Sui $SUI Blockchain, The Next Solana🔥

Bull Market 🐂 Target 15 to 20$ ✅

What Is the SUI Blockchain? 🤔

Sui is a decentralized layer 1 blockchain that offers great transaction speed at a low cost. This permissionless blockchain is designed to support a wide range of applications.

Being a layer 1 blockchain means Sui provides the underlying infrastructure for a system of validations and transactions, much like the Ethereum or Bitcoin networks. But what sets it apart from other L1s is its focus on instant transaction finality, reduced latency, and increased transaction speed.

In short, Sui aims to increase its scalability without compromising on security by using a combination of the native programming language Move, parallel processing of transactions, and delegated proof-of-stake consensus mechanism.

This way, Sui allows for fast, private, and secure digital asset ownership accessible to everyone.

The History of SUI Blockchain

Sui launched its incentivized testnet in August 2022. Then the mainnet went live on May 3, 2023.

The blockchain is developed by Mysten Labs, which is led by several former senior executives for Meta’s (previously Facebook) now-defunct digital wallet program, Novi.

Mysten Labs raised a $300 million investment in a Series B funding round in September 2022 for the development of the blockchain. The company has the backing of popular venture capitalists, including Circle, Binance Labs, Lightspeed Venture Partners, a16z, and NCSoft.

Meanwhile, the Sui Foundation is an independent organization supporting the community and its projects. Its mission is to onboard the next billion users to web3 by advancing the global adoption of the Sui blockchain.

At the launch, the Sui Foundation partnered with centralized exchanges (CEXs) such as Kucoin, OKX, and Bybit to sell tokens to their Discord community and exchange users. Binance users staked over $4 billion worth of crypto tokens to farm SUI coins.