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What Is Sui?

Sui is a Layer-1 blockchain that is designed to limit how long it takes to execute smart contracts and support scalability for decentralized applications (dApps).

The blockchain uses an object-centric data model that stores digital assets and their attributes on-chain but outside of smart contracts. And parallel processing helps to finalize simple transactions, such as asset transfers, in real time while maintaining security.

Sui is named after the element water in Japanese philosophy, a reference to its fluidity and flexibility that developers can use to shape the development of Web3, according to the projects whitepaper.

The Sui blockchain shares common features with other networks, such as processing smart contracts, settlement of transactions, issuing tokens, and development of dApps. However, it introduces several new features that aim to solve the blockchain trilemma:

These include Suis consensus engine and the Move smart contract programming language developed by MystenLabs.

The Sui network uses a permissionless set of validators to reduce latency. Its delegated proof-of-stake (dPoS) approach allows validators to stake SUI coins to validate transactions. SUI is also used to execute custom programs, as a medium of exchange, and to provide incentivizes to developers.

However, Sui has had a low rate of transactions per second (tps) since the mainnets launch. While in testing, the network has reached 297,000tps, data from the Sui blockchain explorer shows that it has a peak of 1,367tps.

The $SUI token is the Sui blockchains native crypto. It has captured the attention of the markets since it launched its blockchain and native token in May 2023. The SUI token price soared by 2,000% on its first day of trading from its presale value.

$SUI has a total supply of 10 billion. A share of the total supply was released at launch, and the remaining tokens will be released over the coming years or distributed as future stake rewards, according to the projects documentation.

MystenLabs is allocating the tokens as follows:

There are three main sets of participants in the Sui economy:

Sui charges gas, or processing, fees on all network operations. It uses them to reward validators and prevent spam and denial-of-service (DOS) attacks.

Sui has a storage fund that it uses to shift staking rewards and compensate future validators for the cost of previously stored on-chain data.

The SUI coin has four main uses on the blockchain:

Sui grants rewards to holders that allocate their votes to other users. This incentivizes validators to act honestly, as delegators can switch their allocation each day.

While some crypto tokens initially launch on decentralized exchanges (DEXs) and gain centralized exchange listings as they grow in popularity, SUI was able to secure listings on major exchanges, including Binance, Bybit, Kucoin, and OKX from launch.

You can also buy the token on Coinbase, Bitfinex, Kraken, Bitstamp, Gate.io, and Huobi.

Sui Move is a variation of the Move smart programming language for building smart contracts that Facebook created for the Diem blockchain. Sui Move is written in the Rust code and defines the creation, transfer, and ownership of assets.

While most blockchains design smart contracts around accounts that send, receive, and hold the tokens that interact with smart contracts, Sui Move is based on programmable objects.

Developers can create rules for how the objects work, how they are transferred, and whether they can change. This makes programming assets for gaming and non-fungible tokens (NFTs) easier.

Objects in Sui Move can be modified by the owner such as in token transfers, voting, and sending messages on dApps or they can be modified by anyone, such as in interacting with public smart contracts.

Transactions for owned objects do not need to reach a consensus to be finalized, as there are specific algorithms that allow transactions to be executed in parallel. But shared objects do need consensus from validators for the transactions to be added to the blockchain.

Unlike blockchains such as Bitcoin and Ethereum where each transaction must be approved by all validators, which can cause bottlenecks Suis parallel transaction execution allows for more efficient transaction processing and increased throughput.

The SUI coin price history has been volatile since its launch. A presale and initial coin offering (ICO) in April offered SUI tokens at $0.03 and $0.10, respectively. In the tokens first trading session on May 3, the price soared to $2.16, a 2,000% return for the public sale investors.

The price then fell below $1 at the end of May on profit-taking. After the U.S. SEC announced its lawsuits on June 5, the decline in the SUI price accelerated, as the agency has taken the view that most cryptocurrencies other than BTC are trading as unlawful securities. SUI dropped to a low of $0.56 on June 10.

However, the price rebounded by as much as 27% in the following days, as Suis developers announced a new governance proposal to introduce liquid staking. With the team scheduled to release two mainnet upgrades in June, the future of the Sui project will depend on whether the enthusiasm around its technology can be sustained.

The value of the token is likely to remain volatile in line with the wider cryptocurrency markets, but it will also be influenced by the adoption of the SUI blockchain.

Sui was created by the company MystenLabs, which was founded by executives Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. They led the development of the Facebook wallet program Novi and the Diem (previously Libra) blockchain-based stablecoin payment system.

The Sui Foundation is supporting the development of the ecosystem as an independent organization providing grants to developers and creators.

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What Is Sui ($SUI)? Definition, Sui Blockchain, How to Buy $SUI - Techopedia

Exploring the Impact of Smart Contract Technology on Decentralized Finance (DeFi) Growth and Innovation

The role of smart contract technology in decentralized finance (DeFi) has become increasingly significant in recent years, as the world of finance continues to evolve and embrace the potential of blockchain technology. As the traditional financial sector grapples with issues such as inefficiency, lack of transparency, and vulnerability to fraud, the emergence of DeFi offers a promising alternative that leverages the power of decentralized networks to enable a more secure, transparent, and efficient financial ecosystem.

At the core of this revolution lies the concept of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts are designed to facilitate, verify, and enforce the negotiation and performance of a contract, without the need for intermediaries such as banks or other financial institutions. This not only reduces the potential for human error and fraud but also significantly lowers transaction costs and increases the speed of financial transactions.

The impact of smart contract technology on DeFi growth and innovation has been nothing short of transformative. By automating processes and removing the need for intermediaries, smart contracts have enabled the creation of a wide range of decentralized financial applications and services that are accessible to anyone with an internet connection. This has led to an explosion of innovation in the DeFi space, with new platforms and protocols being developed at a rapid pace to cater to the diverse needs of users.

One of the most notable examples of the impact of smart contracts on DeFi is the rise of decentralized lending platforms. These platforms leverage smart contract technology to enable users to lend and borrow digital assets without the need for a centralized authority. By automating the lending process and removing intermediaries, decentralized lending platforms can offer more competitive interest rates and lower fees than traditional financial institutions. This has led to a surge in the popularity of DeFi lending platforms, with billions of dollars worth of digital assets currently locked in these platforms.

Another area where smart contract technology has had a significant impact on DeFi is the emergence of decentralized exchanges (DEXs). Unlike traditional centralized exchanges, which require users to deposit their assets with a third party, DEXs allow users to trade digital assets directly with one another through smart contracts. This not only reduces the risk of hacks and theft but also enables users to maintain control over their assets at all times. The growth of DEXs has been fueled by the increasing demand for decentralized trading solutions, as well as the development of innovative smart contract-based protocols that facilitate more efficient and secure trading.

Furthermore, smart contract technology has also played a crucial role in the development of innovative DeFi products such as tokenized assets, yield farming, and liquidity mining. These innovative financial instruments have opened up new investment opportunities for users, enabling them to earn passive income and diversify their portfolios in ways that were previously not possible.

In conclusion, the role of smart contract technology in decentralized finance has been instrumental in driving growth and innovation in the sector. By automating processes, reducing the need for intermediaries, and enabling the creation of a wide range of decentralized financial applications and services, smart contracts have fundamentally transformed the way we interact with financial systems. As the DeFi ecosystem continues to evolve and mature, it is likely that smart contract technology will play an even more significant role in shaping the future of finance, paving the way for a more inclusive, transparent, and efficient financial system.

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The Role of Smart Contract Technology in Decentralized Finance ... - CityLife

Cryptocurrency has rapidly gained momentum as a promising asset class. Its an exciting time to speculate on which coins could provide the best return on investment over the next three years. This article will examine two sets of cryptocurrencies: $BTC, $LTC, $ETH, $XRP, $ADA, and $DOGE, $PEPE, $SHIB. We will delve into their prospects based on their historical performances, technological infrastructure, and market potential. Lets take a look at this Cryptocurrency trends article in more detail.

As the first cryptocurrency and the current market leader, Bitcoin ($BTC) has consistently shown strong performance. Its reputation and widespread acceptance make it a safe bet for investment. Despite periodic fluctuations, Bitcoins long-term trend is generally upward. With increasing institutional acceptance and the upcoming advent of Bitcoin ETFs, Bitcoin might continue to increase in value over the next three years.

Litecoin ($LTC) is often considered the silver to Bitcoins gold. It offers faster transaction times and a different hashing algorithm. While it hasnt seen the same dramatic growth as Bitcoin, it has a solid foundation and a loyal community. Its recent developments, such as the MWEB upgrade for better privacy and fungibility, indicate that Litecoin may continue to grow steadily.

Ethereum ($ETH) is more than a cryptocurrencyits a platform for smart contracts, which has great potential in fields from finance to gaming. With the ETH 2.0 upgrade, Ethereums scalability issues are expected to be resolved, potentially leading to significant price appreciation.

Ripple ($XRP) is a digital payment protocol that enables fast, low-cost international money transfers. Despite facing legal issues with the U.S. Securities and Exchange Commission (SEC), XRP has maintained a solid market position. If Ripple wins the lawsuit, this could significantly impact the XRP price positively.

Cardano ($ADA) is a blockchain platform for smart contracts, like Ethereum. Its unique multi-layer architecture and peer-reviewed development approach make it a strong contender for future growth. ADA could provide high returns, especially with the successful rollout of its smart contract functionality.

Initially started as a joke, Dogecoin ($DOGE) has gained considerable traction, largely driven by social media hype and celebrity endorsements. While its price volatility makes it a risky investment, if the momentum continues, it could offer significant returns.

Pepe ($PEPE) is an XCP asset that fuels the Rare Pepe economy. Its value primarily comes from the rarity of the digital art it represents. While this niche market has seen some success, its future profitability will depend largely on the continued interest and growth of digital art collectors.

Shiba Inu ($SHIB), another meme coin like DOGE, has seen explosive growth. Its success is mainly due to its strong community and aggressive marketing. However, such investments can be quite risky due to their reliance on continued social media hype.

Investing in cryptocurrency carries significant risk and potential reward. Among the more established coins, Ethereum ($ETH) and Cardano ($ADA) seem to have the most significant potential due to their smart contract capabilities and upcoming upgrades. Among the newer, more volatile coins, Dogecoin ($DOGE) and Shiba Inu ($SHIB) could provide high returns, but they carry more risk.

However, the golden rule of investing still applies: diversify your portfolio, never invest more than you can afford to lose, and always do your research before making an investment. Cryptocurrency trends can be useful only after careful consideration of everything.

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Predicting Cryptocurrency Trends: Which Bag Will Make You the ... - CryptoTicker.io - Bitcoin Price, Ethereum Price & Crypto News

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As the cryptocurrency market recovered from 2022 lows in Q1 2023, a Messari reportshowsthat Ethereum, the second-largest cryptocurrency by market capitalization, leads in various financial and ecosystem metrics, solidifying its position in decentralized applications (dapps) and smart contracts.

Despite a modest decline in network usage by around 2.5%, the report notes that Ethereum remained resilient and dominated across several key indicators. For instance, its market capitalization posted a quarter-on-quarter increase of 83%, outpacing its peers in the layer-1 category.

Additionally, the smart contracts platforms revenue, derived from the sum of all fees collected by the protocol, rose to $457 million in Q1 2023, nearly 2.8 times the combined revenue of all other featured competing layer-1 networks.

Ethereums leadership also extended to other areas of the ecosystem.

The platform led decentralized finance (DeFi) when ranked by total value locked (TVL) and transaction volume. DeFiLlama datashowsthat Ethereum manages over $24.9 billion, more than half of all the DeFi TVL when writing on June 18.

Moreover, Ethereum maintained its dominance in non-fungible tokens (NFTs), accounting for the highest volume among all featured layer-1 networks, Messari added.

The report also notes that inflation and deflationary pressures are critical to assessing a networks viability and sustainability. Using this metric, ethereum (ETH) and the binance coin (BNB) were the only tokens exhibiting deflationary tendencies, with their supply decreasing by 0.2% and 5.4%, respectively. This was primarily due to their mechanisms of burning a portion of transaction fees.

In Ethereum, the implementation of EIP-1559 saw the beginning of a portion of the Base fee that is not paid to validators. In Ethereums transaction fee model, the Base fee is a fee that every user must pay when transferring tokens or deploying smart contracts.

According to UltraSound Money, 3,398,675.70 ETH has since beenburnedand removed from circulation.

Ethereums network strength was also reflected in its validator ecosystem. With a security budget totaling $32.6 billion, Ethereum has a considerable staked value among all proof-of-stake layer-1 networks. Despite stake-weight limits, Ethereums vast number of validators, at 618,797, pointed out the networks decentralization and security.

As of June 18, on-chain datashowsthat 19,801,316 ETH has been staked, with the average stake per validator being 32.19 ETH.

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Ethereum dominates, Q1 2023 revenue stood at over $457 million - crypto.news

Exploring the Mechanics of Decentralized Exchanges: A Comprehensive Guide

Decentralized exchanges (DEXs) have been gaining traction in the cryptocurrency world, as they offer a more secure and transparent way for users to trade digital assets. Unlike centralized exchanges, which are managed by a single entity, decentralized exchanges operate without a central authority, allowing users to trade directly with one another. This eliminates the need for intermediaries, such as banks or other financial institutions, which can be prone to hacks and other security breaches. In this comprehensive guide, we will explore the mechanics of decentralized exchanges and delve into the technology that powers them.

One of the key features of decentralized exchanges is the use of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts are stored on a blockchain, a decentralized digital ledger that records transactions across a network of computers. When a user initiates a trade on a decentralized exchange, a smart contract is created to facilitate the transaction. This ensures that the trade is executed automatically and securely, without the need for a third party to oversee the process.

Another important aspect of decentralized exchanges is the use of atomic swaps, which allow users to exchange different cryptocurrencies directly, without having to go through an intermediary. Atomic swaps utilize a technology called hash time-locked contracts (HTLCs), which ensure that both parties in a trade fulfill their obligations before the transaction is completed. In an atomic swap, each party submits their respective cryptocurrency to an HTLC, which holds the funds in escrow until both parties have met the agreed-upon conditions. Once the conditions are met, the funds are released and the swap is completed. This process ensures that users can trade cryptocurrencies securely and trustlessly, without having to rely on a centralized exchange.

Decentralized exchanges also employ various consensus mechanisms to maintain the integrity of the blockchain and ensure that transactions are secure and accurate. One such mechanism is proof-of-stake (PoS), which requires users to hold a certain amount of a cryptocurrency in their wallet in order to validate transactions. This differs from the more commonly known proof-of-work (PoW) mechanism, which requires users to solve complex mathematical problems in order to validate transactions and earn rewards. PoS is considered to be more energy-efficient and secure than PoW, as it reduces the risk of a single entity gaining control of the network.

Liquidity is another crucial factor in the success of decentralized exchanges. In order to facilitate trades, DEXs need to have a sufficient amount of assets available for users to buy and sell. To address this issue, many decentralized exchanges employ liquidity pools, which are pools of tokens that are locked into smart contracts. Users can contribute to these pools by providing their own tokens, and in return, they receive a portion of the trading fees generated by the exchange. This incentivizes users to contribute to the liquidity of the platform, ensuring that there are always enough assets available for trading.

In conclusion, decentralized exchanges offer a more secure and transparent alternative to traditional centralized exchanges, thanks to their use of blockchain technology, smart contracts, and consensus mechanisms. By eliminating the need for intermediaries and allowing users to trade directly with one another, DEXs have the potential to revolutionize the way we trade and exchange digital assets. As the technology continues to evolve and mature, it is likely that we will see an increasing number of users turning to decentralized exchanges for their trading needs.

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Understanding the Technology Behind Decentralized Exchanges - CityLife