Why Buy Sui (SUI)?
You might consider buying Sui (SUI) because it has the potential to become a successful blockchain project. This Layer 1 network, pronounced “swee,” was established by a company formed by former Meta (Facebook) employees. The SUI token, distributed via an airdrop and an Initial Coin Offering (ICO) in May 2022, quickly entered the top 50 most capitalised cryptocurrencies within months.
Purchasing SUI is crucial for participating in consensus through staking and using decentralised applications (dApps) built on this infrastructure. It serves as the utility token of this blockchain, required for paying transaction fees.
What Is Sui and Its Origin?
Sui is a fast, scalable Layer 1 blockchain with a Proof-of-Stake consensus mechanism. Its smart contracts are programmed using Move, a programming language developed by the same team behind Facebook’s unreleased cryptocurrency, Libra. The consensus mechanism, comprising the Narwhal, Bullshark, and Tusk protocols, allows for processing up to 120,000 transactions per second.
The foundation managing the ecosystem’s work is led by Greg Sioronunis, an Economics professor at Panteion University in Athens and a Barclays Capital collaborator. Sui (SUI) has raised $336 million across two funding rounds, achieving a valuation of $2 billion. The investment rounds saw participation from notable names in the industry, including Binance Labs, Coinbase Ventures, a16z crypto, Jump Crypto, and Circle Ventures, making SUI a compelling purchase consideration.
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