A Complete Guide to SUI Coin
Hello! Have you been curious about SUI, which has been rapidly gaining attention in the cryptocurrency market? Today, I will explain SUI in detail from beginning to end.
I will explain with real-life experiences and specific examples so that even those who are new to cryptocurrencies can easily understand. It contains a lot of practical information that will be helpful to those considering investing, so please read until the end!
Introducing SUI - A New Paradigm for Next-Generation Blockchain
SUI is one of the blockchain platforms that has recently been receiving the most attention in the cryptocurrency industry. In particular, it is attracting the attention of many developers and investors because it presents an innovative approach to developing smart contracts and decentralized applications (dApps).
After personally analyzing several blockchain projects, I found that what differentiates SUI from other platforms is its deep consideration of user experience (UX). Unlike existing complex and difficult blockchain interfaces, SUI has built an intuitive system that even general users can easily access.
In addition, SUI's scalability is really impressive. It has the ability to process tens of thousands of transactions per second, so it can be considered a level that can be sufficiently utilized in actual large-scale commercial services.
The background and development process of SUI
If we look at the history of SUI, development began in earnest in 2021. However, its roots lie deeper. SUI's core development team is comprised of experts who worked on the Diem (formerly Libra) project at Facebook (now Meta).
The new project they started after leaving Facebook is SUI. Based on the experience and know-how gained from the DM project, we introduced a new design philosophy to overcome the limitations of existing blockchains.
In particular, the full-scale ecosystem construction began with the launch of the mainnet from late 2022 to early 2023, and new functions are continuously being added to this day. Considering the development speed and the growth of the community, we can evaluate that the potential for future development is very high.
Unique technical features of SUI
The most innovative part of SUI is its 'object-centered architecture'. Unlike existing blockchains that are designed around accounts, SUI treats each digital asset as an independent object.
To explain what this means in simple terms, for example, let's say you own an NFT. In existing blockchains, all transactions related to this NFT affect your entire account. However, in Sui, only the NFT is processed independently, so transactions can be made quickly regardless of other assets.
Sui also has an excellent 'parallel processing' function. Unrelated transactions can be processed simultaneously, greatly improving the overall network performance. In fact, when measured on the testnet, it showed a processing speed that was about 100 times faster than the existing Ethereum.
💡 Real-life example: When ordering multiple products at the same time from an online shopping mall, the existing system processes them one by one, but SUI can process each product at the same time!
Various applications and real-world cases of SUI
The potential applications of SUI are truly limitless. The field that is currently receiving the most attention is definitely the game industry. Unlike existing games, Sui-based games are implementing a true 'Play-to-Earn' model.
In fact, the NFT collection called 'SuiFrens' gained immense popularity immediately after its release. It is not just an image NFT, but a character that can be used in actual games, so it received great attention from not only collectors but also gamers.
Sui is also being utilized more in the financial services sector. As DeFi protocols are built on the Sui network, various financial services can be used at much lower fees than existing Ethereum-based services.
Interesting projects are also emerging in the social media sector. Blockchain-based social platforms allow users to receive actual token rewards in the process of producing and consuming content.
Guide to trading SUI at major domestic and foreign exchanges
There are many exchanges where you can trade SUI. In Korea, major exchanges such as Upbit, Bithumb, and Coinone handle it, so it is very accessible.
Among foreign exchanges, Binance shows the largest trading volume, and Coinbase, OKX, and Kraken are also actively trading. My personal recommendation is to make basic buys/sells at domestic exchanges, but if you need more diverse trading options, use foreign exchanges in parallel.
The most important thing when choosing an exchange is the fees. In the case of SUI, the fees differ considerably from exchange to exchange, so I recommend comparing them in advance before trading. Security is also important, so setting up 2-step authentication (2FA) is essential, and if possible, setting up a whitelist will be even safer.
The power of the SUI community and information sharing platform
The activity of the SUI community is really impressive. In Korea, activities are mainly conducted in Telegram groups and Discord channels. In particular, the 'SUI Korea' Telegram group is the most used information sharing space for domestic investors.
Overseas communities are even more diverse. Developers and investors from all over the world gather on the official Discord server to exchange information in real time. There are more in-depth technical discussions taking place in the r/Sui community on Reddit, so if you're interested in the technical aspects of Sui, be sure to join.
You can also check out Sui-related information in real time on Twitter (X). If you follow the official account, @SuiNetwork, you can get the latest updates the fastest.
Guide to Choosing a Wallet for Safe Storage of Sui
Choosing a wallet to safely store Sui is really important. Currently, there are three types of wallets that support Sui.
The first is the official wallet, 'Sui Wallet'. It is provided in the form of a browser extension and can be used on Chrome and Firefox. Since it is an official wallet, it has the advantage of supporting new features the fastest.
The second is multi-chain wallets. It started supporting Sui through MetaMask Snap, and Sui was also added to Trust Wallet. These wallets are convenient for those who want to manage multiple coins together.
The third is hardware wallets. The Ledger Nano series started supporting Sui. If you plan to store a large amount of SUI for a long time, a hardware wallet is the safest option.
⚠️ Security Tips: Never store your wallet seed phrase (recovery phrase) online, write it down on a piece of paper and store it in a safe place!
Things to know when investing in SUI
If you are considering investing in SUI, there are a few important things you should know. First, the cryptocurrency market is very volatile. SUI is no exception, with prices fluctuating 20-30% per day.
The second is setting your investment amount. Invest only with money that you can afford to lose. I also experienced a lot of stress when I first invested in cryptocurrency because I didn't follow this principle. It's absolutely forbidden to use living expenses or emergency funds for investments.
The third is the reliability of information. There is a lot of information pouring in about Sui, but there is a lot of incorrect information or exaggerated content. Check the information from the official channel first, and develop the habit of cross-checking through various sources.
Lastly, maintain a long-term perspective. Sui is a project that is still in the early stages of development. Rather than being overjoyed or depressed by short-term price fluctuations, I think it is a wise investment strategy to pay attention to the project's technological development and ecosystem expansion.
So far, we have looked at detailed information about Sui (SUI). Sui clearly has interesting technological innovations and can be evaluated as having high potential for future development.
However, I would like to emphasize once again that investments should always be approached with caution. I hope that you will establish your own investment strategy through sufficient research and analysis, and gain more insights through communication with other investors in the Sui community!
If you have any questions, please ask in the comments at any time. Let's study and grow together! 😊