What Is Sui Digital Currency (SUI)? Blockchain That Claims To Be A Killer!
In Bear Markets, It Is Not So Easy To Find Projects That Have Something To Say, At Least On Paper. This Is Where Sui Comes In; A Project That Calls Itself The Killer Of Solana! But How True Is This Claim?
The answer to this question is only possible if we first see what Sui is and its uses.
In this article, we will do a project that former employee Diem Or check out the Meta (formerly Facebook) digital currency they’ve created. The claim will make blockchain’s security issues and fees a thing of the past.
What is Sui?
Sui is the first-layer blockchain whose main net was launched in May. In order not to hurt your head with the definition of the first layer blockchains and our article is not too long, we suggest that if you are not familiar with the concept of blockchain, go to the article “What is blockchain?” hit.
What is the simple answer to Sui digital currency: Sui digital currency is a native token of the Sui network listed with the trading symbol (SUI) in various Iranian and foreign exchanges.
So don’t forget, Sui is a first-layer blockchain, and Sui digital currency or SUI token is the token of this network.
Transaction fees are low in the Sui network; Because in this blockchain, a type of scalability called “horizontal scalability” has been used. That is, there is no limit to the maximum number of transactions that can be queued and verified at a meager cost.
The official launch post of the Sui leading network on the project’s official Twitter
According to Sui’s developers, other developers can customize their projects for ordinary users so that they can easily use the network.
Developers use the Move programming language to build decentralized software. Moo is a language derived from Rust developed by Meta. Of course, the version used on Sui is slightly different from the original movie that Meta made.
On the one hand, there is no need for blockchain members to agree on the arrangement of transactions, which helps to make this blockchain faster; Because, in many existing blockchains, the need for consensus for such work is considered a bottleneck and weakness.
It is worth noting that the Sui token has a supply limit of 10 billion units. Another exciting thing about the Sui project was the fundraising of 300 million dollars just before the launch of the leading network.
A part of the units sold in the stages of attracting initial capital will be allocated to the creators of this digital currency.
In the Sui blockchain, transactions are processed by transaction verifiers or validators. According to Sui’s development team, verifying transactions in parallel in this blockchain is possible. An issue that increases this blockchain’s speed in demonstrating and processing transactions.
Sui works based on Delegated Proof of Stake (DPoS). In this mechanism, staked SUI tokens are locked at certain intervals and used to determine validators.
Mysten Labs has developed this blockchain. Some of the top executives of the Novi project, Meta’s dime digital currency wallet, are among the leading managers of Maysten Labs.
This company has big investors behind it. Circle, Binance Labs, and Electric Capital are among the companies that have invested in Maysten Labs.
From Sui Airdrop to the margins of Justin Sun and Binance
Binance Exchange and Justin Sun, the creator of Tron, added to the fire of attention surrounding Sui and the launch of its network.
Shortly before the launch of Sui Main Network, Binance Exchange announced that it would be possible to purchase Sui through Launchpool. Launchpool is a platform that allows users to get rewarded by providing liquidity.
Whale Alert data also shows that Justin Sun transferred $56 million of TrioSD to Binance. According to speculations, Sun has transferred this amount to Binance to receive Sui Token.
After Sun transferred $59 million TUSD to Binance, Changpeng Zhao reacted to this action.
After transferring this amount, Binance CEO Changpeng Zhao responded to Justin Sun, saying that Launchpool is designed for small users and Binance will stop moving Sui tokens to Sun’s account.
Another interesting point was the rumors about the Sui airdrop. The words of this airdrop were formed after the success of the Optos project airdrop. However, Sui’s team has repeatedly announced that there will be no airdrop for this token.
In the beginning and before the official release of this digital currency in the exchanges, users could buy Sui for 0.1 dollars per unit in a round of the initial sale.
Last month’s topside price, a round of private sales for specific users, was set at 0.3. In this round of sales, 594 million units were sold.
The highest recorded price for Sui is $4.52, recorded in the first minutes of the public offering. After registering this price, we saw the price fall and stabilize in the $1 area.
Side price from May 3
As you know, supply and demand are the factors that determine the price of a token, and the fall or growth of the cost of a digital currency is not a solid reason to prove its utility or not.
On the other hand, due to the novelty of the SUI token, the price of SUI will probably be accompanied by many fluctuations at the beginning; So, so use extreme caution when buying and selling.
Sui purchase (SUI) and the future of this digital currency
Talking about the end of digital money is very difficult and risky. Dozens of new digital coins and tokens are launched daily, most of which are scams.
In connection with Sui digital currency, it is not very likely that it is a fraud. A strong team, credible investors, and sufficient technical details are the reasons that make Sui’s future very bright.
For you to better understand the issue, I will give an example of Ethereum; Ethereum can typically process the same amount of transactions, but only if these are simple! On paper, it is a blockchain that processes 120,000 transactions per second, a number that, while promising, seems far-fetched. The reality is a little different. In the Ethereum network, most transactions have a lot of details, and not all Ethereum transactions fall into the category of simple transactions.
Now that we understand what SUI is, we can better decide whether or not to buy SUI.
Buying and selling this digital currency
Due to the maturity of the digital currency market in Iran, new tokens and digital currencies are quickly listed in Iranian exchanges.
Sui is no exception to this rule; some exchanges currently have this digital currency on their list.
To Side shopping from Iranian exchanges, go to the “SUI Purchase” page, enter the amount you want to buy, and see a list of valid deals.
This list lists exchanges according to their price, from the lowest to the highest. You will be transferred to the purchase page of this digital currency in the business by clicking the buy button.
After verifying your identity in the exchange and depositing money, you can buy Sui from Iranian talks. Don’t forget that according to the central bank’s announcement, the deposit limit to Iranian words is 25 million tomans daily.
If you intend to sell this digital currency, the work steps are the same, with the difference that you must first send your tokens to your wallet address in the exchange and then sell them.
Frequently asked questions
Is there any foreign digital currency in Iranian exchanges?
Yes, there are currently exchanges that have listed this digital currency. To view these exchanges, go to the buy page on Erzdigital.
Is it safe to buy a side?
The digital currency market is volatile. On the other hand, supply and demand determine their price, making it impossible to answer this question.
Is a side better than Ethereum?
The developers of SUI tout it as a Solana and Ethereum killer, but considering Ethereum’s strong foothold, SUI doesn’t seem to be able to threaten the network.
Does SUI have an airdrop?
No; The creators of this project have repeatedly emphasized that there is no news of airdrop for this token.
What is SUI, and how is it different from SUI?
Sui is a blockchain network developed for fast and cheap transactions. SUI is the native token of this network, which is used for blockchain voting.
A good team, a good project, and beautiful promises are the descriptions that can be used for the SUI network and SUI token. This blockchain, on paper, allows for fast and cheap transactions.
The most important feature of the Sewi network is the possibility of parallel transactions. Meanwhile, in many current networks, transactions are confirmed turn-by-turn, and there is always a queue to ensure transactions.
On the other hand, the widespread attention surrounding this digital currency has made it possible to imagine a relatively good future.
Finally, it should be noted that the Sui project is a new project, and it should be given time to see if the claims made by its creators prove themselves in practice or not.
In this article, we tried to give a relatively short answer to the question “What is SUI?” let’s share, What do you think the future of this project will be? Can this project become a successful blockchain project and kill Ethereum and Solana?