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About Sui token (SUI)

Sui token (SUI) is the native cryptocurrency associated with the Sui network, designed to be used as a means of value exchange, governance, and to pay for transaction fees within the Sui ecosystem.

    Sui token Frequently Asked Questions (FAQ)

      What is the Sui token and its primary use?

      The Sui token is the native cryptocurrency of the Sui blockchain, which is designed to facilitate transactions, incentivize network participants, and enable governance. Its primary use is to pay for transaction fees, secure the network through staking, reward validators and delegators, and participate in the governance process of the Sui ecosystem.

      Who are the key founders behind Mysten Labs and Sui?

      The key founders behind Mysten Labs and Sui are Evan Cheng, Adeniyi Abiodun, Sam Blackshear, and George Danezis.

      How does Sui's architecture enhance digital asset ownership?

      Sui's architecture enhances digital asset ownership by leveraging a novel, high-throughput, and Byzantine fault-tolerant consensus mechanism designed to facilitate low-latency and high-scalability transactions. Its unique ownership model allows users to have direct control over their assets through unique object IDs without requiring intermediary smart contracts, thus simplifying transactions and reducing fees. The permissionless framework provides improved security and true digital ownership, making asset transactions more efficient and user-friendly.

      What programming language is Sui built on?

      Sui is built on the programming language Move.

      Could you explain the concept of horizontal scaling in Sui?

      Horizontal scaling in Sui refers to the network's ability to increase its capacity to handle more transactions by adding additional validators. These validators work in parallel, allowing the network to process a larger volume of transactions simultaneously, thereby increasing throughput and maintaining performance as demand grows.

      What is composability in the context of Sui, and why is it important?

      In the context of Sui, composability refers to the ability of different applications and contracts to interact and integrate with one another seamlessly and securely on the Sui platform. It is crucial as it allows developers to build upon existing projects and innovations, leading to a more interconnected ecosystem and fostering collaborative development. This enhances the overall value and utility of applications on the Sui network.

      What does 'sparse replay' on the Sui network entail?

      Sparse replay on the Sui network refers to a method for increasing network efficiency by allowing nodes to participate in consensus without needing to process every transaction. Instead, nodes can replay a selective subset of transactions to stay current with the state of the network, reducing the computational burden and improving scalability.

      How does Sui handle on-chain storage differently from traditional blockchains?

      Sui introduces a unique approach to on-chain storage by implementing objects as the core abstraction rather than account balances. Each object in Sui can be independently owned and operated, enabling highly parallel transaction processing. This design minimizes the need for global consensus on every operation, thus reducing storage costs and improving scalability compared to traditional blockchains that require global state updates for most interactions.

      What consensus algorithms does the Sui network employ and how do they work?

      The Sui network employs a novel consensus algorithm called Narwhal and Tusk. The Narwhal component acts as a pre-consensus mempool, organizing transactions efficiently for block proposal, while the Tusk component is responsible for the actual consensus process, finalizing transaction order without requiring complex leader election or traditional block proposals. Tusk uses a two-phase commit protocol to ensure a single round trip for transaction finalization under good network conditions.

      How does the Sui network address the challenge of scalability?

      The Sui network employs a decentralized, permissionless system with a novel data structure and consensus mechanism to enhance scalability. It uses objects as the main data unit rather than accounts, allowing for parallel transaction processing. Additionally, Sui leverages a proof-of-stake model to enable a more energy-efficient means of maintaining consensus.

      What performance metrics is the Sui blockchain aiming to achieve with its innovations?

      The Sui blockchain is aiming to achieve high throughput, low latency, and scalability while maintaining security and decentralization. Its innovations are designed to enable processing thousands of transactions per second and providing a responsive user experience in decentralized applications.

      How will validators be compensated for provided storage in the Sui network?

      Validators in the Sui network will be compensated for provided storage through transaction fees and block rewards, designed to cover costs and provide a return on their investment.