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What Is Sui?

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Jun 21, 2023
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6 min read
what-is-sui

This blog post will cover:

  • About Sui (SUI)
  • Where did Sui (SUI) come from?
  • What are the advantages of Sui (SUI)?
  • What are the disadvantages of Sui (SUI)?
  • How to buy Sui (SUI) on SimpleSwap?

About Sui (SUI)

Sui is a crypto project with smart contract functionality that seeks to be easily adaptable to any requirements in the quickly evolving Web3 landscape. Its name is taken from Japanese philosophy, where the network’s name means water. 

The project’s team sees finding solutions to some of the blockchain challenges as the main goal, namely, making executing smart contracts faster and improving blockchain technology in general.

Currently, the ecosystem has over 60 products which can be divided into three categories:

  1. Gaming. Sui promises new gaming experiences powered by their smart contracts. 
  2. Finance. The platform enables almost instant settlement for peer-to-peer payments and asset transfers.
  3. Social. Sui allows the building of social networks in which media, posts, and interactions are owned by their creator and verifiable by users.

Unique mechanics of the Sui blockchain are achieved through these main features:

  1. Sui Move language. Sui Move has been specifically crafted to enhance security and prevent double-spending. Sui's smart contracts revolve around programmable objects rather than accounts, which is why simple transactions, such as asset transfers, are finalized in real-time without going through consensus.
  2. Parallel transaction execution. Sui has the capability to process transactions in parallel, resulting in the quick transaction finality: in trials, Sui successfully processed 120,000 transactions within one second.
  3. Consensus mechanism. Within this platform, consensus is solely required for complex transactions that involve shared objects, such as interactions with public smart contracts. The Sui network employs a consensus mechanism that merges the directed acyclic graph (DAG) and proof-of-stake (PoS) models. The DAG mempool acts as a collection of transactions, organized in a specific order to optimize the consensus process. Validators, chosen based on their stake, assume the responsibility of verifying transactions and adding them to the DAG mempool. These validators are incentivized through rewards paid in the SUI token. The consensus process involves multiple rounds of voting, and if a transaction garners sufficient votes, it is deemed validated and subsequently included in the blockchain.

The SUI token’s maximum emission is 10 billion. 528 million were released at launch and the rest will be distributed gradually over time.

The token allocation looks like this:

© Sui Foundation

The token is utilized for staking, rewards, paying fees, as well as governance. The team has also created the Sui Wallet, an extension of Chrome.

Immediately after launch, SUI joined the top 100 largest cryptocurrencies by market cap. Despite receiving much attention in the Crypto World, the SUI price took a hit right after and dropped from $2.7 to $1.6 within the first week.

Where did Sui (SUI) come from?

Sui was developed by Mysten Labs, a company headed by CEO Evan Cheng, and comprises a team of former senior executives from Meta's defunct crypto program (we wrote about it here). The team's notable expertise significantly contributed to the buzz surrounding the project.

In September 2022, they raised $300 million in investments. Such companies as Coinbase Ventures, Circle Ventures, and some others participated.

The SUI mainnet was launched on May 3, 2023.

What are the advantages of Sui (SUI)?

  1. Low latency. The blockchain’s architecture allows for fast transaction finality which has been proved during tests.
  2. Scalability. Sui exhibits horizontal scalability without any predetermined limit, which presents the opportunity to sustain low operating fees.
  3. An experienced team. The Sui developers have the knowledge to create a competitive product.

What are the disadvantages of Sui (SUI)?

  1. Lack of real-world data. The project is new and hasn’t received as wide adoption as some other platforms, it’s hard to tell how well it would do with many more DApps running on it.

How to buy Sui (SUI) on SimpleSwap?

Would you like to be among the owners of SUI tokens? SimpleSwap can assist you with this. Follow this simple guide:

  1. Select the cryptocurrency you would like to exchange (for instance, Bitcoin). Enter the amount you want to swap.
  2. Choose SUI in the second drop-down list (the crypto you would like to receive). You will see the estimated amount that you will get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. SUI will be sent there. Please check that you entered the right address.
  5. Create the exchange.
  6. You will see the BTC deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange. After that, wait for tokens to reach your wallet.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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