<p dir="ltr">Sui surges as a blockchain technology of the next generation, which is also known as a decentralized smart contract platform that bills itself as the heir of Facebook's now-defunct Libra blockchain. Why is it highly evaluated like that? What characteristics contribute to its reputation? Let’s find out more about Sui crypto and its related questions on <a href="https://www.builder.news/" alt="Builder.news" title="Builder.news" target="_blank" rel="" class="">Builder.news</a>.</p><h2>Sui crypto overview</h2><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed407875b1da2da8e6023f659fee92.jpg" alt="sui crypto overview" title="sui crypto overview" width="600" height="200"></p><p>Sui is the world's first permissionless <strong>Layer 1 blockchain</strong>, built entirely from scratch. They are a proof-of-stake decentralized blockchain with horizontally scalable throughput and storage.</p><p dir="ltr">Mysten Labs, the startup behind Sui, was founded by former Meta team members. They're also working on Move, an open-source smart contract programming language.</p><p dir="ltr">Sui, on the other hand, is not a derivation or an add-on to the Diem network. Instead, it is a step-function breakthrough in blockchain technology that allows producers and developers to create experiences for web3 consumers.</p><p dir="ltr">In order to expand its capabilities as well as provide a comprehensive platform, Sui team has built an ecosystem which includes a lot of main elements such as DEX, Wallet, NFT, Lending, Infrastructure, Bridge, GameFi, SocialFi, Launchpad, Security and Names Services.&nbsp;</p><p dir="ltr"><em><strong>&gt;&gt;&gt; Read more: </strong></em><a href="https://www.builder.news/crypto-insights/pow-compared-with-pos" alt="PoW compared with PoS - What solution is optimal?" title="PoW compared with PoS - What solution is optimal?" target="_blank" rel="" class=""><em><strong>PoW compared with PoS - What solution is optimal?</strong></em></a></p><h2>Sui crypto highlights</h2><h3>Safe smart contract language — Move</h3><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed407875b1e062a8e6023f659fee92.jpg" alt="move programming language" title="move programming language" width="600" height="338"></p><p dir="ltr">The first outstanding feature about Sui is that it runs smart contracts written in Move, a programming language based on Rust that was created by Meta to support their Libra cryptocurrency (which was later rebranded Diem and ultimately abandoned in January 2022).&nbsp;</p><p dir="ltr">Move was created to represent digital assets and perform secure actions on them. It has been co-developed with the Move Prover verification tool to give extra security. This enables Move developers to set formal specifications for their application's core correctness properties, then utilize the prover to ensure that these requirements hold true for all conceivable transactions and inputs. Move lives on and is accessible on GitHub as a programmable blockchain platform.</p><h3>Super scalability</h3><p dir="ltr">Sui's distinct characteristics imply unmatched scalability and rapid transaction settlement. To accommodate the growing demands of applications, the platform can scale horizontally. Sui's authorities can hire more people to boost processing power and meet expanding network capacity. As a result, even when network traffic is heavy, gas expenses would be decreased, resulting in improved user experiences for Web3 apps.</p><h3>Fast transaction and low latency</h3><p dir="ltr">Sui's high-performance platform, which can conduct more than 120,000 token transactions per second, is one of its benefits over other blockchain networks. Because of a feature known as "transaction parallelization," which is an innovative approach of organizing blocks, throughput has increased. It should be noted that most Layer 1 blockchains currently do not employ this approach.</p><p dir="ltr">Another benefit of this feature is its low latency, which decreases the amount of communication required between validators while processing transactions. As a result, basic transfers may be validated nearly instantaneously, and sophisticated ones in only two to three seconds. Despite being evaluated in a restricted setting, these skills have the potential to provide amazing outcomes when deployed on the mainnet.</p><h2>Sui crypto tokenomics</h2><h3>Sui token key metrics</h3><ul><li><p dir="ltr">Token Name: Sui</p></li><li><p dir="ltr">Ticker: SUI</p></li><li><p dir="ltr">Blockchain: Sui</p></li><li><p dir="ltr">Token type: Utility and governance</p></li><li><p dir="ltr">Total supply: 10,000,000,000 SUI</p></li><li><p dir="ltr">Circulating supply: TBU</p></li></ul><h3>Sui token allocation</h3><p dir="ltr">Sui community members will be able to buy the SUI token in the early phases of Sui Mainnet in addition to the Sui Foundation's efforts. Sui enthusiasts won't have to take part in the Foundation's programs in order to purchase SUI thanks to the Community Access Program. The community members who tested and interacted with Sui Apps during the devnet and testnet phases will also receive support from these tokens, which will help Sui's ecosystem grow.</p><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed7c268cf458f8a8e6023f659fee92.jpg" alt="Sui token distribution" title="Sui token distribution" width="600" height="600" class="lykafe2"></p><p>The initial total supply of 10 billion SUI will be distributed as follows:</p><ul><li><p>50% for community reserve</p></li><li><p>20% for early contributors to the project</p></li><li><p>10% for Mysten Labs Treasury</p></li><li><p>14% for investors</p></li><li><p>6% for airdrop (community access program and app testers)</p></li></ul><h3>Sui token release schedule</h3><p dir="ltr">Updating...</p><h3>Sui token use cases</h3><p dir="ltr">On the <strong>Sui platform</strong>, the SUI token is used four cases:</p><p dir="ltr">- Stake: To participate in the proof-of-stake process, SUI can be staked within an era.</p><p dir="ltr">- Pay gas fees: SUI is the asset denomination necessary to pay the gas fees required to conduct and store transactions or other Sui platform activities.</p><p dir="ltr">- Governance: The SUI token is vital in governance since it serves as a right to vote on on-chain matters like protocol improvements.</p><h2>Sui crypto roadmap</h2><p dir="ltr">Sui's road map has been bold from the beginning. In order to create a long-term ecosystem that would be more potent and sustainable, its technical design was created from the ground up. Sui's cutting-edge consensus mechanism and multi-lane transaction processing strategy, in particular, represent a step-function improvement in blockchain infrastructure. Sui's tokenomics ensure that these advantages are passed on to the developers and users of Sui's applications. Sui crypto founder and investor.</p><p>In addition to providing the interoperability, programmability, and composability that only web3 can provide, Sui's research and production teams are steadily developing the infrastructure needed to run high throughput applications at true global scale. These initiatives have so far proven successful and surpassed all of our wildest hopes. The initial token distribution of SUI will honor the contributors and investors who have up to this point made this adventure possible.</p><h3>Founder</h3><p dir="ltr"><strong>Sui crypto</strong> was created by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. They are former top executives from Facebook's (Meta) advanced blockchain research and development group. They were in charge of producing some of the most complex open source components, including as the Diem network's programming language, execution engine, and cryptography.</p><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed407875b1e96ba8e6023f659fee92.jpg" alt="Sui crypto founder" title="Sui crypto founder" width="600" height="131"></p><h3>Investor</h3><p dir="ltr">Sui has raised a total of US$36 million in Series A investment. Andreessen Horowitz's a16z led Sui's Series A fundraising round. Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Samsung Next, Standard Crypto, Slow Ventures, NFX, and Scribble Ventures are among the other investors in Sui.</p><p dir="ltr">Sui is valued at more than $2 billion, and Mysten Labs' Series B investment round is well underway. Mysten just completed a $300 million funding round headed by FTX Ventures. Coinbase Ventures, Jump Crypto, Circle Ventures, a16z (again), Binance Labs, and O'Leary Ventures are among the other Series B investors.</p><p class="prosemirror-p-center"><img src="https://cdn.builder.news/news/11ed407875b1ed93a8e6023f659fee92.jpg" alt="Sui crypto investor" title="Sui crypto investor" width="600" height="263"></p><h2>Sui crypto social channels</h2><ul><li><p dir="ltr">Website: <a href="https://sui.io/" alt="Website" title="Website" target="_blank" rel="nofollow" class="">https://sui.io/</a>&nbsp;</p></li><li><p dir="ltr">Twitter: <a href="https://twitter.com/mysten_labs" alt="Twitter" title="Twitter" target="_blank" rel="nofollow" class="">https://twitter.com/mysten_labs</a>&nbsp;</p></li><li><p dir="ltr">Discord: <a href="https://discord.com/invite/mysten" alt="Discord" title="Discord" target="_blank" rel="nofollow" class="">https://discord.com/invite/mysten</a>&nbsp;</p></li><li><p dir="ltr">Medium: <a href="https://medium.com/mysten-labs" alt="Medium" title="Medium" target="_blank" rel="nofollow" class="">https://medium.com/mysten-labs</a>&nbsp;</p></li></ul><div class="pr-block-special"><strong>Disclaimer:</strong><br>This article is intended for and only to be used for reference purposes only. No such information provided constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific name.</div>

What characteristics contribute to Sui's reputation? Let's find out in this article!

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