SUI Coin is the native cryptocurrency of the Sui Network, a Layer 1 blockchain designed for high speed, scalability, and cost efficiency. Sui was developed by Mysten Labs, a company founded by former engineers from Meta's (Facebook) Diem project.
Here are some key points about SUI Coin:
1. Sui Blockchain:
Uses the Move programming language (created by Meta).
Designed for Web3 applications, such as NFTs, DeFi, and on-chain games.
Supports parallel transaction processing, making it extremely fast.
2. Functions of SUI Coin:
Transaction fees (gas fees) on the Sui network.
Staking to help secure the network and earn rewards.
Governance: token holders can participate in decision-making related to the network in the future.
3. Advantages:
Instant finality for most transactions.
High throughput, suitable for applications with many users.
Innovations in object data structure and transaction processing that differ from traditional blockchains.