SUI token was officially released today. What is SUI Network? How to buy? All questions answered here!
SUI token was officially released today. What is SUI Network? How to buy? All questions answered here!
What is SUI Network?
The Sui blockchain is Layer 1, meaning it provides the basic infrastructure for a verification and transaction system in much the same way as basic Bitcoin or Ethereum networks. Layer 1 blockchains are the underlying architecture that supports a token or, in some cases, a wider network of different tokens.
Sui distinguishes itself from other Tier 1 chains with its focus on instant transaction certainty, reduced latency in smart contract deployment, and overall transaction speed. One of the ways it aims to achieve these goals is with Move, a native programming language based on the Rust crypto programming language. Move hopes to facilitate the development of smart contracts for developers, thereby expanding access and functionality in the Decentralized Finance (DeFi) industry.
Sui's validators are similar to miners in other blockchain ecosystems. However, the verification system aims to differentiate itself from its competitors by enabling parallel processing of transactions, which Sui developers believe will increase throughput, reduce latency, and increase scalability. Potential use cases of the parallel process validation system, including gaming, retail payments, and physical outlets using Sui. To enable this type of transaction processing, Sui scales horizontally, meaning it has no caps to meet application demand and can maintain low operating costs on every transaction. Sui does not require global consensus on an ordered list of transactions, which is a major bottleneck for many existing blockchains.
What is SUI Token?
Sui's native token, known as SUI, will facilitate the network's proof-of-stake consensus mechanism, on-chain voting for blockchain upgrades, and transaction fees. It will also allow Sui users to participate in the DeFi activities of the system. The launch of the Sui mainnet on May 3 is accompanied by a SUI token sale, in which each participating crypto exchange offers 225 million tokens. Each user is eligible to receive up to 10,000 SUI tokens priced at $0.10 each.
Sui tokens will be distributed to both a community reserve for research and development, grants, and subsidies, as well as early contributors to the project, application testers, and other stakeholders. There is a fixed cap of 10 billion SUI tokens in total. 14% of the tokens released at launch are available to investors.
How to buy SUI Token?
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