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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

New “Ethereum Killer” SUI Launches Today, What You Need To Know

Jake Simmons
Jake Simmons
1 year ago
2 mins read
SUI blockchain

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Today is the day, the long-awaited launch of the next “Ethereum killer” SUI is taking place at 8:15 am EST (12:15 UTC). From a purely technical standpoint, SUI does a few things differently compared to Ethereum, and therefore the expectations are high. In addition to the bankrupt exchange FTX, the project has numerous notable backers, including Circle, Binance Labs, and Electric Capital.

The designated proof-of-stake (dPoS) blockchain has an entirely new architecture that is supposed to outshine even the “high-speed” blockchain Solana. Many of Sui’s developers previously worked on the Meta (Facebook)-launched project Diem, which was scrapped some time ago due to regulatory headwinds.

The developers behind Sui, Mysten Labs, are one of two spinoffs from Diem, the second being none other than Aptos, which celebrated its mainnet launch last October. The former Meta employees founded Mysten Labs back in 2021 to develop Sui.

Why Sui Is Being Hyped

One of the things that sets the Sui blockchain apart is its tremendous processing speed of data, which no other layer-1 blockchain can match. In testing, Sui already brought it to more than 300,000 transactions per second (tps). This far exceeds even Solana (65,000 TPS). Likewise, Sui has a big speed advantage in transaction confirmation time.

While Solana needs around 20 seconds, Sui’s is only 450 milliseconds. In terms of scalability, Mysten Labs says that the system design is designed to allow horizontal scalability, which is not capped.

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In addition to Sui’s high throughput and low latency, the project also touts a third advantage: the ability to process arbitrary amounts of data on chain. To do this, SUI makes use of a storage fund that redistributes fees for past transactions to future validators.

In other words, users pay upfront fees for both computation and storage. When storage requirements on-chain are high, validators receive additional rewards to offset their costs. Conversely, when storage requirements are low.

These three benefits are meant to take the use cases of blockchain technology to the next level.

Tokenomics

While IOUs were already trading on smaller exchanges ahead of the official launch of the blockchain at 8 am EST (2 pm CET), well-known crypto exchanges such as Binance, OKX, KuCoin, and ByBit have announced the listing of the new token as soon as liquidity requirements are met.

Binance, for example, said it expected to begin trading SUI/BTC, SUI/USDT, SUI/TUSD and SUI/BNB at 8:15 am EST.

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SUI’s token supply has a cap of 10 billion tokens. As stated by the Sui Foundation, a portion of the total supply is expected to be liquid when the mainnet launches today. The remaining tokens will be transferred or distributed as future reward grants for shares in the coming years.

SUI tokenomics
Tokenomics | Source: Twitter @Sui_insiders

In the Sui economy, the token has four purposes. It can be used to participate in the proof-of-stake mechanism. It is the asset required to pay gas fees to conduct transactions and other operations.

Furthermore, the token is an asset that supports the entire economy with its value. Ultimately, the token plays an important role in governance as it serves as the right to participate in voting on-chain.

Featured image from PixelPlex
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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