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What is Sui?
Sui (SUI) is the native token of the Sui blockchain, a permissionless Layer 1 blockchain designed for high scalability and transaction throughput. It aims to facilitate the development of next-generation decentralized applications (dApps).
Key Features of Sui
- Scalability: Sui utilizes a unique architecture to achieve high transaction speeds and low fees, catering to dApps requiring fast and affordable transactions.
- Security: Sui employs a Proof-of-Stake (PoS) consensus mechanism to ensure a secure and reliable network environment.
- Move Programming Language: Sui leverages the Move programming language, known for its safety and security properties for smart contract development.
Uses of SUI Token
- Transaction Fees: SUI is used to pay for transaction fees on the Sui network.
- Gas Costs: SUI covers gas charges required for executing smart contracts and storing data on-chain.
- Network Governance (Future): Sui plans to implement on-chain governance, where SUI holders will have the right to vote on proposals affecting the network’s future. (Not yet active)
- Staking (Future): Sui’s roadmap suggests potential staking mechanisms for SUI tokens, although details are not fully fleshed out yet.