on a single network. This is a project born to solve the multi-dimensional scaling problems of traditional blockchains.

If you want more detailed and interesting information about SUI, please follow the following content from AZcoin.

What is SUI?

SUI is a smart contract platform, it is built according to a Monolithic structure to maximize the ability to handle multiple tasks on the same single network of this blockchain. The main purpose of the SUI project was to solve the multidimensional scaling problems of traditional blockchains.

Besides, SUI is also a place that promises to provide services to help Dapps develop more easily, have high scalability and have transactions processed quickly and at lower costs. That’s why SUI was built to completely eliminate the difficulties that traditional blockchains have encountered.

This platform also owns its own token of the same name, with which users can perform tasks such as paying gas fees for the platform, participating in voting and project administration,… Along with that, participation in the main activities that this platform organizes.

What special SUI has?

Regarding the characteristics that make SUI stand out, we can quickly summarize them into the following four main ideas:

• Scalability: SUI can scale horizontally to support a wide range of applications at fast speed and low cost.
• Consensus mechanism: SUI uses a consensus mechanism called Narwhal and Tusk with the purpose of isolating the data transmission and consensus process.
• Move programming language: SUI uses Move language, a version of the programming language developed by Facebook to write secure smart contracts.
• Cheap gas fees: SUI helps reduce gas fees and provides a stable structure for applications.

Besides, if you want to know more information about other cryptocurrency platforms and projects, please take a look at the following content: VET, OKB, Stacks,…

Basic information SUI Token

Specifications

• Token Name: SUI
• Ticker: SUI
• Blockchain: Sui
• Token Contract: 0x2::sui::SUI
• Token Type: Utility
• Total Supply: 10.000.000.000 SUI
• Circulating Supply: 1.100.947.215 SUI

Allocation rate

At present, SUI is allocated as follows:

• Community Reserve: 50%
• Early Contributors: 20%
• Investors: 14%
• Mysten Labs Treasury: 10%
• Community Access Program & App Testers: 6%

Reputable SUI trading platform

To trade SUI Token, the best crypto exchanges we recommend for you is Suiswap. It is a decentralized trading platform under the SUI blockchain platform. But you can also trade SUI Token through exchanges like Binance, Kucoin, ByBit,…

Electronic wallets used to store SUI

If you want to store SUI Tokens, we recommend using Sui Wallet, a wallet designed primarily to support the storage of SUI and tokens from many other platforms. At the same time, you can also use other storage wallets such as Coin98 Super App, OKX Wallet,…

Questions about SUI

How does SUI work?

SUI operates in the following specific order:

• The user successfully creates a transaction and confirms it with his key.
• Transaction information is transmitted to validators to perform checks on the validity and safety of the signature and return the signed transaction to the user.
• Users continue to collect feedback from other validator groups to form a valid transaction certificate between 3 parties.
• Send back the common set of certificates to all validators for storage and checking.
• Users will collect final responses as proof of transactions.
• Finally, SUI forms checkpoints for every consensus commit

What is Sui’s development roadmap?

SUI’s current development process can be quickly described as follows:

• Quarter 1/2022: Market launch.
• Quarter 2/2022: Launch DevNet and tokenomics with incentives and new functions.
• Quarter 3/2022: Launching features for asset management and interaction with Dapps.
• Quarter 4/2022: Open validator selection program.
• Quarter 2/2023: Deploy mainnet and list SUI on exchanges.
• 2024 to present: Continue to develop.

What factors affect SUI prices?

Current factors that can affect SUI prices in the market include:

• Supply and demand factors: Including the number of SUIs issued and distributed on the market as well as the demand for SUIs from users.
• Technical factors: The development progress of Sui Network and the level of integration with other projects in the Web3 ecosystem.
• Psychological factors: These are objective, difficult-to-grasp factors such as market emotions, related news and events.

Summary

So together we have learned all the most interesting and relevant information about SUI. If you need something more, please don’t hesitate to contact AZcoin.