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What Is Sui and How to Buy SUI Tokens?

2024-01-18 08:40:51

In our commitment to broaden our offerings continually, we are introducing a new project addition - Sui. Sui Smart Contract is an innovative platform that utilizes the Move programming language to enable decentralized and permissionless asset management, with a focus on low-latency operations and governance by independent nodes.

In this article, you will learn about Sui smart contracts, understand how they work, and what makes them unique. We will explore the SUI token, learning about its tokenomics and statistics. We will also examine the features of Sui smart contracts and conclude with a concise guide on how to purchase or trade SUI on CoinEx.

What Is Sui?

Sui is an innovative smart contract platform designed for decentralized and permissionless asset management, with a focus on low-latency operations. Sui utilizes the Move programming language to consider assets as unique objects that can be owned and managed by specific addresses. Move programs are complex and control how assets are created, moved, and changed, following specific rules.

The Sui platform is governed by a group of independent nodes, similar to validators or miners in other systems. This allows Sui to use a special broadcast method called the Byzantine agreement protocol, leading to faster operations and better performance. Sui employs this protocol for specific purposes like managing shared objects and governance operations, contributing to its robust and efficient infrastructure.

How Sui Works?

Sui smart contracts operate using a parallel execution approach, which enhances their performance and efficiency. This parallelization is made possible by Sui's support for both light clients, capable of authenticating read operations, and full clients, capable of auditing all transactions for integrity. This structure facilitates the establishment of trust-minimized bridges to connect with other blockchains.

Sui smart contracts are created using Move, a language originally developed for the Diem blockchain. Move is renowned for its safety and expressiveness, and its type system and data model align perfectly with Sui's parallel agreement and execution strategies, contributing to its scalability. As an open-source and platform-agnostic language, Move is not only important to Sui but is also gaining popularity in other blockchain platforms.

What Is the SUI Token?

SUI token is Sui's native asset. It plays an important role within the Sui ecosystem, primarily covering transaction fees for various operations on the platform. SUI token holders have the option to delegate their stake to validators, a key element in Sui's operational management. The system is designed to periodically reconfigure these validators based on the stake delegated to them, ensuring a dynamic and responsive governance structure. Transaction fees within the network are distributed among validators and their delegates in proportion to their stake and their contributions to Sui's operations.

SUI serves as a versatile and liquid asset, supporting various decentralized applications, including traditional monetary functions like being a unit of account, medium of exchange, and store of value, as well as enabling more complex functionalities through smart contracts, fostering interoperability with other decentralized applications within and outside the Sui ecosystem.

SUI Tokenomics

SUI Token Distribution

SUI Token Statistics

Token Symbol: SUI

Circulating supply: 1.1 Billion SUI

Token Supply: 10 Billion SUI

Market Capitalization: $1.45 Billion

Trading Price: $1.32

Cryptocurrency Rank: #53

*Data source: The table above is real-time data from Coinmarketcap as of January 13, 2024

Features of Sui

Below are some of the features of the Sui smart contract:

  1. Decentralized Asset Management: Sui Smart Contract is developed to facilitate decentralized asset management, allowing users to control their assets without the need for centralized authorities.
  2. Low-Latency Operations: The Sui platform focuses on low-latency operations, ensuring fast, efficient, and instant smart contract transactions.
  3. Governance by Independent Nodes: Sui is governed by a group of independent nodes, similar to validators or miners in other blockchain systems. 
  4. Byzantine Agreement Protocol: Sui employs a special broadcast method, the Byzantine agreement protocol, to achieve faster operations and better performance, especially in managing shared objects and governance operations.
  5. Parallel Execution: Sui smart contracts operate using a parallel execution approach, enhancing their performance and efficiency. This is made possible by supporting both light clients for read operations and full clients for auditing transactions.
  6. Utilization of Move Programming Language: Sui smart contracts are created using the Move programming language, known for their safety and expressiveness. Move's type system and data model align well with Sui's parallel agreement and execution strategies, contributing to scalability and versatility within the platform.

How to Buy and Trade SUI Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 900+ tokens supported, including SUI, users can now trade easily and seamlessly. To purchase SUI tokens on CoinEx, follow the steps below.

  1. Create an Account: Start by signing up for a CoinEx account. 
  2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
  3. Navigate to SUI Trading Page: Once your account is funded, navigate to the dedicated SUI trading page on CoinEx. You can locate SUI trading pairs on the spot trading page using a search box and enter the term "SUI" to find the associated pairs.
  4. Choose a Trading Pair: Select the trading pair SUI/USDT to trade SUI against USDT (Tether).
  5. Specify the Purchase Amount: The next step is to specify the number of SUI you wish to buy. You have the option to either buy them at the current market price or set a limit for your desired buying price on the trading page.
  6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade SUI tokens on CoinEx, taking advantage of the available trading pairs.

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