- The launch of Layer 1 blockchain Sui Network is happening today.
- Major exchanges will open trading for SUI token.
The long-awaited SUI Network’s SUI token will be released today; What is SUI Network? Where can SUI token be purchased?
What is Sui Network?
Sui blockchain is Layer 1, providing the foundational infrastructure for a verification and transaction system similar to the basic architecture of Bitcoin or Ethereum networks. Layer 1 blockchains are the basic architecture supporting a token or, in some cases, a broader network of different tokens.
Sui differentiates itself from other Layer 1 chains by focusing on instant transaction finality, reduced latency in smart contract distribution, and overall transaction speed. One of the ways it aims to achieve these goals is through Move, a native programming language based on Rust crypto programming language. Move aims to make it easier for developers to develop smart contracts and thus expand access and functionality in the Decentralized Finance (DeFi) industry.
Sui’s validators are similar to miners in other blockchain ecosystems. However, the verification system aims to differentiate itself from its competitors by enabling parallel processing of transactions, which developers believe will increase efficiency, reduce latency, and increase scalability. Potential use cases for the parallel process verification system include gaming, retail payments, and physical sales points using Sui.
To enable this type of transaction processing, Sui scales horizontally, meaning it has no upper limit to meet application demand and can maintain low operating costs for each transaction. Sui does not require global consensus on a sequential transaction list, which is a significant bottleneck area for many existing blockchains.
What is SUI Token?
Sui’s native token, known as SUI, will facilitate the network’s proof-of-stake consensus mechanism, on-chain voting for blockchain upgrades, and transaction fees. It will also allow Sui users to participate in the system’s DeFi activities.
The launch of the Sui mainnet on May 3 is accompanied by an SUI token sale in which each participant crypto exchange offers 225 million tokens. Each user is entitled to purchase up to 10,000 SUI tokens at a price of $0.10 each.
Sui tokens will be distributed to a community reserve for research and development, grants and subsidies, as well as early contributors, application testers, and other stakeholders. There is a fixed limit of 10 billion SUI tokens in total. 14% of the tokens released at launch will be available to investors.
Where to Buy SUI Token?
SUI token will be officially released today at 3:00 PM. SUI token can be bought and sold on the Binance cryptocurrency exchange starting at 3:00 PM.
Click here to register for Binance exchange at a discounted rate.
If you are looking for an alternative to Binance, a meme coin and altcoin exchange, you can also buy SUI token from the Gateio exchange starting at 3:00 PM. Click here to register for Gateio exchange at a discounted rate.
SUI Today Released: What is SUI? Where to Buy SUI Token? This news was first published on CoinOtag.
