Sui: A Beginners Essential Guide

Sui: A Beginners Essential Guide


Learn about Sui, a new layer 1 blockchain focused on fast transactions and low gas fees for the gaming market and retail payments, and its unique approach to processing transactions through parallel transactions and horizontal scaling in this deep dive article.

Sui is a new blockchain tech that launched its mainnet in early May 2023. It was a much anticipated launch as well. Will it outperform Aptos? Or will it be a Solana (SOL) killer?

And, let’s take a deep dive into Sui and find out.

What Is Sui?

Sui is a new layer 1 blockchain tech. The company behind this chain is Mysten Labs. Their team has a background at Diem. This is the now defunct digital payment system by Meta (Facebook). This is a similar background, as the Aptos founders have.

Nonetheless, this chain is going in a different direction: Fast transactions and low gas charges for the gaming market and retail payments. During their testnet, Sui managed to reach 297,000 TPS, or ‘Transactions Per Second’. Unfortunately, the Sui Explorer shows us 160 TPS as its peak during the last 30 days.

Sui already has a large ecological system. Reports by DeFillama, it as of now has 8 dApps with a total TVL of $21.1 Million. Cetus is the most important dApp now, with 69 percent of the total TVL.

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How Does Sui Work?

Sui offers a unique way of processing transactions. Traditional chains process transactions one at a time. On the other side , Sui allows users to execute numerous transactions simultaneously. These are parallel transactions. The next picture shows how parallel transaction looks like.

Source: Sui YouTube channel

Furthermore, this chain can scale horizontally. To put it another way, each validator can keep adding more computers. This, as a result, gives more computational power. In doing so, it enables  for more parallel transactions. The chain has 3 core components:

  1. Objects – This is what Sui uses as a basic unit of storage. For example, smart contracts are objects. They are likewise known as a Sui Move Package. These packages are immutable. On the other hand, there are likewise mutable data values.
  2. Transactions – Executing a transaction updates the ledger. They carry a variety of metadata. For instance, a sender’s address, the gas price, or what epoch it’s in. An epoch in Sui lasts 24 hours. At the end of each epoch, the validator set changes.
  3. Validators – These run the Sui software. Either on one machine or a cluster of machines.

The next video shows how Sui differs compared to other blockchains.

Who Is in the Sui Team?

Mysten Labs’ core team has 13 people. This includes the 5 co-founders.

  1. Evan Cheng – CEO and likewise worked at Apple for 10 years.
  2. Sam Blackshear – CTO. 
  3. Adeniyi Abiodun – CPO.
  4. George Danezis – Chief scientist.
  5. Kostas Chalkias – Chief cryptographer.

Their background is at Diem. Here they developed the Move programming language. It’s according to the Rust language. Move is more safe than, for instance, Solidity. They likewise have an impressive set of financial backers. Their series A and B financing raised $336 Million. Backers include:

  • Andreessen Horowitz (a16z)
  • Binance Crypto exchange Labs.
  • Coinbase Crypto exchange Ventures.
  • Jump Crypto.
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Sui

Source: Sui Forums

What Is the SUI Token?

$SUI is the native crypto token. The platform supports a Proof-of-Stake consensus mechanism. To put it another way, this implies that you can stake your $SUI.  Your reward is likewise in $SUI. Furthermore, you can use $SUI to pay for gas charges and use it for governance. Did you know that you can buy $SUI on Bybit?

There is a max and total supply of 10 Billion crypto tokens. As of now, only 528 Million crypto tokens circulate. This will change come November in the year. A high number of crypto tokens will be released. 3 times as numerous as circulate at this time. And, expect a dump in price. Talking about price, the $SUI crypto token didn’t perform that great since launch. The current price is $0.9921. It has a market capitalization of 521 million.

Numerous early participants of Sui’s testnet expected an airdrop. Nonetheless, that airdrop never happened. On the other hand, in all fairness, Sui always stated that there would be no airdrop. Instead, there was a Community Access Program. If you were on their Discord server before 1st February 2023. You could get up to 1,500 $SUI crypto tokens at a price of $0.03 per crypto token. That’s still a x33 at current prices. The image below shows the $SUI vesting and release schedule. Here is the SUI crypto token release schedule:

Sui

Source: Binance Crypto exchange Research

How Can You Store SUI?

The $SUI crypto token is incompatible with the EVM. This implies that you must a $SUI compatible wallet. There are numerous options out there, for instance,

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Conclusion

We looked at the Sui blockchain tech, a new layer 1 project. For instance, we looked at what is this new layer 1 chain and how it works. We likewise dived into its tokenomics and its current price. You likewise know now where to store it.

$SUI is available on several  exchanges, including Bybit. Did you know that Bybit is giving out up to $30,000 in bonuses & together with a brand-new iPhone 14? Just click this link to find out more. If you already have a Bybit account (created without affiliate link) you can still join by clicking this link.

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