The Sui Network is a smart contract platform that offers unparalleled scalability and low latency for simple use cases. Additionally, it enables most transactions to be processed in parallel, allowing for faster and more efficient transactions on the network.
Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (SUI/USDT – Trade it here) on our Innovation Zone soon! Check it out now!
What Exactly is Sui Network?
Sui Network is a Layer 1 blockchain that aims to address key issues in web3 by reducing latency in smart contract execution and improving blockchain speed and security. Mysten Labs, led by five former senior executives and architects for Meta’s Novi digital wallet program, developed the Sui platform with a focus on scalability. Sui also plans to offer blockchain-based NFT games, including the prototype Sui Monstars, to provide developers with more creative freedom. By tackling scalability issues, Sui aims to drive blockchain technology towards greater adoption and broader impact.
What are the Features of the Sui Network?
Sui is a high-performance general-purpose network with fast and cheap transactions and a user-friendly Web3 interface. The team at Mysten Labs aims to create a platform that can run high-performance decentralized applications.
The Sui architecture is well-documented in the project’s whitepaper and technical documentation. One of its unique features is its own programming language, Sui Move. It is a modified version of Move originally developed for the Diem project. In Sui Network, smart contracts create and manage objects, rather than individual accounts. These objects can represent any type of asset and have unique identifiers, owners, and properties that can be changed or remain immutable.
Each object on the Sui blockchain has a causal history that dates back to its creation. Transactions can be processed in any order or in parallel if their histories do not overlap. This allows for horizontal scaling of network bandwidth, with overall performance determined solely by the number of nodes processing transactions. Under test conditions, the Sui blockchain has shown a speed of over 120,000 transactions per second with an average latency of approximately 2 seconds.
How Does Sui Network Work?
The Sui network utilizes the Proof-of-Stake (PoS) consensus algorithm, where transactions are verified and processed by groups of validators. The composition of these groups is determined based on the number of currently active full nodes every epoch, which lasts for 24 hours. As of the end of November 2022, the Sui test network has 4 validators and over 5,200 active nodes.
The process for transaction processing differs depending on whether it involves a single-owner object or a shared object, such as public smart contracts. Transactions involving single-owner objects, which include coin transfers, NFT issuance, and voting, are processed using a streamlined Fast Pay procedure based on the Byzantine Consistent Broadcast mechanism.
Sui Consensus Engine
Sui Network initially employed Tusk and Narwhal as its default consensus algorithms. However, in August 2022, Bullshark replace Tusk as the primary option. This move aimed to address latency issues and ensure that validators with lower processing speeds could still contribute to the project. Nevertheless, Tusk remains available for use via source updates. Narwhal serves as a mempool, ensuring that the data submitted to the consensus is accessible, while Bullshark (or Tusk) arranges the data to enable the consensus engine to read it. This process is part of Sui’s DAG mempool, which is another innovative feature of the platform.
Difference Between SUI and APTOS
Sui and Aptos are two recently developed Level 1 blockchains that share many similarities. Both were created by former Meta employees and use the Move programming language. However, there are significant differences between the two. Sui utilizes a more current version of the Move programming language with more transparent coding. This allows users to see an object’s ownership status, whether it is shared, immutable, or neither. Aptos lacks this feature.
Both use PoS as their consensus mechanism. However, Sui employs Narwhal and Bullshark. Meanwhile, Aptos uses a derivative of the HotStuff protocol. During Aptos’ testing phase, it had a higher throughput than Sui, processing 160,000 TPS. However, after the mainnet launch in October 2022, Aptos’ TPS dropped to a dismal rate of 4 TPS, and it currently operates at a rate of 6 TPS with 248 validators as of March 17, 2023. On the other hand, Sui’s true potential remains to be seen. Its object-centric design enables parallel transactions, which could lead to unlimited TPS potential, making it a highly promising blockchain.
Tokenomics of Sui Network
MEXC will begin trading SUI Tokens on May 3, 2022! Furthermore, details about the tokenomics of the project have been made public by the team. The maximum supply of SUI coins will be 10 billion, with one billion MIST units being allocated to each SUI coin.
When the mainnet launches, only a portion of the total SUI supply will be available for circulation. The remaining coins will be distributed among the Mysten Labs team, investors, community members, and validator awards, among other purposes. A substantial portion of the SUI coins will be allocated to the Sui Foundation, an independent organization that will provide funding for hackathons, conferences, app development, and development teams.
Where to buy SUI Token
You can find SUI Token here at MEXC! We are listing SUI/USDT in our Innovation Zone!
What is the Price of SUI Tokens?
SUI token is coming to MEXC soon! You can check the live price of their token right here!
How to buy SUI Tokens on MEXC
You can buy SUI Tokens on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “SUI” using the search bar to see the available trading pairs. Take SUI/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of SUI you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy SUI] to confirm your order. You will find the purchased SUI in your Spot Wallet.
You can find a detailed guide on how to buy SUI Tokens here.
Keep Yourself Updated With The Crypto Trend
Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshots and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!
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