Sui (SUI) is a Layer-1 blockchain platform designed to make digital asset ownership fast, private, secure and accessible to everyone. Sui, a blockchain on which smart contracts can be created, is optimized to provide low-latency transfers and instant transaction finality.
Sui provides “horizontal scaling” thanks to the “transaction parallelization” process, which provides “parallel consensus” between different independent transaction types. Organizing data as independent objects makes it possible for independent transactions to be verified by Sui nodes. The basis of this verification process is a Proof- There is a of-Stake (PoS) consensus mechanism.
Who are the Founders of Sui?
Sui was developed by Mysten Labs, founded by former Meta employees. The founders of the Sui blockchain platform are: Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, Kostas Chalkias.
The chairman of the board of directors (CEO) of Mysten Labs is Evan Cheng, one of the founders.
SUI Token Statistics
SUI token or SUI coin is the cryptocurrency of the Sui blockchain network. The maximum supply of SUI tokens is set at 10,000,000,000. SUI token was offered to investors with an ICO that took place between April 15 and April 22, 2023.
What Makes the Sui Project Special?
Sui is a blockchain platform that offers high scalability and instant certainty. Sui provides these important advantages with parallel processing execution.
On most blockchains, including Bitcoin (BTC) and Ethereum (ETH), transactions occur sequentially or one at a time. This prevents a kind of competition between transactions and double spending. However, it also restricts transaction volume and can create congestion on the network.
Parallel execution allows Sui to process 120 thousand transactions per second on a MacBook Pro. In Ethereum, this number is 7 to 15 transactions; 24 thousand in Visa, which is faster than Ethereum.
Another element that makes Sui special is its programming language. Like Aptos (APT), Sui offers developers the Rust-based Move coding language. While most smart contract platforms are designed around accounts, thanks to Move, Sui’s storage is designed around objects. These objects can be programmed and perform transactions via smart contracts. Sui’s global state is a pool of programmable objects.
SUI Token Project
SUI token or SUI coin is the cryptocurrency of the Sui blockchain platform. SUI is used to pay gas fees for transactions on the network. Additionally, users can stake SUI tokens to participate in Sui’s PoS mechanism and earn interest returns.
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