Sui is the first permissionless Layer-1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in Web3.

SUI will have a Token Sale on 3 trading platforms: ByBit, OKX and Kucoin.

SUI Token Sale whitelist on ByBit

In recognition of the early contributions from the Sui community to the Sui ecosystem and their unwavering support thereof, the SUI token will be made available to selected community members through a recognition sale, which will launch on Apr 18, 2023, 10AM UTC.

Price: 0.03$

Register: https://www.bybit.com/sui

Whitelisted participants will have the opportunity to purchase SUI tokens in this recognition sale.

If you’re a whitelisted participant, head over to the ByStarter page to learn how you can purchase the SUI token!

Check Whitelist Eligibility here: https://verifysupporters.sui.io/

*Only white-listed users who complete Lv.2 Identity Verification will be eligible for the event.

About SUI

What Is Sui Blockchain (SUI)?

Sui is a Layer 1 blockchain designed to solve some of the problems around web3. Its primary focus areas are reducing latency in the time it takes to execute smart contracts, and revolutionizing blockchain technology by increasing speed and security as the blockchain landscape moves toward greater adoption of web3. Sui is also the future home of exciting new blockchain NFT games, including its prototype, Sui Monstars. The idea is that developers can fully unleash their creativity in making games fun and exciting without focusing too much on the coding aspect.  The Sui platform has been created by Mysten Labs, whose 13-member team is led by five founders — Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis and Kostas Chalkias — who are former senior executives and lead architects for Meta’s discontinued digital wallet program called Novi. They decided to launch a new blockchain protocol aimed at defeating the issues of scalability that have been the thorn in the crypto sector’s side for years.

How Does Sui Blockchain Work?

The Sui blockchain has three core elements that work together to allow it to process instant settlements at a low cost: Move language, parallel transaction execution and the Sui Consensus Engine.

Move Language

The Sui network supports smart contract executions with the Sui Move language, which is an updated version of the Move language that Aptos uses. Move is a programming language based on the popular Rust language, originally designed by Facebook (now known as Meta) for its now-discontinued blockchain program, Diem. Sui’s Move is an executable bytecode language designed to prevent double-spending and help Sui become one of the safest and most secure smart contract platforms. Overall, it was designed to improve some of the flaws — or at least imperfections — of existing programming languages like Solidity, which weren’t coded to support blockchain asset representations securely.

While traditional blockchain networks have their smart contracts designed around accounts, Sui’s smart contracts are designed around programmable objects. These objects can be mutable or immutable, shared among multiple people or owned by one person. Objects owned strictly by a single user won’t have to undergo the verification process, allowing them to have near-instant finality.

Parallel Transaction Execution

One of the biggest innovations that Sui offers is parallel transaction execution. On other platforms that process smart contracts, transactions are executed one at a time, generally in the order in which they’re received. This causes individual transactions to take longer to process. However, the Sui blockchain processes transactions in parallel, and simple transactions aren’t required to undergo consensus, resulting in near-instant finality. For the sake of comparison, at its peak, the Ethereum blockchain can handle about 15 transactions per second (TPS). In trial runs, the Sui network was able to process 120,000 transactions in a single second.

Sui Consensus Engine

At launch, Tusk and Narwhal were the default consensus algorithms used by Sui, although Bullshark replaced Tusk as the primary option in August 2022. The move was made to reduce latency issues, and to ensure that validators with lower processing speeds would still be able to contribute to the project. Tusk can still be used via updating the source, however. In short, Narwhal is used as a mempool to ensure that the data submitted to the consensus is available, and Bullshark (or Tusk) then sets the standard for arranging that data so the consensus engine can read it. This is part of the directed acyclic graph (DAG) mempool, which is yet another innovation Sui offers.

Sui Economy Features

Sui runs on a delegated proof of stake (DPoS) system, which means that within each epoch (a period of 24 hours), SUI holders select a set of validators and stake their SUI tokens with them. These validators process the transactions in the network. The staked tokens are locked into the system during that specific epoch, but token holders can pull out their tokens or change their delegated validator when the epoch changes.

Source: docs.sui.io

Gas-Pricing Mechanism

The Sui network’s gas price system was designed with three distinct goals, all of which are intended to enhance the user experience and ensure a fast, reliable network:

1. Keep gas fees low and base them on an easily computed formula.
2. Incentivize validators to perform their work as efficiently as possible.
3. Provide a layer of protection to the network, preventing it from being vulnerable to denial of service attacks.

At the beginning of each epoch, the validators are surveyed to see the minimum gas price they’ll accept. The system then orders these amounts, and chooses a price roughly around the 66th percentile. During the epoch, each validator receives signals regarding other validators’ operations, which allows them to assess their performance against the rest, and aim to commit to the reference gas price. At the end of each epoch, validators who have performed efficiently against the reference gas price will receive regular rewards, while those who haven’t will have their rewards slashed. This system encourages validators to enter a lower minimum acceptable gas price and commit to it, which helps keep users’ costs down.

Storage Fund

An essential part of the sustainability aspect of Sui blockchain is the storage fund, which is designed to hold the network’s gas fees and redistribute them to validators in the future. This ensures that the network can continue to operate, as validators will have a vested interest in continuing their work.

The storage fund size is maintained by ensuring that storage outflows will always be less than storage inflows. There are two types of inflows: the storage fees for transactions conducted in the current epoch, and the reinvestments of the staked rewards not paid out to validators into new principal. The outflow is created when users delete unnecessary data for a storage fee rebate.

It’s important to note that these validator rewards are only paid out of the interest generated by the fund, and the principal is never touched. This ensures that the fund and, therefore, the ecosystem will be self-sustaining and able to last indefinitely.

Sui Wallet

The Sui Wallet is an open-source Chrome browser extension with a user-friendly interface for managing and storing assets on the Sui network. You can create, import and store your mnemonic phrase and private key, used to access your funds.

You can not only transfer coins and NFTs easily, but also view owned fungible tokens, track recent transactions, and directly access both successful or failed transactions on the Sui Explorer. The wallet also supports integration with decentralized applications (DApps) built on the Sui network. Overall, the Sui Wallet provides a secure and simple way for Sui network participants to manage their assets and interact with the broader Sui ecosystem.

What Is the SUI Token?

SUI is the native coin of the Sui blockchain. To differentiate between the blockchain layer and the coin, the name of the token, SUI, is always capitalized. SUI has several uses and benefits. First, you can use it for staking and paying gas fees for transactions on Sui’s PoS network. It can also be traded as a liquid asset. Finally, all SUI token owners can participate in the voting process of governance. The easiest way to store your SUI tokens is in the SUI Wallet, which is a Google Chrome browser extension that allows you to create a new wallet or import an existing one for the self-custody of assets. NFTs can also be uploaded to the SUI Wallet, enabling them to be stored securely on the SUI blockchain.

SUI Tokenomics

Although the SUI token isn’t yet live, the SUI distribution has been announced ahead of its impending release. The token has a hard cap of 10 billion coins, with a portion to be released at launch and the rest to be distributed incrementally over time, as decided by the Sui Foundation. At launch, 50% will be put in the Community Reserve for grants, validator subsidies, and research and development, 20% will be given to early contributors to the project, 14% will go to investors, 10% will be distributed to the Mysten Labs treasury, and 6% will go toward the Community Access Program (CAP) and app testers.

Full name: Sui Network
Token name: SUI
Total supply: 10,000,000,000
Token type: Mainnet
Official website: https://sui.io
Discord: https://discord.com/invite/sui
Twitter: https://twitter.com/SuiNetwork

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