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What is SUI Coin?

12:52 pm (214 days ago)
May 4, 2023

SUI Coin is a pioneering Layer 1 blockchain and smart contract platform, meticulously designed to render digital asset ownership expeditious, private, secure, and universally accessible. Predicated upon the Move programming language, its object-oriented model facilitates parallel execution, sub-second finality, and a plethora of on-chain assets. Boasting horizontally scalable processing and storage, Sui supports an extensive range of applications at unparalleled speed and minimal cost. As a progressively evolving function within the blockchain, Sui constitutes an ideal platform for content creators and developers to establish remarkable, user-friendly experiences.

How SUI Works?

SUI Coin architecture addresses prevalent pain points in first-generation blockchains through features such as horizontal scalability, composability, sparse replay, and on-chain storage. In the Sui network, each transaction group is processed in parallel, contrasting with bottlenecks previously encountered in certain blockchains due to the absence of distinctions between various objects, resources, accounts, and other components. Within Sui, unlike the majority of other blockchains, an asset (like an NFT) can be directly transferred as a function argument. The object-oriented approach of Sui also permits more esoteric data structures and the storage of assets within these structures or within the asset itself.

Naturally, a blockchain provides a ledger for each transaction. To illustrate a Sui-specific example, game developers need not monitor transactions interacting with unrelated dApps. Since querying on-chain data can be costly, Sui products will be capable of tracking the evolution of objects in the game without extracting data from the Merkle tree. Assets are stored as objects directly on the Sui blockchain, exempt from Merkle tree indexing. Storing assets directly on-chain is employed in conjunction with traditional tools such as IPFS to tackle the storage issue on-chain, as updating on-chain assets directly is considerably more economical.

Who are the Founders of Sui?

Mysten Labs, the initial contributor to Sui, was established by former executives and lead architects of Meta’s Novi Research, responsible for the Diem blockchain and Move programming language: Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias.

How Many Sui (SUI) Are in Circulation?

The SUI token serves as the native currency of the project, utilized for transaction fees and governance purposes. The aggregate supply of SUI tokens amounts to 10 billion.

How to Buy SUI Coin?

SUI Coin can be securely exchanged on Binance, the global paramount in cryptocurrency exchanges by trading volume. On the Binance platform, SUI is traded as the SUI/USDT pair.

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