The Sui Blockchain: Everything You Need to Know
During this bear market, you more than likely have been searching for the next tour de force (btw, our traders and analysts share their opinions about new projects in the crypto industry every day in the BeInCrypto Trading Community on Telegram). Layer 1 execution environments are the buzzword of the day—and these projects are all the rage.
It claims to be the next monolithic smart contract execution environment. The Diem successor claims to solve the problems of scalability, security, and gas fees.
Sui: What does it mean?
A layer 1 proof-of-stake blockchain with smart contract capabilities, Sui is the brainchild of Mysten Labs, a firm founded by ex-employees of Meta's (Facebook) Project Libra.
Project Libra (also known as Diem) was an attempt to create a permissioned Sui blockchain and stablecoin payment system that failed to take off. Some of the developers who worked on Libra (formerly Diem) now work on Aptos and Sui.
Additionally, Mysten Labs is backed by popular venture capital firms. These include FTX, Circle, Binance Labs, and Electric Capital, among others.
With the Sui/Mysten network, developers and creators will be able to tailor experiences to the average user thanks to scalability and low latency.
Sui works in what way?
Sui uses 24-hour epochs for each valuator’s workload. The non-permission validate set is rearranged every epoch so that every epoch bears the same validity.
The stakes of users can be delegated to validate. The Sui network maintains its security properties as long as a quorum of two-thirds of the total stake is held by honest parties. Delegating your stake allows you to consolidate voting powers and earn a share of fees.
With intra-validator sharding, validation nodes can scale horizontally by dedicating more resources. This could be through CPU, memory, storage within a machine, or across multiple machines.
Fees and prices for gas:
Gas fees are one of the biggest obstacles to mainstream adoption of blockchains. To complete transactions and have their transactions included in blocks, users must pay gas. Without gas, malicious actors would spam the network and cause a denial of service attack.
A blockchain's network activity increases, which results in a spike in fees, network congestion, and, ultimately, an unpleasant user experience.
The Sui protocol uses a dynamic price-setting mechanism, where valuators vote for a network-wide reference price at the beginning of each epoch. This method makes gas fees more predictable for users.
The best way to buy SUI cryptocurrency
“The Mysten Labs team and Sui contributors, investors, and stake subsidies will receive some of the tokens,” said Alonso de Gortari, Head Economist at Mysten Labs. “The tokens will be allocated over time as stake subsidies. Click here
Why choose Suiet?
With the open-source Sui wallet, Sui is for all and tracks nothing about users. The wallet is always improving and pursuing the ultimate user experience in order to ensure that anyone, whether a crypto newcomer or veteran, can get the hang of it quickly.
Nothing to track
Most other wallets collect your data and send it to a third party (such as Google Analytics). All of your transactions will be linked to your personal identity, making you traceable across the crypto world. But in our mind, the problem is not just about data privacy, but more about data ownership. We believe you should own your data!
Until we can give you the data ownership and make your wallets totally anonymous & untraceable, we won't track anything from you.