#sui
Usage SUI tokens are used to pay gas fees, staking and governance. Incentives and rewards Validators and network participants can earn tokens by contributing to network safety and efficiency, creating a reward system that encourages active participation.
Sui Tokenomics
The term "tokenomics" is a combination of two words, “token” and “economics”, that is generally used to describe the economic principles and behaviors of a blockchain.
The “token” part of the tokenomics portmanteau refers to the native token (or native coin) of the blockchain. On Sui, the native coin is SUI, which acts as the currency of the network. SUI also pays for the computational cost of transactions (gas fees) and storage on the network.
Proof of stake
Sui uses a proof-of-stake (PoS) consensus mechanism. This means that validators (entities that validate transactions) lock up a certain amount of SUI as collateral (stake). They then earn rewards for processing operations. Users of the network hold their own SUI, which they can delegate to the validators of their choice as part of the validators' stakes. In so doing, the validators reward users based on the amount of SUI they delegate. Users are free to withdraw their SUI or to change their selected validator when the epoch changes.
The history of the Sui team
Launched in May 2023, the SUI crypto project is Layer 1 blockchain (like Bitcoin or Ethereum) with an innovative concept.
Project presentation
SUI aims to offer high-speed transactions, instant processing and scalability thanks to its use of the Move programming language, based on Rust.SUI’s key feature is its ability to process transactions in parallel, keeping transaction costs low. Coming from the same base, it is often compared to Aptos with which it shares some of its technology.
The project managers mainly promote projects related to gaming and commerce.
