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Learn more about Sui
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Sui (SUI) price has declined today.
Sui (SUI) is priced at $1.00 today, with a 24-hour trading volume of $197,333,741.58. It is reflecting a 6.67% decline over the last 24 hours and a 10.64% decline over the past 7 days. With a circulating supply of 2.34 Billion SUI, Sui’s current market cap is at $2,344,070,563.09.
Understanding Sui (SUI)
Let’s dive into Sui, a fresh and speedy blockchain and smart contract platform designed to change how we handle digital assets.
It’s all about being fast, private, secure, and easy to use. It uses a particular kind of model and a programming language called Move to carry out multiple tasks at once, confirming transactions in under a second, and supporting a wide variety of on-chain assets.
Sui can process and store lots of data quickly and affordably, making it a handy tool for various applications.
The Visionaries Behind Sui
The creators of Sui are Mysten Labs, which was put together by former big shots and main architects from Meta’s Novi Research – the brains behind the Diem blockchain and the Move programming language.
The folks who started it all are Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias.
What Sets Sui Apart?
So, what makes Sui special? Here are a few key things:
- Horizontal Scaling: Sui processes transactions in parallel, which means no waiting in line, and no bottlenecks from confusion among objects, resources, accounts, and components.
- Composability: Here, assets like NFTs can be directly used in functions. Plus, Sui’s special approach allows for a variety of data structures, so assets can be stored in different ways.
- Sparse Replay: This lets products on Sui’s network, like games, follow specific objects without having to keep tabs on unrelated transactions and other decentralized applications (dApps), saving both cost and performance.
- On-Chain Storage: Assets are stored directly as objects on Sui’s blockchain, avoiding the need for complicated indexing. This method, mixed with conventional methods like IPFS, gives a cost-effective way to store and update assets on-chain.
Sui (SUI) Coin Circulation
Details about Sui’s own SUI token will be shared later. The token is slated to be available when the mainnet launches. It’ll be used to pay for transaction fees and will help support the storage fund.
This fund pays validators for costs tied to previously stored on-chain data. By making users pay upfront, Sui aims to give validators better rewards during times when storage demand is high.
Securing the Sui Network
Initially, Sui utilized Tusk and Narwhal as its default consensus algorithms.
However, in August 2022, Bullshark stepped in, replacing Tusk to address latency issues and to accommodate validators with slower processing speeds.
You can still activate Tusk by modifying the source code. To clarify, Narwhal ensures the availability of data submitted to the consensus, while Bullshark (or Tusk) prepares the data for the consensus engine to process.
Moreover, with its scaling solution, Sui ambitiously aims to achieve transaction speeds exceeding 297,000 transactions per second through its innovative data organization method.
Where to Purchase Sui (SUI)
Wondering where to buy SUI? They’re available on several exchanges like:
Most Used
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Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
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OKX crypto exchange supports over 300 digital assets and over 80 fiat currencies. It is accessible in over 100 countries and territories across the world. It has one of the highest trading volumes in the crypto world and is a fantastic mobile app that offers all services on the go. The trading fees are very low. Its major drawback is its unavailability in certain countries.
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Supports numerous tokens.
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Great Mobile app.
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Extensive educational resources.
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Provision of multi-lingual services.
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Geographical limitation.
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KYC limitations.
Coinweb’s Crypto Wiki can provide educational resources for those new to cryptocurrencies and interested in purchasing SUI.
Sui is a fast, private, and secure blockchain and smart contract platform for handling digital assets, using a programming language called Move.
Mysten Labs, founded by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias, created Sui.
Sui features horizontal scaling, composability, sparse replay, and on-chain storage for efficient transaction and data management.
SUI token will be used to pay transaction fees and support the storage fund, becoming available at mainnet launch.
SUI tokens can be purchased on exchanges like Binance, OKX, and ByBit.
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