Sui price in euros

According to its own documentation, Sui is a standalone blockchain (a layer 1), with SUI as its native coin. On Sui, everything is an object with its own ID and an owner: coins, tokens and smart contracts too. Those smart contracts are written in Move, a programming language originally developed at Facebook for the Diem blockchain. The whitepaper comes from Mysten Labs, which the Sui Foundation describes as the original contributor to Sui. The mainnet launched on 3 May 2023.

Sui runs on delegated proof-of-stake: SUI holders delegate their coins to validators, which run the network. For each epoch, which lasts roughly 24 hours, the validators and their stake are fixed. The consensus is called Mysticeti and is based on a directed acyclic graph (DAG): several validators propose blocks at the same time. Agreement requires validators that together hold more than two-thirds of the voting weight. Sui can execute transactions that touch different objects in parallel.

There will never be more than 10 billion SUI; the protocol can never create more than that. Not all of it is available straight away: SUI is released according to a fixed schedule. When the mainnet launched, the first investors could not transfer their SUI for a year; that period ended in May 2024. In the early years, stakers receive an extra reward, which fades out as all SUI comes into circulation.

You use SUI to pay gas, both for computation and for storage. The storage fee goes into a storage fund that pays validators for keeping data; anyone who deletes data gets part of that money back. You also use SUI for staking and to vote on matters such as protocol upgrades. The smallest unit is MIST: 1 SUI is 1 billion MIST.