What is Sui Network? How to Buy Sui Token in India?

What is Sui Network (SUI)?

Sui Network is one of the newest entrants in the layer-1 blockchain ecosystem, which is attempting at optimizing for low-latency blockchain transfers. This project focuses on instant transaction finality and high-speed transaction throughput to make Sui a suitable platform for various on-chain use cases like gaming, decentralized finance, and other real-time applications. Sui uses a programming language called Move, which is based on the Rust programming language to build smart contracts. Move prioritizes fast and secure transaction executions.

Sui utilizes a technique known as “transaction parallelization” to achieve “horizontal scaling”, allowing independent types of transactions to be validated across different networks simultaneously. The byzantine fault-tolerant proof-of-stake consensus mechanism allows for the organization of data as independent objects, and transactions are validated independently of one another in the system.

Who Are the Founders of Sui Network?

The developer team behind Sui Network consists of Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias, five ex-Meta engineers who previously worked in the Novi division. These five people started Mysten Labs to develop and build Sui. Mysten Labs is backed by stellar names in the business like Andreessen Horowitz (a16z), which invested $36 million in a Series A raise in December 2021. Additionally, this was followed up by a $300 million Series B announcement led by a $140 million commitment from FTX Ventures, valuing the startup at a hefty $2 billion! Other funds that have also committed include the likes of ump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures.

Read more: Blockchain Layers Explained: Layer 1 vs Layer 2

How Does Sui Network Work?

Sui Network differs from other traditional blockchain networks by employing a different variant of consensus and transaction processing mechanisms. Typically, blockchain validators sequentially add transactions to the blockchain, thus adding new records to the main chain sequentially. This limits the scalability of the blockchain to increase the speed of the additions in the form of vertical scaling.

Thus to go around that problem, Sui takes a different approach to solve the issue. Since many transactions naturally are not related to each other, Sui does away with the idea of having each transaction validated by all nodes in the network. It takes a look at only relevant sections of the data instead of validating the entire chain. To achieve this, Sui uses an object-oriented model where the chain data storage is not centered around accounts but around objects. This allows Sui nodes to validate uncorrelated transaction flows independently and individually, instead of having to order all transactions like a typical blockchain network that we know and recognize today.

What Makes SUI Use Cases Unique?

• This is a project that is attempting to solve the scalability issue in most networks in the industry by providing an innovative “horizontal scaling” solution that increases throughput and speeds.
• This enables them to create a blockchain that can be used to create various applications that require real-time execution.
• Everything ranging from games to dApps and various DeFi solutions can be efficiently built on this layer-1 blockchain network.

SUI Price Analysis

How to Buy SUI in India?

To buy SUI in India, just follow the below-mentioned steps:

• Download the CoinDCX app on your smartphone.
• Enter the details required for registration.
• Complete KYC
• After your profile is verified, fund your wallet and buy SUI.