Many people have already heard about the Sui blockchain and the Sui platform. It is hard to deny that interest in blockchain technology and Web3 has grown incredibly over the past year. So, blockchain development and Web3 are cutting-edge fields. As the overall value of the blockchains market continues to grow, this interest is unlikely to wane.
But what about Sui? Not surprisingly, curiosity about Web3, smart contracts, and blockchains has led to the launching of new blockchain platforms and projects. Another addition is the Sui platform.
What is the Sui blockchain?
Sui is a PoS, decentralized, and L1 smart contracts blockchain platform designed for scalability and high-speed transactions. Sui has several blockchain innovations, such as more efficient transaction sequencing, which allows for a significant increase in blockchain throughput compared to previous generations.
In other words, Sui is a next-generation smart contracts platform based on Move. Sui is designed from the ground up for billions of Web3 users. Also, Sui will support up to 120,000 transactions per second in the first phase.
Who are Sui blockchain’s investors?
Mysten Labs is responsible for the Sui blockchain development. The Sui team of developers includes many experienced designers, analysts, and engineers. Many of them worked at Novi Research before Sui blockchain development.
Investors of Sui blockchain include a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, and other strategic partners.
What makes the Sui blockchain unique?
A special feature of Sui is the use of the special language, Move. It was created by a team of developers for the Diem blockchain. But why is the Sui blockchain unique? Let’s highlight the key features of the Sui blockchain:
- Sui offers not only high network capacity but also fault tolerance, as even a large number of faulty validators don’t lead to performance degradation, as happens with existing PoS.
- Running processes and transactions in parallel. In a traditional blockchain, transactions are executed one after another or sequentially. However, with Sui’s parallel system, instead of executing transactions one after the other, users can execute multiple transactions simultaneously.
- One of the unique features of the Sui blockchain is the way it handles gas fees. Instead of fluctuating from minute to minute, the price on the Sui blockchain remains stable for 24 hours.
The Sui team has already shared the specifics of the tokenomics. The maximum supply will be 10 billion crypto tokens.
Sui token airdrop
The Sui team has not yet officially announced how and when the Sui tokens will be issued. However, the priority of Sui will be to reward with crypto tokens the first community members and supporters.
Sui is expected to announce a large crypto token airdrop. They have had a successful Sui token airdrop in the past. If you want to be eligible for Sui crypto tokens, it is recommended to participate in the airdrop as early as possible. Complete the tasks on AlphaQuest and have a chance to get free tokens from the hottest airdrop!