What is SUI? A Deep Dive into a High-Speed, Next-Gen Blockchain to Watch

SUI is a Layer 1 blockchain launched on May 3, 2023. It features high speed, low fees, scalability, user-friendliness, and robust developer support for building dApps. Developed by Mysten Labs — a company founded by former Meta (Facebook) engineers involved in the Diem project and the Move language — Sui utilizes a Parallel Execution mechanism that enables it to handle up to 125,000 transactions per second (TPS).

What is the SUI Coin?

SUI Coin (SUI) is the native cryptocurrency of the Sui Blockchain. It plays multiple roles, including:

• Paying transaction fees on the network (all transactions require SUI)
• Staking to secure the network and earn SUI rewards
• Accessing various dApps in the Sui ecosystem

Sui Blockchain Technology

Sui integrates several technologies to enhance speed and efficiency:

• Object-Centric Model: Instead of an account-based structure, digital assets are stored as “objects.”
• Parallel Transaction Processing: Transactions are executed simultaneously rather than sequentially.
• Move Programming Language: Used to develop smart contracts.

What is the Move Programming Language?

Move originated from Facebook’s Libra project and is now used in several blockchains. It is designed for secure and efficient digital asset management.

Key Features of Move:

1. Resource-Oriented Programming:
   - Treats digital assets as non-copyable resources.
   - Prevents issues like double minting or accidental loss.
   - Safer by default compared to Solidity (used in Ethereum).
   
   
2. Higher Security:
   - Uses a Static Type System for pre-execution error detection.
   - Prevents common attacks, such as reentrancy.
   
   
3. Modular Design:
   - Uses modules for better code organization and upgradability.
   
   
4. Supports Parallel Execution:
   - Enables blockchains like Sui and Aptos to process transactions faster than Solidity-based chains.
   
   

Proof-of-Stake (PoS) and Transaction Processing

Sui uses Proof-of-Stake (PoS) as its consensus mechanism, which secures the network through staking rather than energy-intensive mining (as seen with Bitcoin’s PoW). PoS-based blockchains like Ethereum 2.0, Cardano, Polkadot, and Sui offer:

• Lower energy use
• Higher scalability
• Lower transaction costs

Low Fees & Scalability

Sui excels in offering low transaction fees and high scalability due to:

1. PoS Mechanism: Lower energy costs due to no mining.
2. Parallel Execution: Faster processing, reducing congestion.
3. Sharding: Divides the network into smaller parts to increase transaction throughput.
4. Layer 2 Solutions: Though not specific to Sui, solutions like zk-Rollups are relevant for broader blockchain scaling.

Key Features of SUI Coin

• High Speed: Handles multiple transactions simultaneously.

• Low Fees: Benefits from PoS and efficient processing.

• Security: Move language minimizes vulnerabilities.

• Web3 & GameFi Ready: Ideal for NFT and gaming use cases.

Use Cases of SUI Coin

• Paying transaction (gas) fees
• Staking to secure the network and earn rewards
• Running smart contracts and deploying dApps
• NFT and digital asset transactions
• GameFi and Metaverse ecosystems
• Governance voting and network decisions

How to Buy SUI Coin

You can purchase SUI Coin on platforms like Bitazza Thailand, which is regulated by the Thai SEC.

Steps:

1. Open a Bitazza account via the website or app and complete KYC.
2. Deposit THB via the Wallet tab and scan the QR code using mobile banking.
3. Go to the Market tab and select the SUI/THB pair.
4. Place a buy order by entering the amount in THB or the number of SUI coins.
5. Confirm and complete the purchase.
6. Check your balance under the Wallet tab and sell anytime using the same Market interface.

Comparing Sui with Other Blockchains

Sui vs. Ethereum:

• Ethereum: Largest ecosystem, slower (~30 TPS), high fees, uses Solidity.
• Sui: Faster (>300,000 TPS with Parallel Execution), more secure with Move, but smaller ecosystem.
  
  

Sui vs. Solana:

• Solana: Fast (~65,000 TPS), low fees, but prone to network downtime.
• Sui: More stable due to the Object-Centric Model and Parallel Execution; still growing in adoption.
  
  

Sui vs. Aptos:

Both use Move and Parallel Execution.

• Sui: Uses Object-Centric Model, better suited for dApps and NFT/GameFi.
• Aptos: More focused on DeFi.
  
  

Sui vs. BNB Chain:

• BNB Chain: Popular, low fees (~$0.10), large ecosystem, but more centralized, uses Solidity.
• Sui: More decentralized, higher smart contract security, but a smaller user base.
  
  

Risks & Limitations

1. Smaller Ecosystem: Limited dApps and NFT/GameFi projects compared to major blockchains.
2. New Programming Language: Move is secure but lacks widespread developer adoption.
3. Uncertain Adoption: Long-term user and developer growth is not guaranteed.
4. Technical Risks: New tech (Parallel Execution, Object Model) needs more real-world testing.

Price Volatility: Like all crypto assets, SUI is subject to market fluctuations.

Conclusion

As of March 1, 2025, SUI is trading at $2.80, ranking 19th in global crypto market cap (~$8 billion, per CoinGecko). SUI is a high-potential blockchain project with real technological advantages—but investors should conduct careful research and be aware of its risks before investing.

Disclaimers

• Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. It is important to study information carefully and invest based on your own risk profile.
• Past returns or performance of digital assets do not guarantee future returns or performance. 

Remark: The views, information, knowledge, and opinions expressed herein are those of the individuals involved and do not represent the views of Bitazza or its employees. Neither this email nor the content presented constitutes investment advice.

References

• binance.th
• coingecko.com
• bitkubacademy.com