What is Sui Network (SUI)?

Sui network is a first-of-its-kind Layer 1 blockchain and Smart contract platform known for its high throughput of 297,000 TPS and superfast finality time of 400 milliseconds, to which SUI is the native asset.

SUI has a capped total supply of 10 billion, with only 5% of this supply released at the Sui mainnet launch on May 3, 2023. The remaining supply is to be unlocked in the coming years. As the native coin of its network, SUI serves multiple utilities, such as facilitating on-chain governance, establishing consensus, and paying gas fees. Its holders can stake or delegate it to participate in the DPoS mechanism. They can also use it to pay the gas fees implemented by the Sui network for executing smart contracts and transactions. Lastly, the SUI coin also plays an important role in network governance by giving its owners the right to participate in the on-chain voting on protocol upgrades.

The original contributor behind the creation of Sui is Mysten Labs, an IT service provider that created the original code for Sui receiving a portion of the SUI token supply in exchange.

How Does SUI Network Work?

The Sui blockchain has features similar to other platforms, like dApp and Smart contract development, token issuance and DPoS consensus. However, it sets itself apart from its competitors by implementing a new approach to handle transactions.

SUI employs specific horizontal scaling algorithms to execute multiple transactions in parallel, in contrast to traditional blockchains that add one transaction after another for vertical scaling. Under this algorithm, Sui uses an object-centric model where all the user data in the Sui is divided into objects. This data division into objects lets the network validators know exactly which transactions are related, making it easier for the system to segment and process transactions in parallel. Such an approach helps it perform faster transaction settlements and improve scalability compared to its counterparts like Ethereum and Solana.

Sui uses an improved version of the Move language for its programming part. Though originally, the Move language follows an account-based data model, the Sui Move version uses the object-centric model to give developers more scope for easy programmability and scalability.

Delegated proof-of-stake (PoS) is the consensus that Sui follows to keep the network participants on the same page and validate transactions. A set of fixed validators process operations, each owning a specific amount of SUI tokens on behalf of multiple SUI holders. The amount of SUI a validator owns determines their voting power in processing transactions.

Each Sui validator operates its own staking pool to invite SUI tokens.

SUI token holders can lock their holdings in these pools operated by the validators of their choice to participate in the consensus. Validators and stakers receive a share of staking rewards for their participation.

How to Buy Sui Coin (SUI) in India?

There are many platforms where you can invest and Buy Sui coin (SUI) in India.

One such platform is Flitpay. To buy SUI in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy SUI and execute the purchase.

You can instantly convert your INR to SUI and SUI to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Sui (SUI)?

SUI coins can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the SUI till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is Sui coin (SUI)?

SUI is the native currency of the Sui Network. It is the platform currency, governance token, and incentive for the Sui network participants. Launched in May 2023, the SUI coin has a limited total supply of 10 billion tokens. At the time of writing, only 11.6% of this supply is in circulation.

What is the SUI (SUI) price in India?

Check out the LIVE INR price of SUI crypto in India on Flitpay.

Which is the best crypto app in India to buy SUI?

Flitpay is the best cryptocurrency app in India to buy SUI crypto, buy Solana, or your favorite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of the Sui (SUI)?

SUI powers the highly potential layer-1 Sui blockchain network capable of executing 297,000 transactions per second with 400 millisecond finality time through a parallel execution algorithm. It challenges multiple existing dApp and Smart contract developing platforms like Ethereum and Solana with its lightning-fast pace and modern tech. SUI's fixed and scheduled supply strengthens its position in the crypto space.

Is it safe to invest in SUI in India?

Yes, investing and trading SUI coin is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying SUI. It offers real-time prices and advanced investing features.