An In-Depth Review of the Sui Smart Contract Platform

Sui (COIN: $SUI) is a layer-1 blockchain named after swē, the water element in Japanese philosophy.

The project was launched with the intent to create a flexible platform that can shape Web3, just as water transforms and shapes the environment. The Sui platform is built on Sui Move, derived from the Move programming language.

How Sui Works

Sui is a smart contract platform whose security is maintained by a permissionless set of validators. The project offers unprecedented scalability and low-latency transactions for all use cases. It achieves this by processing most transactions in parallel. The result is better processing with the option for higher throughput by adding more resources.

The platform was written in the Rust programming language with support for Sui Move smart contracts, an asset-centric derivative of Move for the Sui mainnet. As a result, various operations can be executed on these assets, such as custom rules for their creation, transfer rules to new owners, and the mutation of assets.

Benefits of Sui

The main benefits of the Sui ecosystem are:

• Unprecedented Scaling – Horizontal scaling on the Sui mainnet ensures that fees remain low and steady even during increased demand.

• High Throughput – Parallel processing on Sui ensures that simple transactions like asset transfers can be finalized in real time without compromising security.

• Asset Ownership – The object-centric data model of Sui ensures that digital assets and their attributes can be stored on-chain and outside smart contracts. The result is that asset owners can define traits that prove ownership on the blockchain.

Security on Sui

Sui comes with high-security guarantees for asset owners. Only asset owners can use assets on the network according to rules built into the smart contract. The security architecture of Sui means that only asset owners can authorize transactions that operate on the asset. An Authorization ID via a private signature key is held by the asset owner.

The network allows access control logic to be implemented on immutable and shared assets via a smart contract. Additionally, transactions operate on assets according to defined rules via smart contracts defining the asset type. When a transaction is finalized, changes to the assets it operates on will be persisted; the resulting assets will be available for further processing.

Sui operates via a protocol amongst independent validators. However, security is still preserved if a minority of the validators violate the rules. Additionally, all operations can be audited to ensure they are processed correctly. Validators are determined via locking and delegation of tokens to validators.

Sui Economy

The three main participants in the Sui economy are Users, $SUI token holders, and validators. The users submit transactions to create, mutate, and transfer digital assets or interact with smart contracts. Token holders can stake tokens to validators or participate in the Sui governance model—the validators process transactions on the platform.

$SUI Token Details

The $SUI token is the native cryptocurrency of the Sui platform. The total supply of $SUI tokens is 10,000,000,000. 5% of the total supply was released on the mainnet launch, while the remaining were held vested for years to come or set-asides as staking rewards. Consequently, the circulating supply is just 791,777,575 $SUI, representing 7.92% of the total supply. $SUI tokens are used for governance on the platform. They are also used to pay gas fees when executing operations on the Sui platform.

$SUI Price Performance

The price of a $SUI token is $0.4807 as of September 5, 2023, and has a 24-hour trading volume of $79,027,929, representing a 3% decrease from the previous day. $SUI’s market cap continues to trade sideway in the past 24 hours and now stands at $380,628,329. However, the price of $SUI tokens have dropped 71.31% from their all-time high (ATH) price of $1.7176, which it achieved on May 1, 2023.

[Click The $SUI Chart Above To View On CoinMarketCap]

Social Media

Sui has 618.1K followers on Twitter, 4.27K subscribers on YouTube, and 726,882 members on Discord.

All Things Considered

The Sui project continues to gain popularity with the masses. For instance, on August 29th, it announced that the active accounts on the platform now stood at 5 million, with an increase of one million per week in the preceding two weeks. With this massive growth rate, the Sui Network could become one of the largest smart contract platforms by the end of 2023. This explosive growth in users would likely translate into increased demand for $SUI tokens, making the project a great option for anyone looking to invest.

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