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What Is Sui (SUI)?
Disclaimer: This article is for educational purposes only. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.
Key Takeaways
Sui is a blockchain platform that uses an object-centric design and the Move programming language for secure and flexible DApp development.
User-friendly features like zkLogin and sponsored transactions simplify onboarding and interactions.
Sui's scalability and low-cost model can support applications in various industries, including gaming, DeFi, and commerce.
What Is Sui?
Sui is a blockchain platform designed to be fast, affordable, and open to anyone. Sui is a layer-1 blockchain, which means it works as the foundation for building decentralized apps (DApps). It also has a native cryptocurrency called SUI.
Created by Mysten Labs, Sui aims to fix some common issues in blockchain technology, such as slow transaction speeds and high costs, while also being user-friendly for both developers and everyday users.
Key Features
Here are some of the technical features that make Sui different from other blockchains:
Object-centric design: Unlike other blockchains that manage accounts and balances, Sui uses an object-focused system. This treats digital assets like unique objects, making it easier to build apps with more complex interactions.
Programmable Transaction Blocks (PTBs): Sui allows developers to bundle multiple actions into a single transaction block. This gives more flexibility when building apps and simplifies the process of executing complex actions.
Horizontal scaling: Sui is built to scale horizontally. This means it can handle more transactions as more users join the network without compromising security or decentralization.
Move programming language: Sui uses a programming language called Move, originally created by Facebook’s Libra project. Move is designed for managing digital assets securely and helps developers create safe and efficient applications.
User-centric design
Sui is designed with the user in mind, making blockchain more accessible with these tools:
zkLogin: This feature lets people create wallets using their existing accounts from services like Google or Apple. It removes the need for seed phrases, which can be confusing for new users.
Sponsored transactions: Developers can cover the cost of transaction fees for their users. This makes it easier for people to interact with apps without needing to hold the blockchain’s native coin.
Dynamic fields: Developers can add or remove custom fields to digital objects, making them more adaptable and enabling more complex applications.
The SUI coin
Sui has its own coin, called SUI, which has various use cases in the ecosystem:
Staking and governance: Users can stake SUI coins to support network security and earn rewards. Coin holders also get to vote on key decisions about the platform’s future.
Gas fees: Like Ethereum and other blockchains, Sui charges gas fees for transactions. These fees are paid in SUI coins and are designed to be low and consistent.
Storage fund: Part of the gas fees go into a fund to cover the costs of long-term data storage. This helps keep the network sustainable and fair for all users.
The total supply of SUI coins is capped at 10 billion units. As of December 30, 2024, SUI has a market cap of roughly $11.79 billion.
Use cases and applications
Sui’s technology opens the door to many practical applications across different industries:
Gaming: Sui enables developers to create in-game items that players can truly own, trade, or use in multiple games. This can make games more engaging and offer new revenue opportunities for creators.
Decentralized finance (DeFi): With low transaction fees and quick processing times, Sui is a strong fit for financial apps like lending, borrowing, and trading. Its built-in tools also help improve liquidity and market efficiency.
Commerce: Companies can use Sui to add digital assets to their products, which can create interactive experiences for customers and build brand loyalty.
Security and privacy
Advanced cryptography: Sui uses modern cryptographic techniques to ensure data stays secure and transactions are tamper-proof. This includes zero-knowledge proofs (ZKPs), which allow transactions to be verified without sharing sensitive information.
zkLogin: zkLogin leverages ZKPs to let users log in with existing credentials while keeping their personal data private.
Developer ecosystem
Sui provides plenty of resources to help developers build and grow within its ecosystem:
Developer Portal: A central hub with guides, tools, and software development kits (SDKs) to make building on Sui easier.
Grants and funding: Sui offers financial support for projects that contribute to its ecosystem, encouraging developers to innovate and create new apps.
Community engagement: Developers can connect with the Sui team and other builders through forums, office hours, and community events.
Closing Thoughts
Sui is a blockchain platform aiming to make decentralized apps faster, cheaper, and easier to use. With its unique features, focus on user experience, and strong support for developers, the Sui ecosystem has grown considerably in recent years, putting the project among the top 30 cryptocurrencies by market capitalization.
Further Reading
What Is Zero-knowledge Proof and How Does It Impact Blockchain?
What Is Layer 1 in Blockchain?
What Is a Crypto Wallet and How to Choose the Right One?
Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.
Key Takeaways
Sui is a blockchain platform that uses an object-centric design and the Move programming language for secure and flexible DApp development.
User-friendly features like zkLogin and sponsored transactions simplify onboarding and interactions.
Sui's scalability and low-cost model can support applications in various industries, including gaming, DeFi, and commerce.
What Is Sui?
Sui is a blockchain platform designed to be fast, affordable, and open to anyone. Sui is a layer-1 blockchain, which means it works as the foundation for building decentralized apps (DApps). It also has a native cryptocurrency called SUI.
Created by Mysten Labs, Sui aims to fix some common issues in blockchain technology, such as slow transaction speeds and high costs, while also being user-friendly for both developers and everyday users.
Key Features
Here are some of the technical features that make Sui different from other blockchains:
Object-centric design: Unlike other blockchains that manage accounts and balances, Sui uses an object-focused system. This treats digital assets like unique objects, making it easier to build apps with more complex interactions.
Programmable Transaction Blocks (PTBs): Sui allows developers to bundle multiple actions into a single transaction block. This gives more flexibility when building apps and simplifies the process of executing complex actions.
Horizontal scaling: Sui is built to scale horizontally. This means it can handle more transactions as more users join the network without compromising security or decentralization.
Move programming language: Sui uses a programming language called Move, originally created by Facebook’s Libra project. Move is designed for managing digital assets securely and helps developers create safe and efficient applications.
User-centric design
Sui is designed with the user in mind, making blockchain more accessible with these tools:
zkLogin: This feature lets people create wallets using their existing accounts from services like Google or Apple. It removes the need for seed phrases, which can be confusing for new users.
Sponsored transactions: Developers can cover the cost of transaction fees for their users. This makes it easier for people to interact with apps without needing to hold the blockchain’s native coin.
Dynamic fields: Developers can add or remove custom fields to digital objects, making them more adaptable and enabling more complex applications.
The SUI coin
Sui has its own coin, called SUI, which has various use cases in the ecosystem:
Staking and governance: Users can stake SUI coins to support network security and earn rewards. Coin holders also get to vote on key decisions about the platform’s future.
Gas fees: Like Ethereum and other blockchains, Sui charges gas fees for transactions. These fees are paid in SUI coins and are designed to be low and consistent.
Storage fund: Part of the gas fees go into a fund to cover the costs of long-term data storage. This helps keep the network sustainable and fair for all users.
The total supply of SUI coins is capped at 10 billion units. As of December 30, 2024, SUI has a market cap of roughly $11.79 billion.
Use cases and applications
Sui’s technology opens the door to many practical applications across different industries:
Gaming: Sui enables developers to create in-game items that players can truly own, trade, or use in multiple games. This can make games more engaging and offer new revenue opportunities for creators.
Decentralized finance (DeFi): With low transaction fees and quick processing times, Sui is a strong fit for financial apps like lending, borrowing, and trading. Its built-in tools also help improve liquidity and market efficiency.
Commerce: Companies can use Sui to add digital assets to their products, which can create interactive experiences for customers and build brand loyalty.
Security and privacy
Advanced cryptography: Sui uses modern cryptographic techniques to ensure data stays secure and transactions are tamper-proof. This includes zero-knowledge proofs (ZKPs), which allow transactions to be verified without sharing sensitive information.
zkLogin: zkLogin leverages ZKPs to let users log in with existing credentials while keeping their personal data private.
Developer ecosystem
Sui provides plenty of resources to help developers build and grow within its ecosystem:
Developer Portal: A central hub with guides, tools, and software development kits (SDKs) to make building on Sui easier.
Grants and funding: Sui offers financial support for projects that contribute to its ecosystem, encouraging developers to innovate and create new apps.
Community engagement: Developers can connect with the Sui team and other builders through forums, office hours, and community events.
Closing Thoughts
Sui is a blockchain platform aiming to make decentralized apps faster, cheaper, and easier to use. With its unique features, focus on user experience, and strong support for developers, the Sui ecosystem has grown considerably in recent years, putting the project among the top 30 cryptocurrencies by market capitalization.
Further Reading
What Is Zero-knowledge Proof and How Does It Impact Blockchain?
What Is Layer 1 in Blockchain?
What Is a Crypto Wallet and How to Choose the Right One?
Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.
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