Sui’s high-ranking ICO (SUI) is live. What does it offer?
The Sui Smart Contracts Platform is one more innovative project that appeared recently on the Defi market. This company introduced a low-latency and high-throughput permissionless blockchain that is cost-efficient as well as environmentally friendly. The last one is an important distinction because some blockchains require an enormous amount of power to function. That isn’t cheap or good for our environment.
Sui has the potential to achieve great success in the market. It is already very popular, and the team believes that, over time, the project will attract even more attention. ICO listing platforms gave the project’s native utility token a very high ranking, as well.
The company stands out among other similar platforms due to its cutting-edge performance. It has already contributed to the Defi sector. The team is working in the fields of programming languages, cryptography, and distributed systems. It aims to build a platform that will sever billions of users without any hitches. Moreover, this website will offer customers access to a wide range of web3 applications.
The Sui team members are over-achievers, and they have big plans for the project. The company has already created Sui’s tokenomics, designing its economic model according to the latest trends. The team uses blockchain economic and incentives research to understand better what works and incorporate the best features into its platform.
It also plans to provide various incentives to its customers and align them with its economic system. Sui wants to encourage people to invest in this project or become its users.
Moreover, the company plans to ensure that the company’s financial plumbing is at par with its engineering design. As a result, its smart contracts platform will be able to deliver a robust economy with billions of users.
What about the ICO sale?
The team launched the platform’s native utility token – SUI, on April 18, 2023. The sale will end on May 3, 2023. However, that is only the first stage, and investors will have other opportunities to buy these tokens. SUI is an ERC20 ICO token, and it’s trading for 0.1 USD per coin currently.
Sui stated that ICO might also increase considerably in the future. For now, it plans to raise money for the project’s further development. The total supply of tokens is 10,000,000,000, but only some percentage is available for purchase during the initial coin offering.
The Sui team pointed out that the platform will enable customers to submit transactions. In exchange, the users will have an opportunity to create, transfer, and mutate various digital assets. They can also interact with more sophisticated apps enabled by interoperability, composability, and smart contracts.
Furthermore, token holders will be able to delegate their SUI to validators. They can also participate in the proof-of-stake mechanism, which is another benefit. In addition, token holders can make propositions and vote on various decisions concerning the project’s further development. They will become parts of the Sui’s governance. According to the Sui team, validators will manage transaction processing as well as execution on the platform.
What about the Sui economy?
The SUI token is one of the major parts of the project. As the Sui platform’s native asset, it offers investors many benefits. The company will charge gas fees for all network operations. However, it will also reward participants with the proof-of-stake mechanism, gifting them SUI tokens, among other gifts. The team aims to avoid scammers and ensure that its users won’t lose their personal information or money to unscrupulous criminals. To that end, the company will incorporate a strong security system.
Moreover, the project will have its own storage fund. The team will use it to shift various stake rewards across time. It will provide financial compensation to future validators for the costs associated with maintaining stored data on-chain, but only if the data was stored prior to that particular cost being incurred. On top of that, Sui employs a proof-of-stake mechanism to select, incentivize, and reward the platform operators who are working honestly and have a strong ethic.
As we’ve already mentioned, the company will also use the governance system. Thus, token holders will have a say in the platform’s future and protocol upgrades. Eventually, the team will add more utilities for the SUI token, but it is already very useful. Overall, this project has strong potential, especially considering that it plans to add more interesting features in the coming months.