Sui is a smart contract platform maintained by a set of permissionless validators that play a similar role to validators or miners in other blockchain systems. Sui is the only blockchain that can scale with the growth of Web3.
The Sui platform is written in Rust. It supports smart contracts written in a Rust-based programming language called Move.
Sui has a native token called SUI. SUI coin is used to pay transaction fee. It can be locked to secure the anonymous blockchain. The SUI coin provides access to the management of the protocol through the locking process. Transactions are used to pay fees associated with storage or other uses of the Sui blockchain.
Sui is a next-generation proof-of-stake blockchain developed by Mysten Labs since 2021. The Sui blockchain features horizontal scaling of application development at low cost and fairly quickly.
The most important feature of the Sui blockchain is its horizontal scalability and instant termination. Sui blockchain performs transactions more quickly by doing it in one go instead of sequentially.
Some features of the Sui platform are as follows:
- Possibility to create smart contracts in a shorter time.
- On the Sui blockchain, users can send assets first and open the account later, thanks to the upcoming feature.
- The Sui blockchain is capable of low transaction fees, horizontal scaling, and high-speed transactions.
- Sui uses Proof of Stake, which consumes less energy and is environmentally friendly.
- They can create more utilities in NFTs and store them directly on the chain.
- As assets, they live directly in users’ accounts, not in someone else’s smart contract.
- Unmatched scalability, instant solution.
- A secure smart contract language accessible to mainstream developers.
- Ability to define rich and composable on-chain assets.
- Better user experience for Web3 applications.
