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Sui is a Layer 1 blockchain designed to facilitate the adoption of web3 through increased speed and security while lowering costs.

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Sui blockchain, an eagerly anticipated project in the crypto sector, has recently launched its mainnet on May 3, 2023. Developed by former Meta executives, Sui uses a modified version of the original Move programming language created to power the Meta Diem blockchain. Read on to find out more about the revolutionary technology Sui operates on, and how it can potentially transform the web3 space.

 blockchain designed to solve some of the problems around 

 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 

. The idea is that developers can fully unleash their creativity in making games fun and exciting without focusing too much on the coding aspect.

, whose 13-member team is led by five founders — Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis and Kostas Chalkias — all 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 solving issues of scalability that have been a thorn in the crypto sector's side for years.

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.

, which is an updated version of the Move language that 

 uses. Move, which was originally designed by Facebook (now known as Meta) for its now-discontinued blockchain program, Diem, is based on the popular 

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 

. 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.

The dynamic nature of Sui’s smart contracts helps NFT art break new ground, as NFTs can now be easily modified and customized, which also boosts the creativity of NFT artists and holders. For instance, accessories can be added as NFTs on top of an existing NFT, which allows individuals to create limitless custom combinations for their NFTs, as illustrated by the example of 

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 makes individual transactions 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 peak, the Ethereum blockchain can handle about 15 

 (TPS). In trial runs, the Sui blockchain was able to process 120,000 transactions in a single second. 

 used by Sui, although Bullshark replaced the Tusk component 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. (However, Tusk can still be used via updating the source.) In short, Narwhal is used as a 

 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 

 (DAG) mempool, yet another innovation Sui offers.

 (DPoS) system, meaning 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 withdraw their tokens or change their delegated validator when the epoch changes.

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:

At the beginning of each epoch, validators are surveyed to determine 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, allowing 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 receive regular rewards, while rewards are slashed for those who haven’t. This system encourages validators to enter a lower minimum acceptable gas price and commit to it, which helps keep users' costs down. 

An essential part of the sustainability of Sui blockchain is the storage fund, 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 have a vested interest in continuing their work.

The storage fund size is maintained by ensuring that storage outflows are always less than storage inflows. There are two types of inflows: storage fees for transactions conducted in the current epoch, and reinvestment into new principal of the staked rewards not paid out to validators. 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 is an open-source Google Chrome browser extension with a user-friendly interface for managing and storing assets on the entire Sui network. 

Sui Wallet allows you to create, import and store your mnemonic phrase and private key, used to access your funds. Not only can you transfer coins and NFTs easily, but also view owned fungible tokens, track recent transactions, and directly access both successful or failed transactions on Sui Explorer, which facilitates browsing on-chain data, tracking assets and debugging. Sui Wallet also supports integration with decentralized applications (

Overall, Sui Wallet provides a secure and simple way for Sui participants to manage their assets and interact with the broader Sui ecosystem.

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.

The easiest way to store your SUI tokens is in the 

. As a Google Chrome browser extension, it allows you to create a new wallet or import an existing one for the self-custody of assets. NFTs can also be uploaded to your Sui Wallet, enabling them to be stored securely on the Sui blockchain.

The SUI token has a hard cap of 10 billion coins, with 5% released at mainnet launch and the rest to be distributed incrementally over time, as decided by the 

At launch, 50% of SUI tokens will be put in the Community Reserve for grants, validator subsidies, and research and development, in addition to 20% given to early contributors to the project, 14% to investors, 10% distributed to the Mysten Labs treasury, and 6% toward the Community Access Program and app testers. 

The SUI token has a current price of $0.67 (as of Jul 6, 2023), which is 18.56% higher than its all-time low of $0.558 and 69.41% lower than its all-time high of $2.16.

Many price analysts are confident about the growth in value of SUI, some more than others. 

 exceeding its ATH to hit $2.40 by 2025, and increase to $7.07 by 2030. Meanwhile, 

 will only approach its current ATH of $2.14 in 2025, but will hit $14.38 by 2030.

While it may still be too early to accurately predict if SUI is a good investment, many experts have a positive outlook on the Sui blockchain project for the long term, due to numerous unique features — such as Move language and object-centric design — that promise to overhaul the entire web3 industry. 

On Bybit, you can buy the SUI token as a USDT Spot pair (

 to earn a fixed or flexible yield. Simply 

How to On- and Off-Ramp Sui on MovEx via Bybit

) on the Sui blockchain. Built to provide liquidity with low latency and a high execution engine, MovEx features 

, a decentralized limit order book (with buy and sell orders) that offers easy access to digital assets. MovEx combines its real-time electronic order book with an automated market maker (AMM) that uses mathematical formulas to price assets, creating a hybrid liquidity DEX that enhances the user’s trading experience.

Using Bybit to on- and off-ramp Sui, you can:

 share many similarities in that both are relatively new, Level 1 blockchains, developed by former Meta employees, and use the Move programming language. But if you look at each blockchain more closely, there are also quite a few differences. First, the Sui platform uses a more up-to-date version of the same programming language, and is coded more transparently. It allows users to see if an object is owned, shared, immutable or none of the above, whereas Aptos does not. 

Secondly, while they both run on the same PoS mechanism, Sui uses Narwhal and Bullshark as its consensus algorithms, while Aptos uses a derivative of the 

 protocol. Finally, Aptos had a slightly higher throughput in its testing phase than Sui, at 160,000 TPS. However, after Aptos's mainnet was released in October 2022, its TPS fell to a dismal rate of 4 TPS, and currently runs at 

On the other hand, although Sui’s object-centric design — which facilitates parallel transactions — promises a high ceiling with theoretically unlimited TPS potential, Sui also falls far below its test throughput of 120,000, currently operating at 

SUI NFT Marketplace: Is BlueMove the Next Big Thing for NFTs?

 is a community-first, non-fungible token (NFT) marketplace that actively rewards participants such as traders, collectors and creators in the ecosystem of scarce digital assets. It’s designed for the Move language public blockchain, and currently supports Sui and Aptos. 

The Move language was developed for Facebook’s Diem cryptocurrency project. Its focus on security and formal verification makes it attractive for developing DApps and smart contracts. BlueMove has quickly become a leading multi-chain NFT marketplace by empowering users and creators, offering features such as an in-app wallet, mint tracking, NFT lending and an NFT order book. 

Whether BlueMove becomes the next big thing in the NFT space depends upon the degree of adoption by developers and users, the overall growth of the NFT market and emerging use cases for NFTs. However, by rewarding users, sharing platform fees and paying creators instantly, the marketplace shows promise, and new functions can be introduced without compromising security.

Should Sui blockchain continue to evolve and eventually perform to its full potential, users will be able to store their digital assets and transact on a more secure web3 blockchain with unprecedented speed. With dramatically reduced transaction processing times, the overall system will become more efficient, driving mass adoption in web3 and gaming — and ultimately leading to a brighter future for the entire crypto sector and its users.

Sui Blockchain (SUI): A Fast & Cost-Efficient Layer 1 Blockchain

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