Cryptocurrency Q&A
Is sui a layer 1 blockchain?
Is sui a layer 1 blockchain?
GeishaCharm
Thu May 23 2024
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6 answers
1399
Could you please clarify whether Sui is indeed classified as a Layer 1 blockchain? I'm trying to understand the architectural specifics of Sui and how it fits into the larger blockchain ecosystem. Is Sui designed to operate independently as a standalone blockchain, or does it serve as a complement to other Layer 1s? Additionally, what are the key features and functionalities that Sui offers as a Layer 1 blockchain, and how does it stand out from other solutions in the market? Thank you for your assistance in clearing up this confusion.
6 answers
DiamondStorm
Sat May 25 2024
Cryptocurrency, a digital asset designed to work as a medium of exchange, has gained immense popularity in recent years. It leverages cryptography to secure transactions and ensure their authenticity.
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EthereumEagle
Sat May 25 2024
One such cryptocurrency is Sui, which introduces a unique consensus mechanism. Its native token, SUI, plays a pivotal role in maintaining the network's security and functionality.
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Federica
Sat May 25 2024
SUI is utilized for validator and delegator staking, enabling users to participate in the network's consensus process and earn rewards. This mechanism ensures the decentralization and security of the Sui blockchain.
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BusanBeautyBlooming
Sat May 25 2024
Additionally, SUI is used to pay gas fees, the cost associated with executing transactions on the Sui network. This ensures that the network remains operational and sustainable.
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Michele
Fri May 24 2024
Sui's governance structure also recognizes SUI as a governance token. Holders of SUI have the right to vote on proposals and decisions that shape the future of the Sui blockchain.
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