What is Sui digital currency (SUI)? Blockchain that claims to be a killer!

In bear markets, it is not so easy to find projects that have something to say at least on paper. This is where Sui comes in; A project that calls itself the killer of Solana! But how true is this claim? The answer to this question is only possible if we first see what Sui is and what its uses are.

In this article, we’re going to look at a project created by former employees of Diem, aka Meta (formerly Facebook), which they claim will make blockchain’s security issues and fees a thing of the past.

What is Sui?

Sui is actually a first layer blockchain whose mainnet was launched in May this year. In order not to make your head hurt with the definition of first layer blockchains and our article not to be too long, we suggest that if you are not familiar with the concept of blockchain, visit the article “What is blockchain”.

What is the simple answer to Sui digital currency: Sui digital currency is a native token of the Sui network, which is listed with the trading symbol (SUI) in various Iranian and foreign exchanges.

So don’t forget, Sui is a first layer blockchain and Sui digital currency or SUI token is the token of this network.

Transaction fees are low in the Sui network; Because in this blockchain, a special type of scalability called “horizontal scalability” has been used. That is, there is no limit to the maximum number of transactions that can be queued, and transactions can be verified at a very low cost.

According to Sui’s developers, other developers can customize their projects for ordinary users so that they can easily use the network.

Developers use the Move programming language to build decentralized software. Moo is a language derived from Rust developed by Meta. Of course, the version used on Sui is slightly different from the original move that Meta made.

On the one hand, there is no need for blockchain members to agree on the arrangement of transactions, and this helps to make this blockchain faster; Because in many existing blockchains, the need for consensus for such work is considered a bottleneck and weakness.

It is worth noting that Sui token has a supply limit of 10 billion units. Another interesting thing about the Sui project was the fundraising of 300 million dollars, just before the launch of the main network.

In Sui blockchain, transactions are processed by transaction verifiers or validators. According to Sui’s development team, in this blockchain, it is possible to verify transactions in parallel. An issue that increases the speed of this blockchain in terms of verifying and processing transactions.

Sui works based on Delegated Proof of Stake (DPoS). In this mechanism, staked SUI tokens are locked at certain intervals and used to determine validators.

Mysten Labs has developed this blockchain. Some of the top executives of the Novi project, Meta’s dime digital currency wallet, are among the main managers of Maysten Labs.

This company has big investors behind it. Circle, Binance Labs and Electric Capital are among the companies that have invested in Maysten Labs.

From Sui Airdrop to the margins of Justin Sun and Binance

Binance exchange and Justin Sun, the creator of Tron, added to the fire of attention surrounding Sui and the launch of its network.

Shortly before the launch of Sui Main Network, Binance Exchange announced that it will be possible to purchase Sui through Launchpool. Launchpool is a platform that allows users to get rewarded by providing liquidity.

Whale Alert data also shows that Justin Sun transferred $56 million of TrioSD to Binance. According to speculations, Sun has transferred this amount to Binance to receive Sui Token.

After the transfer of this amount, Binance CEO Chang Peng Zhao, in response to Justin Sun, stated that Launchpool is designed for small users and Binance will stop the transfer of Sui tokens to Sun’s account.

Another interesting point was the rumors about the Sui airdrop. The rumors of this airdrop were formed after the success of the Optos project airdrop. However, Sui’s team has repeatedly announced that there will be no airdrop for this token.

Read more: What is Aptos digital currency (APTOS)? Getting to know the first layer blockchain

Side price

In the beginning and before the official release of this digital currency in the exchanges, users had the possibility to buy Sui at a price of 0.1 dollars per unit in a round of the initial sale.

Last month, Sui’s price was set at 0.3 in a round of private sales for certain users. In this round of sales, 594 million units were sold.

The highest recorded price for Sui is $4.52, which was recorded in the first minutes of the public offering. After registering this price, we saw the price fall and stabilize in the $1 area.

As you know, supply and demand are the factors that determine the price of a token, and the fall or growth of the price of a digital currency is not a strong reason to prove its utility or not.

On the other hand, due to the novelty of the SUI token, the price of SUI will probably be accompanied by many fluctuations at the beginning; So, use extreme caution when buying and selling.

Sui purchase (SUI) and the future of this digital currency

Talking about the future of a digital currency is very difficult and risky. Dozens of new digital currencies and tokens are launched every day, and most of them turn out to be scams.

In connection with Sui digital currency, it is not very likely that it is a fraud. A strong team, credible investors and acceptable technical details are the reasons that make Sui’s future very bright.

On paper, it is a blockchain that processes 120,000 transactions per second, a number that, while promising, seems far-fetched. In order for you to have a better understanding of the issue, I will give an example of Ethereum; Ethereum can normally process the same amount of transactions, but only if these transactions are simple transactions! The reality is a little different. In the Ethereum network, most transactions have a lot of details, and in fact, not all Ethereum transactions fall into the category of simple transactions.

Now that we understand what SUI is, we can make a better decision about whether or not to buy SUI.

Buying and selling this digital currency

Due to the maturity of the digital currency market in Iran, new tokens and digital currencies are quickly listed in Iranian exchanges.

Sui is not an exception to this rule and currently there are exchanges that have this digital currency in their list.

To buy Sui from Iranian exchanges, just go to the “Buy Sui (SUI)” page, enter the amount you want to buy and see a list of valid exchanges for purchase.

In this list, exchanges are listed according to their price, from the lowest to the highest. By clicking on the buy button, you will be transferred to the purchase page of this digital currency in the exchange.

After verifying your identity in the exchange and depositing money, you can buy Sui from Iranian exchanges. Don’t forget that according to the announcement of the central bank, the limit of deposit to Iranian exchanges is 25 million tomans per day.

If you intend to sell this digital currency, the work steps are the same, with the difference that you must first send your tokens to your wallet address in the exchange and then sell them.

Frequently asked questions

Conclusion

Good team, good project and beautiful promises are the description that can be used for SUI network and SUI token. This blockchain on paper allows for fast and cheap transactions.

The most important feature of the Sewi network is the possibility of parallel transactions. Meanwhile, in many current networks, transactions are confirmed on a turn-by-turn basis, and there is always a queue to confirm transactions.

On the other hand, the widespread attention surrounding this digital currency has made it possible to imagine a relatively good future for it.

Finally, it should be noted that Sui project is a new project and it should be given time to see if the claims made by its creators prove themselves in practice or not.

In this article, we tried to give a relatively short answer to the question “What is SUI?” let’s give What do you think the future of this project will be? Can this project become a successful blockchain project and kill Ethereum and Solana?