Will Sui’s price climbs to $1.955 in December 2024 ?

What Is $SUI Network?

Sui Network is a Layer-1 blockchain designed to make it easier for developers to create and deploy smart contracts. One of the main features of Sui is its ability to process multiple transactions simultaneously, which is different from traditional blockchains like Ethereum & Bitcoin that handle transactions one after another.

To understand this better, imagine a single-lane road and a multi-lane highway. More lanes allow more cars to travel simultaneously, making the whole system more efficient. Similarly, Sui’s parallel processing system aims to improve the network’s efficiency & scalability.

$SUI Network uses the Move programming language, which Facebook originally developed for its Diem project. Move allows developers to define custom assets on the blockchain. These assets are subject to strict ownership rules enforced by the language to prevent duplication, misuse, or accidental deletion. This feature makes Move suitable for building decentralised applications (Dapps) that require high security and reliability, which is extremely important for blockchains securing significant amounts of value.

To process transactions in parallel, Sui Network employs a two-part system called “Narwhal & Bullshark.” Narwhal is responsible for grouping transactions into batches, while Bullshark sorts these batches into a specific order before they are approved. This unique approach is designed to help Sui Network achieve high transaction speed & throughput.

The native token of the Sui Network is called $SUI . It serves multiple purposes within the ecosystem, such as paying transaction fees, participating in network security through staking & enabling token holders to engage in governance decisions.

Sui Network has the potential to support various use cases, including gaming, social networking & decentralised finance (DeFi)

It aims to enable secure ownership of digital assets, facilitate fast and secure peer-to-peer (P2P) payments & provide a foundation for accessible financial services.