Everything about SUI tokens [2024년] – BeinCrypto Korea

At a time when cryptocurrency prices are soaring due to Trump trading, one of the coins that is benefiting the most is Sui (SUI). Sui rose to $3.94 on November 17, 2024, the highest price since the coin was launched. The coin price soared by a whopping 575% in just one year.

There are several reasons for this price increase. First, it stands out in the blockchain gaming industry based on its fast transaction speed, and various meme coins such as Sui Blockchain are being developed on Sui Blockchain. Of course there are more factors. In this article, we will take a closer look at what Sui Coin is, how it works, and what its future prospects are.

What is the SUI project?

SUIis a project that began development in 2021 led by a blockchain startup called Mysten Labs. They were founded by experts from the former Diem blockchain team at Meta (formerly Facebok), and created the Sui blockchain to improve the scalability and efficiency of Web 3.0.

Sui writes smart contracts using Move, a programming language designed for Meta’s DM project. It features safe asset management and high security. In particular, unlike existing blockchains, Sui has a unique structure that allows transactions to be processed in parallel. This allows for rapid processing of thousands of transactions per second or more at low cost.

It is a blockchain that can be used in various fields such as decentralized financial applications (dApp), non-fungible tokens (NFT), and decentralized finance (DeFi).

Sui aims to provide a better experience for users through high scalability and low latency. Additionally, developers and creators can use Sui Blockchain by customizing an environment that suits them.

How Sui Works

SUI operates on an epoch basis, which operates on a daily (24-hour) basis. to give) is operated. A committee of validators manages every system epoch.

Additionally, in the Sui blockchain, network participants called verifiers are responsible for confirming transactions and creating blocks. This group of validators is configured in such a way that anyone can participate without special permission, and is reorganized to a new configuration every epoch (24 hours).

Here, users can delegate their stake to validators. Delegating stake strengthens the voting power of validators and also allows users to receive a portion of transaction fees as compensation. Additionally, the Sui Network is secure if at least two-thirds of the total stake is allocated to honest validators.

Validators can scale horizontally through intra-validator sharding. As a result, nodes can scale up by investing more resources. This can be done through CPU and memory, storage within a machine, or across multiple machines.

Gas Prices and Fees

Gas fees are one of the main obstacles to blockchain scaling. Users pay a gas fee to complete a transaction and include it in a block. Without gas fees, malicious actors can spam the network, ultimately resulting in denial-of-service attacks.

As network activity on a blockchain increases, transactions will compete for block space. This leads to skyrocketing fees, congested networks, and poor user experience.

Sui takes a dynamic approach to fees through a pricing mechanism. At the beginning of each epoch, validators vote on a network-wide reference price. This method allows users to pay more predictable gas bills.

storage fee

Users pay separate fees for executing transactions and storing data. When users submit data to Sui’s ‘storage fund’, they pay gas fees and commissions to Sui. This fund covers the costs incurred by validators to store their data, with storage costs increasing as the network grows.

Move Programming Language

The programming language of Sui Blockchain is Move.. The language is based on the Rust programming language and is slightly different from the core Move, originally developed by Meta (Facebook).

Sui shares the Move programming language with DM and Aptos.. Former Meta employees also founded Aptos. Sui’s smart contracts are created with Move.

Sui works with move codes from other systems except Key and Global Storage Operator. Move Core and Sui Move The biggest difference is It is as follows:

• The address represents the object ID.
• The Sui entry point takes an object reference as input.
• Sui uses its own object-centric global storage.
• There are module initializers.
• Objects have globally unique IDs.

Move vs Solidity

Sui is called the Ethereum killer and is a rival to the programming language Solidity.. Move was created to solve a problem in Solidity. Move is designed to represent digital assets and enable safer transactions.

Smart contracts are implemented in most blockchains. Ethereum’s tokens are smart contracts that maintain a list of public keys and associated balance records. This happens outside of the distributed ledger because the Ethereum protocol is unaware of its existence.

Transactions exchange messages, but not actual assets. Ethereum makes numerous user accounts and the data stored in those accounts, such as balances and smart contract states, public (global state). This is in contrast to Sui Blockchain.

While Sui Storage is designed around objects through Move, most smart contract platforms are designed around accounts. These objects are programmable and can be moved through smart contracts. Sui’s global state is a pool of programmable objects.

Sui’s smart contract is An object that can manipulate moving objects (movement package) . Every object has ownership. Ownership determines how it is used in transactions.

1. Owned by address – This is the most common case for moving objects. After a moving object is sent to another address, the receiving address takes ownership.
2. Owned by another entity.
3. Immutable – Immutable objects cannot be changed. All mobile packages (e.g. smart contracts) are immutable once deployed.
4. Shared – Anyone can read or write to this object.

Move was developed in conjunction with Move Prover. This allows programmers to ensure that their code runs as intended.

Parallel transaction execution

One of the most interesting features of Sui’s scalability is transaction parallelism. In most blockchains, transactions are executed sequentially. This is to prevent competition between transactions and double spending. However, this creates problems that limit throughput.

Sui uses parallel transaction execution. per second on MacBook Pro Up to 120,000 transactions can be processed. For reference, Ethereum can process 7 to 15 transactions per second. Visa can process 24,000 transactions per second.

Many transactions do not have complex interdependencies with other arbitrary parts of the blockchain state. In most cases, users simply send the asset to the recipient. Sui’s consensus mechanism is To process transactions Reduces the amount of communication required between validators . As a result, simple transfers are validated almost instantly and complex transactions execute within 2 to 3 seconds.

sui consensus mechanism

This is all thanks to Sui’s consensus mechanism. Sui is a blockchain technology Narwhal and Bullshark)Tusk)together to create a consensus mechanism. These systems share network responsibilities.

• Narwal: Ensures data availability.
• Bullshark or Tusk: Agree on a specific order of data.

One of Sui’s unique features is its forward-thinking approach to mempool. Sui was developed by Narwal. It has a mempool based on directed acyclic graph (DAG).. DAG enables parallel processing in the execution layer.

Bullshark is used as the default consensus algorithm replacing Tusk to reduce network latency and increase fairness. It is designed so that even slow validators can contribute to the network. However, Tusk can still be used.

Sui DApp

Although the project is still in its early stages, many developers have begun building decentralized financial applications (dApps) based on Sui. The network’s dapps include: DeFi(DeFi), name services, GameFi, NFT, bridge, etc.

social pie

Sui can utilize social dapps. These include Read2N (a Web 3.0 publishing platform), Peeranha (a Q&A app similar to Quora), and SoWork (a platform for remote workers).

SoWork allows users to create their own virtual office and connect with teams around the world. Many companies, including Microsoft and Harvard Business School, have introduced this social dapp into their work environments.

bridge

Axelar network and Wormhole bridge are bridges applied to the Sui ecosystem.

Decentralized Finance (DeFi)

DeFi services currently in operation include Naami, Araya Finance, and SynthMeta. There are more DApps coming to Sui, but most of them are still on testnet.

Nami and Araya Finance are decentralized exchanges. Both exchanges allow users to exchange wrapped assets such as Bitcoin or Ethereum. Meanwhile, SynthMeta is a derivatives platform focused on building a one-stop shop for derivatives.

Game Pie (GameFi)

Rage, the self-proclaimed ‘Sui Clash of Clans’, is one of the few live games available in Sui. Players can collect resources, build villages, and battle against other players.

Aptos and Sui share many similarities. Because both are successors of Diem. The founders of both blockchains are from Meta (Facebook), and both use the Move programming language. Both blockchains even share the same investors.

Aptos uses Move’s core global storage, while Sui uses its own storage. Also, Aptos has no concept of resources or objects owning other resources. Every sui address can own an unlimited number of resources of the same type. One Sui account can own 10 different Sui token objects, each with its own unique value.

It is known that Sui can process 120,000 transactions per second, while Aptos can process 160,000 transactions per second. However, this number dropped sharply with the mainnet launch.

Which is better, Aptos or Sui?

It is difficult to compare two blockchains at this early stage. Aptos launched its mainnet in October 2022, putting it about six months ahead of Sui in terms of development.

Sui Blockchain Roadmap

Sui’s development net was launched in May 2022. Sui consists of four nodes operated by Mysten Labs and Sui Explorer. This blockchain launched its first testnet, ‘Sui Testnet Wave 1’, on November 17, 2022.

This testnet gradually introduced and stress-tested the features and mechanisms needed for the mainnet. The purpose of the testnet was to verify the design, validators, full node, wallet, and developer toolchain and gain operational experience. The testnet consisted of a series of ‘waves’. Network, staking, and updates are the main focus.

After two successful testnets, Sui launched a permanent testnet on March 29, 2023. According to the development team, the persistent testnet is the earliest version of Sui DevX 1.0. It combines core development fundamentals that are the result of implementing community feedback and Sui’s developer ergonomics, a foundation for improving efficiency.

Sui Blockchain Performance [2024년]

Sui Blockchain attracted attention in 2024 with outstanding achievements in various fields. Key achievements include:

1. Increase in total assets on deposit (TVL): At the end of September 2024, Sui Network’s total deposited assets (TVL) exceeded $1 billion for the first time, demonstrating a significant increase in the network’s reliability and usage.
2. Technological advancements and network expansion: Sui achieves high throughput and low transaction latency through parallel transaction processing technology, smoothly supporting large users and various applications.
3. Integration with stablecoin USDC: In September 2024, Sui Network completed integration with the stablecoin USDC, enabling stable asset trading. This promoted the activation of DeFi services and increased user accessibility.
4. Increased interest from institutional investors: In September 2024, Grayscale launched Sui Trust targeting Sui Coin, promoting the inflow of institutional investors, which had a positive impact on the increase in liquidity and price rise of Sui Coin.
5. Expansion of the MEMCOIN ecosystem and revitalization of the community: Within the Sui network, meme coins such as Sudeng (HIPPO) are gaining popularity and activating community participation. In particular, HIPPO is attracting attention as a project that fulfills social responsibility by partnering with Thailand’s Khao Kheow Zoo and carrying out animal conservation donation activities.

These achievements show that Sui Blockchain continues to grow through technological advancement and ecosystem expansion.

Sui (SUI) has issued a total of 10 billion SUI tokens. This was distributed as follows:

• Community Reserve: 50% (5 billion)
• Initial contributors: 20% (2 billion)
• Investors: 14% (1.4 billion)
• Miss Teen Labs Treasury: 10% (1 billion)
• Community programs and app testers: 6% (600 million)

As a native asset of the network, the SUI token performs the following key functions:

• Staking: To enhance network security, you can delegate tokens to validators and receive rewards.
• Gas Fees: Used to pay for transactions and data storage.
• Transactions and payments: Used as a liquid asset in various applications within the ecosystem.
• Governance: Token holders can participate in on-chain voting on important decisions such as protocol upgrades.

This tokenomics structure is intended to promote the stability and growth of the Sui network and encourage active participation from the community.

sui(SUI) How to purchase coins

Sui (SUI) coins can be purchased on several cryptocurrency exchanges. The major exchanges and purchasing methods are as follows:

1. Domestic exchanges:

• Upbit: Korea’s leading cryptocurrency exchange, where you can trade SUI coins directly with Korean Won (KRW).
• Bithumb: Another major domestic exchange where you can purchase SUI coins with Korean Won.

2. overseas exchange

• Binance: One of the world’s largest cryptocurrency exchanges, you can trade SUI coins through a variety of trading pairs.
• KuCoin: An exchange that supports various altcoins, where you can purchase SUI coins.
• OKX: A global exchange that supports SUI coins and offers a variety of trading options.
• MEXC: You can purchase SUI coins by supporting various payment methods.

How to purchase

1. Account Creation and Verification: Sign up for the exchange of your choice and complete Identity Verification (KYC).
2. Deposit: Deposit KRW or other cryptocurrencies to your exchange account.
3. Trading: Buy SUI coins on the exchange’s spot trading market.

Memecoin based on Sui (SUI)

Various meme coins are also being released on Sui Blockchain. In particular, we are facilitating trading of major memecoins in the Sui ecosystem through Scallop (SCA), a Sui-based DeFi project.

Sudeng (HIPPO)

1. Overview: This is a meme coin modeled after the pygmy hippopotamus ‘Moodeng’ at Khao Kheow Zoo in Thailand.
2. characteristic:

• Social Responsibility: In October 2024, we established an official partnership with Khao Kaou Zoo and donated 5 million baht (approximately $150,000) to help the zoo affected by floods.
• Community Support: Sui ranks first in market capitalization within the ecosystem and enjoys strong community support.

BLUB

1. Overview: A dirty water-themed meme coin developed with inspiration from the PEPE coin.
2. characteristic:

• Meme Culture: Sui Blockchain is gaining attention by spreading meme culture.
• Technical Utilization: It is evaluated as a project with the potential for practical use based on Sui’s technology beyond a simple meme.

AAA Cat (AAA)

1. Overview: This is a cat meme coin created by Sui developer Drippy.
2. characteristic:
• Rapid growth: Growing rapidly in a short period of time and attracting attention in the Sui ecosystem.
• Community Participation: Memes using cat characters are attracting active participation from the community.

These meme coins make the Sui blockchain ecosystem more diverse and vibrant, and promote community participation.

conclusion: Possibilities and Concerns

Many developers had theories about transaction parallelism, but failed to create an effective blockchain. This is because the execution environment of every network must be tested. Here, Sui’s consensus mechanism is built with a focus on asset transfer. At this time, parallel transaction processing significantly lowered transaction costs compared to sequential processing. It’s a more useful environment for users.

also Recently, Sui has been working on several projects in the blockchain gaming field.. In November 2024, we signed a partnership with indie game studio Warped Games and decided to apply Sui blockchain technology to the game. hereto Some experts say Sui is emerging as a competitor to Solana (SOL) in the gaming space.

but Sui is being criticized for not transparently disclosing coin sales for staking rewards. Also, in the past, when the price of Sui Coin soared, there were suspicions that insiders sold tokens on a large scale. At the time, the foundation explained that the sale was made by an infrastructure partner, but investors’ distrust was not completely resolved.

For this reason, you should be very cautious when investing in Sui (SUI) tokens, and be sure to conduct additional research when investing directly.

Sui is a layer 1 proof-of-interest blockchain created by Mysten Labs. The latter is made up of former Meta employees. Sui is working to solve scalability and gas fee issues with blockchain.

The Move programming language was created by Meta (Facebook). It is used in both Sui and Aptos blockchains. Move was also used in DM (formerly in the Libra project).

Mysten Labs is the team that supports Sui Blockchain. It was founded by developers who worked on Meta’s DM blockchain. The company has received funding from several venture capital firms, including Circle, Binance Labs, and Electric Capital.

Aptos is a blockchain that shares the Sui and Move programming languages. It was also founded by developers who previously worked at DM. Like Sui, they are also working hard to solve scalability issues.

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Q: How does Sui’s transaction processing speed compare to that of other layer 1 blockchains, and what implications does this have for developers and users?

Q: How does ⁤Sui’s approach to scalability and gas fees‌ differ from other layer 1 blockchains currently on the market?

Q: Can you explain the relationship between Sui and Aptos, and how they are similar ‌or different in terms of development goals and technology?

Q: What is the potential impact of Sui Blockchain on the gaming ​industry, and⁤ why is it being seen as a competitor ⁤to Solana (SOL)?

Q: Given the criticism regarding transparency of coin sales for staking rewards, what measures has the ⁢Sui foundation taken to address ‌investor concerns and build trust?

Q: Many former Meta employees are involved in Sui’s development. How does this influence the blockchain’s design and overall direction?

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