What is SUI Token?
Sui is a utility token of the Sui blockchain, it has a fixed supply of ten billion tokens. It is created from the ground to allow designers and programmers to build experiences for the following billion web3 users. It serves a variety of functions within the Sui ecosystem.
The main function of SUI Token:
1. Gas Fee
Sui Token is used to pay for gas for every transaction and other blockchain operation.
2. Staking
The platform has a proof of stake function(POS) mechanism.
3. Utility Token
Sui Token is an asset that can have value.
4. Governance
Sui Token can have a role in the governance of Sui Blockchain, wherein governors (Sui token holders) have the right to participate in the on-chain vote.
What is Sui Blockchain?
The team behind the Sui blockchain is MystenLabs. Built on the first permissionless Layer 1 blockchain like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE).
“Built without boundaries”
Sui is a limitless platform to create dynamic and rich on-chain assets for everything from gaming to finance.
The blockchain is capable of scalability and optimizing speed as the platform holds network connections open longer, makes each request unchanged, and ensures that transactions are complete without any delay.
Talking about simple transactions, if the users generally want to send assets to a recipient the platform locks the address of the sender rather than the whole blockchain. As a result, the network can prevent the consensus mechanism(security across a decentralized computer network) from straightforward transactions.
Let us explore SUI Wallet:
We need to get the Sui Testnet Token first.
- Create a wallet, connect to bluemove select SUI Wallet.
- After that, click on “SUI Faucet” on the top right of the screen.
- Wait a bit and the SUI token will be added to your wallet.
Let us try to mint an NFT:
Final Thoughts
These are all about SUI token blockchain, tokens, and the steps to explore their wallet and mint an NFT.
SUI has a lot of potential from the team behind it and is a permissionless blockchain that has an unlimited function that creates a dynamic function for everything from gaming to finance.
It is organized and looks promising in the future.
