Sui (SUI)

What is Sui (SUI)?

Sui is an avant-garde, decentralized Layer 1 blockchain designed meticulously from scratch. Central to its design is the integration of the Move programming language, which treats objects as first-class citizens, propelling composability to unparalleled dimensions. With a focus on achieving minimal latency in asset management, Sui offers scalability and remarkable speed for everyday use cases. Through its innovative object-centric data model, Sui enables digital assets and their inherent attributes to reside directly on-chain, eliminating the conventional dependency on smart contracts. Such a design renders Sui perfectly adaptable for a wide array of applications, ensuring swift performance without imposing exorbitant costs.

Who Created Sui (SUI)?

Sui emanates from the innovative minds at Mysten Labs, a frontier tech entity. The foundational team of Mysten Labs comprises Evan Cheng, who spearheads as CEO; Adeniyi Abiodun serving as CPO; Sam Blackshear, designated as the CTO; George Danezis, the torchbearer as the Chief Scientist; and Kostas Chalkias, entrusted with the role of Chief Cryptographer.

What is $SUI Used For?

The SUI token, inherent to the Sui ecosystem, is multifunctional and vital. Primarily, it is utilized as the main currency for disbursing gas fees for all operations within the system. In addition, users are endowed with the ability to stake SUI, embedding themselves within the platform's proof-of-stake framework. The token's versatility continues as it plays an instrumental role in the delegated Proof-of-Stake system, adeptly aligning the incentives between SUI token holders and the primary stakeholders of the network. Manifesting its pivotal role, the consumed gas is equitably distributed among authorities and their respective delegates in accordance to their stake and active contributions to Sui's seamless functioning.