What is SUI coin? What can SUI coins do? How to store SUI coins?

The native token SUI Coin (SUI) serves as the medium for transaction fees, network security through staking, and earning rewards on the SUI blockchain.

Oct 10, 2024 at 04:30 am

Understanding SUI Coin

1. What is SUI Coin?

SUI is a decentralized and highly scalable blockchain platform that focuses on optimizing user experience. It was developed by Mysten Labs, a company founded by former engineers of the Diem blockchain project (formerly known as Libra).

SUI Coin (SUI) is the native token of the SUI blockchain. It serves three primary purposes: transaction fees, network security, and staking rewards.

2. Capabilities of SUI Coins

SUI Coins enable various functionalities on the SUI blockchain:

Transaction Fees: Users pay SUI to execute transactions on the network, covering the computational costs.
Network Security: SUI token holders can stake their coins to become validators and participate in the network's consensus mechanism. Validators ensure the integrity and security of the blockchain.
Staking Rewards: Staking SUI tokens earns holders rewards in the form of additional SUI coins.

3. How to Store SUI Coins

Several options are available for storing SUI Coins:

SUI Wallet: This is the official wallet developed by Mysten Labs, designed specifically for SUI Coin storage and management.
Hardware Wallets: Popular hardware wallets such as Ledger and Trezor support SUI Coin storage.
Custodial Wallets: Centralized exchanges like Binance and FTX offer custodial wallets for SUI Coin storage.

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