Key Takeaways
- Sui is a cutting-edge Layer 1 blockchain network that is exclusively built for facilitating faster and low-cost transactions.
- Sui blockchain can enable fast and scalable decentralized applications (dApps).
- Sui uses the Move programming language for efficient smart contracts that are capable of eliminating vulnerabilities and attacks.
- $SUI is the native token of the Sui blockchain project with which you can pay transaction fees, use in staking, governance programs, and other DeFi activities.
Blockchain projects are not something new in the modern-day technology world. At the moment, a large number of contemporary projects leverage blockchain technology to distribute their aims and services. Sui blockchain is a modern-day blockchain project designed to deliver and facilitate faster and low-cost transactions, and it offers provisions for the dApp deployment to its users.
The Layer 1 platform is primarily concerned with simplifying and improving the functions and creation of applications in Web3. To address and eliminate all the complexities associated with Web3 and dApps, they use an exclusive language called ‘Move programming language’, one of the most powerful smart contract programming languages available right now.
This article explains what the Sui blockchain is and how it improves the Web3 ecosystem with its cutting-edge technologies and unique functioning. Here is a closer look at the major aspects of the Sui blockchain and how it works.
What is Sui Blockchain?
Sui is a layer 1 blockchain network built to facilitate and provide faster and low-cost transactions. The permissionless blockchain project is designed to enable fast and scalable decentralized applications (dApps) as well. Sui, the layer 1 blockchain project, operates independently and provides the basic infrastructure for networks that resemble the operations of Ethereum and Bitcoin networks.
The key features of Sui that set it apart from the rest L1 projects are parallel transaction processing, object-centric data model, move programming language, and the $SUI tokens, etc. Sui is capable of processing multiple transactions at the same time and increasing the throughput. The Object-centric data model system that Sui adopts structures data as independent objects rather than accounts. Move is the programming language used in Sui; the program is derived from Rust and is believed to be the most powerful smart contract programming language by far, and the primary aim of ‘Move’ is to improve the decentralized finance sector.
Sui is designed for horizontal scalability, whereas the rest of the blockchain projects adopt vertical stability. Horizontal scalability is a system organization that enables a particular network to accommodate more users and transactions without compromising performance. The combined functionality of these features makes Sui one of the highly rated blockchain projects in Web3.
How Does the Sui blockchain Work?
Sui is quite different from the conventional L1 blockchain projects, and why it different from the rest of them is because of the way it handles transactions. Parallel transaction execution is the core principle of the SUI blockchain and plays a key role in the functioning of the SUI blockchain.
The traditional blockchains use a vertical scaling mechanism, but the Sui blockchain uses horizontal scaling, which allows it to accommodate more users and transactions, and it caters to the growing demand without bothering about user and transaction limits. Sui uses a proof-of-stake (PoS) consensus mechanism, where validators stake their SUI tokens to participate in the validation process and earn rewards.
Another specialty that makes Sui unique is the way its transaction goes through the computers in the network. Sui doesn’t make all the transactions go through all the computers in the network, it only considers the relevant section of the data that needs to be checked and processes it.
The transaction process in the Sui blockchain follows:
- Step 1: All the transactions or activities in the Sui blockchain network will be redirected to the computers that validate transactions. If we explain it in simple terms, the transactions will be directed to the validators.
- Step 2: After that, the validators check whether the transaction is valid or not. The validation will be conducted based on the users’ performance and how intensely they are involved in the network.
- Step 3: The user participates in the network, or the person initiating the transaction, will collect votes from most validators and send a validating certificate back to the validators.
Major Use Cases of the Sui blockchain
Sui is one of the most promising blockchain projects in the Web3 ecosystem. Its ability to process more than 10,000 transactions per second makes it one of the most powerful blockchain networks ever created. Let us move on to the major use cases of the Sui blockchain.
Redefining the Gaming Experiences
By enabling advanced smart contract technology that gives players ownership of their game assets and a diverse gaming experience, Sui offers an enhanced gaming experience. The unlimited gaming opportunities and possibilities distributed to both players and developers make it one of the widely adopted blockchain networks in the world.
Faster and Secure Decentralized Finance
The Sui blockchain network offers you faster and secure financing. The peer-to-peer payments of the Sui network are way faster than the rest of the networks, and the proof-of-stake (PoS) mechanism adopted by the network ensures security.
Creation of Dynamic NFTs
The object-centric data model and the Move programming language used in the Sui network offer developers provisions to create dynamic NFTS.
Advanced dApp Creation
Sui offers a wide range of resources and tools for dApp development. These advanced tools make dApp development and deployment easier.
Supply Chain Management
Sui’s distributed ledger’s transparency and verifiable records can help track the supply chain, and you can check the goods movement without any complications.
SUI Tokens: The Center of Sui Network
SUI is the native cryptocurrency of the Sui ecosystem. It has various functions and use cases within the ecosystem. The token is the central part of the network and can be used to pay for transaction fees and other operational costs. The major roles of the SUI tokens in the network are given below. SUI has a 10 billion total supply, and 3.33 billion (33.38%) are in circulation.
1. Gas fees
SUI can be used to pay the transaction fees and other charges within the ecosystem. Users need to pay a certain amount of gas fees in SUI based on the gas limit set by the network.
2. Governance
SUI acts as the governance token of the Sui network. By participating in the network’s governance program, the token holders will get an opportunity to participate in decision-making programs that define the network’s future. SUI decentralizes the decision-making process within the network and gives ultimate power to the token holders to decide how the Sui network runs or operates.
3. Staking
Users or token holders can stake their SUI tokens to support the network validators and enhance the security of the Sui network. SUI holders are eligible for the staking rewards from participating in the staking program.
4. Utility
Token holders can use their SUI tokens to bear the payments for goods and different services within the network and decentralized applications.
These are the basic functionalities and roles of SUI tokens within the network, and the token has been showing a bullish trend in the market recently. It is available in mainstream cryptocurrency exchanges like Binance, Coinbase Exchange, MEXC, Gate.io, etc.
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The Bottom Line
Sui blockchain is a layer 1 blockchain platform that offers faster and low-cost transactions to its network consumers. The highly scalable transactions and improved performance of decentralized applications make Sui one of the widely adopted blockchain networks in Web3. SUI wallet is a useful tool for users who are actively engaged in cryptocurrency transactions.
You can download the application from the Play Store and App Store. The browser extension for the SUI wallet is also available, you can download the software from their website and use it at your convenience.
SUI symbolizes the modular features of the blockchain technology, and its well-structured ecosystem fosters the development and enhancement of Web3.