What is Sui Network [Sui Crypto]? Where to buy Sui Token.

Introduction

Are you a cryptocurrency enthusiast, keeping a close eye on the ever-evolving world of digital currencies? If so, you might have heard about the Sui Network, a rising star in the digital realm. In this captivating blog post, we’ll explore what the Sui Network is all about, crafted especially for those venturing through the exciting landscape of investments and technology.

The Sui Network has been creating ripples of excitement in the cryptocurrency community. With its innovative features and groundbreaking technology, it has captured the attention of both investors and technology enthusiasts. From advanced security measures to lightning-fast transaction speeds, the Sui Network has it all. But what truly sets it apart is its vision for a decentralized financial future, where individuals have full control over their digital assets.

So, buckle up and get ready for an exhilarating journey into the extraordinary universe of the Sui Network. Join us as we explore its intricacies, unravel its mysteries, and discover why it may just be the next big thing in the ever-evolving world of cryptocurrencies. The future of finance is here, and the Sui Network is leading the way.”

What is Sui Network ?

The Sui Network is a Layer 1 protocol blockchain that handles its own consensus and validation for transaction blocks within its network. It even has its own native token, SUI, to make things happen. The name ‘Sui’ was inspired by the Japanese word for water, which you can see in its branding and native token elements like SUI and MIST.

Unlike other networks, Sui is a Layer 1 blockchain that operates independently. It doesn’t rely on any other network’s infrastructure to process transactions, just like Ethereum and Bitcoin. On the other hand, Layer 2 blockchains like Polygon (MATIC) build upon and extend the capabilities of Layer 1 blockchains by using their infrastructure to finalize transactions.

Sui does things differently by treating blocks on the chain as objects that define assets. This is a unique approach compared to the traditional method of simple key-value stores that define addresses. It allows for a more programmable and flexible system, which is great for things like trading Non-Fungible Tokens (NFTs), playing decentralized applications (dApps) integrated with Sui, and conducting various transaction-based events. The Sui platform uses the Move programming language to make all this logic and activity possible. Move offers a robust logic engine that fully unleashes the advanced programmability and benefits of this new blockchain technology.

What is Layer 1 and Layer 2 blockchain ?

Imagine you’re at an amusement park, representing the cryptocurrency network. It’s like a whole park with the land, roads, electricity, water systems, and main structures. Just like in Layer 1 cryptocurrencies like Bitcoin or Ethereum, they are the entire system where everything else is built.

Now, let’s say the park gets really popular and starts to get crowded. To handle more visitors without expanding the park, the management decides to create special express passes and build smaller, specialized tracks above the ground for quick transport. These don’t replace the existing rides or infrastructure, but they enhance them by reducing queues and improving the flow of people. This is just like a Layer 2 solution in the crypto world, where it helps Ethereum (Layer 1) handle more transactions faster and cheaper, without changing Ethereum itself. It’s like using express lanes in the amusement park to skip the long lines. Polygon (Layer 2 solution) processes transactions on side lanes (sidechains) and then securely attaches the results to Ethereum’s main lanes (blockchain).

What are key features of the Sui Network ?

Object Oriented Design –

The Sui blockchain takes a unique approach to information storage and management called “object-centric design.” Instead of using accounts, Sui uses “objects” as individual containers that hold all the important details of a specific asset on the blockchain. These objects can represent various valuable things like digital art, game items, or tokens.

Each object has attributes that give more information about it, like ownership, value, or specific rules. These attributes can be changed through the rules set in the smart contract that corresponds to the object.

A smart contract acts like a robot that creates and manages these objects. But it doesn’t directly own the objects itself. Instead, the objects exist on the blockchain, which is a shared and secure digital space that builds trust among all participants.

Most objects are “owned objects” with a single owner. Transferring ownership of these objects is simple, like giving a toy to a friend. You just need to update the owner’s name on the object’s container.

In contrast, some objects can have multiple owners, like a shared car in a carpool. These are called “shared objects,” and any changes to them require agreement from all owners, making these transactions more complex.

By using this object-centric design, Sui improves transaction handling and asset management. Each object acts as a smart package that knows everything about itself, making it easy to move and share without needing to update a centralized list whenever changes happen.

Horizontol Scalabilty –

Let’s break down this concept of horizontal scalability in relation to the Sui network. Imagine Sui as a highway. When more cars (transactions) need to use the road, instead of just making the existing lanes bigger (which is like scaling up or vertical scaling), Sui simply adds more lanes (computing power) to the highway.

This way, more cars can smoothly travel without causing traffic jams. Validators, acting like traffic controllers, can open up new lanes or close them down as needed. This flexibility helps keep the flow smooth, even during rush hour.

Gas fees are kind of like the tolls you pay to use a highway. Even when the highway gets busier, Sui tries to keep the toll fees low and stable. Validators are motivated to manage the traffic well because they collect these tolls. The better they handle the traffic, the more tolls they collect, but they don’t increase the toll fee just because there’s more traffic.

Just imagine, every car on the highway having a trailer that carries information, like data storage. With Sui, it becomes affordable and easy to add more trailers to the cars. So, developers who build these cars and trailers can make them as complex as they want, with all kinds of fancy features, without the need to park them somewhere else (off-chain storage) just to save costs. Everything they need can be right there on the Sui highway, making things simpler and cheaper.

Delegated proof-of-stake consensus​ –

Sui uses a delegated proof-of-stake (DPoS) consensus mechanism to validate on-chain transaction blocks. This means that validators on the Sui network need to have a certain amount of SUI secured on Sui Mainnet, either with their own funds or in partnership with Sui Foundation.

This helps prove their interest in the security of the blockchain. The cool thing is that this approach aligns the interest of all validators with that of Sui users, creating an efficient and secure blockchain, all without the high energy-resource demands of earlier blockchains.

Unique Storage Management –

Sui optimizes its storage in a really smart and cost-effective way. Let me break it down for you with a simple analogy.

Just picture Sui as a library that’s always getting new books (data). As more and more books come in, the library needs more space and librarians (validators) to handle everything. Now, here’s the thing: if the people who added books only paid for the space and help at that moment, it wouldn’t be fair to the future librarians who would have to work even harder as the library grows.

To address this, Sui has a “Storage Fund” system, much like a savings account for the library. When someone adds a book to the library, they pay not just for the current space but also contribute to this savings account. This account is then used to support future librarians for their work in maintaining the ever-growing library.

The Storage Fund makes sure that librarians are paid fairly. If the library gets so full that it requires a lot of work, librarians get paid more from the fund. If the library isn’t too crowded and the work is lighter, they get paid less. This helps balance the costs over time.

Additionally, Sui has a unique “delete option.” If you decide to remove your book from the library, you can get a rebate, like getting some money back. This encourages people to remove books that are no longer needed or valuable. It’s a way to prevent the library from being cluttered with unwanted books and to make sure that there’s room for new, useful additions.

This system creates a self-regulating library. Only the books that people really want to keep are stored, and the space and resources are used as efficiently as possible. It ensures that the library remains a valuable resource without becoming overwhelmed by unnecessary books.

Parallel Processing of Simple Transactions –

Most blockchain transactions are pretty straightforward. You’ve got things like asset transfers, peer-to-peer payments, and minting NFTs. These transactions can happen independently and all at once, without any specific order. Sui is designed specifically to make these types of transactions super efficient.

Unlike other blockchains that need every transaction to go through a long process of agreeing on the order, Sui uses this fancy “Byzantine Consistent Broadcast” algorithm. It helps speed things up and make sure there are no bottlenecks, so you get low latency and high throughput.

With Byzantine Consistent Broadcast, transactions can all happen at the same time, instead of waiting their turn. This means we can communicate quickly with the network validators and keep things moving fast. It’s a great way to make sure there are no delays and the network runs smoothly.

Now, when it comes to more complex transactions, we need a bit of order and consensus. That’s where Sui’s consensus engine kicks in. We’ve got two parts: Narwhal and Tusk.

Narwhal is like the holding pen for transactions, making sure all the data is available for the validators to process.

Tusk, on the other hand, takes care of ordering transactions that involve shared objects.

These are the ones that need multiple account authentication to make changes to the object’s data. They’re a bit more complex, so they need to go through consensus validation.

That’s the deal with Sui’s transaction processing. Simple ones happen all at once, while the more complex ones get the attention they need.

zk Login –

Sui has this amazing feature called zkLogin, which seamlessly connects with popular online accounts like Google, GitHub, and Apple. Instead of dealing with special keys or passphrases for accessing blockchain assets (which can be a hassle), zkLogin lets you securely log in using your existing online accounts. It’s like using your trusted house key to unlock a shiny new safety deposit box.

Sui takes privacy seriously . They use zero-knowledge proofs along with zkLogin, so you don’t have to share any personal details. It’s just like showing your ID to a bouncer while discreetly covering your address and other sensitive info with your thumb. You can prove your eligibility without giving away more about yourself.

What is Sui Token (SUI Crypto) ?

Similar to how a nation has its own currency, the Sui Network has its own native cryptocurrency called the Sui Token. Consider it as the golden coin that not only simplifies transactions but also empowers users to engage in governance and utilize services within the Sui ecosystem.

Transactions on the Sui Network often involve small fractions of the value of one SUI, and to enhance the usability of these transaction blocks, Sui introduces MIST. It takes one billion MIST to equal one SUI.

SUI tokens serve four primary purposes on the network:

• They can be staked to a validator to secure the network and earn stake rewards.
• They can be used to pay gas fees for executing transactions and other operations.
• They act as the native asset facilitating on-chain transactions, forming the foundation of the entire Sui economy.
• They grant holders the right to participate in future governance.

The total supply of SUI tokens is capped at 10 billion.

Where and How to Buy Sui Token ?

If you’re curious about how to obtain Sui Tokens, fret not! Acquiring Sui Tokens is similar to getting other cryptocurrencies. You can purchase them from reputable exchanges like Binance, Gate.io, OKX, KuCoin, and more. Once you have purchased Sui Tokens, you have the option to keep them on the exchange or transfer them to a Sui Wallet, a secure web wallet for safekeeping in the future.

Why Could Sui Be a Good Long-Term Investment ?

When comparing Sui to Solana, a network known for its lightning-fast transaction speed, the Sui Network stands out as a strong competitor. With its unique approach to transaction processing, Sui shows potential for even faster speeds, setting the stage for an exciting competition in transaction volume and total value locked (TVL) within their networks.

The Sui network, with 100 globally distributed validators, can achieve peak throughput ranging from 10,871 TPS to 297,000 TPS on different workloads, with a time to finality of about 480 milliseconds.

As of November, the daily volume was around 8 million. But now, in February, the average volume has surged to approximately 64 million per day, which is an impressive 8x increase in just 3 months. Additionally, the TVL has grown from 88 million in November to 468 million USD, showing a significant 5x increase within the same time frame.

Investing in cryptocurrencies requires careful attention. With its cutting-edge technology and robust transaction capacity, the Sui Network is an enticing choice for long-term investments. As digital worlds and DApps gain popularity, a platform like Sui, offering seamless functionality, is positioned to attract significant attention and market share.

If you want to know more about sui network click here.

Conclusion –

In the vast world of cryptocurrencies, let me tell you about the Sui Network. It’s got this exciting proposition with its innovative approach to transactions and potential for high-speed performance. It’s definitely one to watch, you know? Sui stands out from the crowd with its cutting-edge technology and strong security measures. It’s a solid choice for investors looking to diversify their portfolio, you feel me? Plus, they’re always improving and staying ahead of the game, so you know they’re on top of their cryptocurrency game. If you’re into tech and all the new possibilities, keeping an eye on Sui could be a smart move. It aligns with the latest tech advancements and has the potential to make a real impact in the ever-changing world of digital currencies.

if you loved this article please also look my article on pyth network , chainlink and on Solana network.

Remember, cryptocurrency investments come with their risks, so be sure to conduct thorough research and consider expert financial advice before diving into any investment.