Buy Sui

Sui is a layer 1 blockchain and smart contract platform known for its fast transactions and low fees. It uses the Move programming language and a Delegated Proof-of-Stake (DPoS) consensus mechanism to increase scalability without sacrificing security.

The Sui blockchain addresses the blockchain trilemma by providing an optimal balance between decentralization, scalability, and security, a challenge that many other blockchains struggle with. The Sui ecosystem includes a variety of dApps, from NFT marketplaces to DeFi solutions, aimed at increasing the accessibility of Web3.

Who invented Sui?

Mysten Labs, founded by former senior executives of Meta’s now-defunct Novi wallet, developed Sui. These developers applied their knowledge to create a blockchain focused on improved scalability, decentralization, and security.

After launching the Sui testnet in August 2022, Mysten Labs secured $300 million in funding in September 2022. The Sui mainnet went live on May 3, 2023.

Sui is a platform where developers can build a wide range of decentralized applications (dApps), including:

• Token transfer: Developers can create unique tokens within the Sui Network which users can then transfer to compatible wallets.
• DeFi: Sui supports a range of financial services, such as decentralized exchanges, yield farming, and crypto lending.
• Non-fungible tokens (NFTs): The platform enables the creation, purchase, sale and trading of NFTs, and offers advanced capabilities such as dynamic NFTs that can be updated in real time.
• GameFi: Developers have the ability to develop games that offer financial rewards, such as play-to-earn games.
• Smart contracts: The Move programming language allows developers to create and execute smart contracts, enabling a wide range of automated, rules-based transactions.

The Sui blockchain offers high scalability and low transaction fees thanks to three core components: the Move programming language, parallel transaction processing, and the Sui Consensus Engine.

Move programming language

Developers create smart contracts on the Sui blockchain using Move, a programming language based on Rust. Move was originally developed for Meta's Diem project and used by the Aptos blockchain to address the shortcomings of Ethereum's Solidity.

A key feature of Move is that it is object-oriented. This means that Sui validates transactions by tracking the movement of objects such as tokens, as opposed to the account-based approach of many other blockchains. These blockchains look at the change in a crypto wallet to trigger a transaction. Sui’s method allows transactions to be either mutable or immutable, or even span multiple users.

Parallel transaction processing

Unlike blockchains that process transactions one at a time, the Sui blockchain supports parallel processing. This allows the Sui network to process up to 120,000 transactions per second, which is significantly more than Ethereum's 30 and Solana's 4,000 transactions per second.

Sui distinguishes simple transactions, such as token transfers, from complex transactions, such as smart contract executions. Simple transactions involve fewer steps and are thus processed almost instantly, while more complex transactions use technologies such as Narwhal and Bullshark for fast processing.

Sui Consensus Engine

Sui uses a Delegated Proof-of-Stake consensus mechanism, where token holders elect validators who will verify transactions within a 24-hour period or epoch. They do this by delegating their SUI token to a validator, after which the validators with the largest stake are elected to process transactions.

With only 100 validators, the Sui network processes transactions efficiently, but this also makes it more centralized and potentially vulnerable to 51% attacks, where an attacker takes control of more than 51% of the network. To increase security, Sui runs 2,000 full nodes, which contributes to the decentralization and security of the Sui network.

Validators receive SUI tokens as a reward for processing transactions and securing the Sui network. A portion of this reward is distributed to token holders who have delegated their tokens.

Sui differs from other blockchains in the following features:

• Move programming language: Sui uses Move as its programming language, which was specially developed for Meta's Diem project, and which focuses on security and flexibility.
• Fast transaction processing: Sui's blockchain processes multiple transactions simultaneously. This parallel transaction processing makes it possible to verify up to 120,000 transactions.
• Low fees: The fees for a transaction over the Sui network are much lower than many other blockchains.
• Delegated Proof-of-Stake: Sui's Delegated Proof-of-Stake mechanism can be more efficient than the Proof-of-Work and Proof-of-Stake mechanisms used by many other blockchains.
• Instant Finality: Once confirmed, transactions on Sui are final and irreversible, ensuring quick completion of transactions.
• Object-oriented approach: Unlike many blockchains that track changes in user accounts, Sui tracks the movements of objects, such as tokens, allowing developers to use the objects for more complex applications.

The SUI token is the native token of the Sui blockchain and plays a crucial role within the network. SUI is an on-chain token used to pay transaction fees, or gas fees, and allows users to stake within the Delegated Proof-of-Stake mechanism. In this way, users contribute to the security of the Sui network while earning potential rewards with their SUI tokens.

SUI also has governance features, allowing token holders to vote on important decisions regarding Sui development, such as protocol upgrades and the introduction of new features.

SUI tokens are essential for the Sui storage fund, a mechanism that reserves and redistributes earnings to future validators. This means that those who currently store data are compensated by future users of this data storage. This fund contributes to the efficiency and sustainability of the network.

There is a maximum supply of 10 billion SUI tokens, part of which became available at the launch of the Sui mainnet. The remaining tokens will be gradually released over the next few years, including as a staking reward.

You can purchase Sui (SUI) at Bitvavo. Our exchange, available for both new and experienced traders, makes it possible to buy SUI. Follow these steps:

1. Log in to your Bitvavo account or create a new account.
2. Deposit money into your account by clicking "Deposit".
3. Head to Sui's buy page.
4. Enter the desired amount in euros or specify the number of SUI tokens you want to buy and click "Buy".

After purchase, your Sui coins will be automatically added to your Bitvavo account. In the Bitvavo wallet, you can immediately see how much your SUI coins are worth. Selling Sui is just as easy, allowing you to quickly react to changes in the price of SUI tokens.

Sui is stored safely in your Bitvavo account, where the majority of customer funds are stored in cold wallets that are managed offline for optimal security. Activating two-factor authentication (2FA) is recommended as an additional security measure for your personal account.

It is also possible to store your SUI coins in the official Sui Wallet. This wallet is a browser extension with various functions, such as minting NFTs, sending SUI tokens and SUI staking. Bitvavo offers the option to store SUI tokens in a personal software or hardware wallet. First, simply add the address of your external wallet to your Bitvavo account to securely transfer your SUI tokens.