What is Sui Wallet?
A Sui wallet is used to store SUI tokens on the Sui blockchain. You will be able to send and receive SUI tokens as well as interact with applications running on the Sui platform in the future.
In particular, this wallet is owned by you, so no one else has any right to influence or use this wallet other than yourself.
SUI Token Explained
Sui Token (SUI) is the native token of the Sui blockchain, and it has a fixed supply of ten billion tokens. As such, the purpose of SUI is multifaceted, and it fulfills a number of functions in the Sui ecosystem as a whole.
Specifically, SUI has the following four main functions:
- Firstly, SUI is used to pay the gas fees for transactions and other on-chain activities.
- Secondly, the token can be staked in the PoS mechanism of the platform.
- Thirdly, SUI acts as a medium of exchange and a store of value.
- Lastly, the SUI token plays a crucial role in the governance of the Sui blockchain. As a result, holders of the SUI token have a right to vote directly on the blockchain itself.
Sui Blockchain Benefits
There are three main advantages of Sui over traditional blockchain networks:
- Sui can bypass consensus for straightforward transactions. This allows Sui to parallelize the execution of simple transactions. As a result, it reduces latency significantly and allows validators to utilize the entirety of their CPU cores.
- It is possible for the Sui platform to operate at network speed without having to wait for timeouts between protocol steps, which can be achieved by using the Sui platform. It may be useful to compare Sui to, for example, traditional PoW (proof-of-work) blockchains in order to gain a better understanding of how this works. These blockchains must wait for predetermined timeouts before validating and committing transactions.
- Unlike more conventional blockchain systems, which usually run on only one machine per validator, Sui allows for the use of multiple machines and devices per validator.
Below are the best 5 Sui cypto wallet Apps 2022:
A crypto wallet built on Sui. Helps you to manage your wallet on Sui network, including create & import your wallet, make transactions and manage your NFTs on Sui.
Suiet is the wallet for everyone, built on Sui blockchain. Open-sourced from dayone.
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