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Brendon Lim
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SUI now available on Coinhako

SUI now available on Coinhako

We are thrilled to share that Sui (SUI) is now listed on Coinhako!

What are Sui Blockchain and SUI?

Sui is a new layer 1 blockchain network backed by Mysten Labs, a Web3 infrastructure organization founded by former senior executives at Meta's Novi Research. Sui launched with the goal of eliminating middlemen and allowing users to seamlessly integrate and interact with their favorite Web3 and NFT products across apps.

SUI is the native coin of the Sui blockchain that can be used to pay gas fees, execute on-chain transactions, and stake security for the network. Holders can also contribute to the project’s future governance.

SUI maintains a maximum supply of 10 billion and has traded for USD $2.18 at its peak. 

How does SUI work?

The SUI blockchain functions with 3 main components: 

SUI Blockchain’s Language: Move

Move is a versatile programming language used for executing smart contracts on the network. Unlike traditional blockchains that track account changes, Sui monitors token movements to initiate transactions without wallet restrictions. The Move Prover enables developers to validate code execution accuracy. 

Delegated Proof-of-Stake Consensus (DPoS)

In terms of consensus, Sui employs Delegated Proof-of-Stake (DPoS) with 100 validators processing transactions in epochs every 24 hours. Validators receive staking rewards from coin holders in exchange for securing the network. While having fewer validators enhances efficiency, it also increases susceptibility to attacks due to centralization issues. To counterbalance this risk, SUI maintains 2,000 full nodes for decentralization. 

Parallel Transaction Execution

Parallel transaction execution boosts scalability by enabling simultaneous processing of transactions up to 120,000 per second compared to Ethereum's 15 TPS and Solana's 4k TPS. Simple transactions bypass the consensus process for faster processing while complex ones are managed through Narwhal and Bullshark components within the system. These mechanisms collectively enhance efficiency and scalability within the network structure of the Sui blockchain.

Why does SUI stand out?

Gasless Transactions: DApps settle gas fees on behalf of users, eliminating the need for users to manage gas fees directly. This user-friendly approach aims to make blockchain interaction more accessible to a broader audience.

Package Upgrades: SUI allows smart contracts to exist as immutable package objects which enables developers to upgrade contracts seamlessly, adding or removing functionalities even after deployment. It also grants developers greater control over their contracts, promoting flexibility and adaptability.

ZK Implementation: The integration of zero-knowledge proofs (ZK) for privacy and anonymity protects user privacy through a ZK-embedded system and OpenID for logins

League of Entropy: The League of Entropy employs a more efficient randomness generation scheme known as the Drand of Beacon. It enhances the security and reliability of random number generation, crucial for various use cases.

Dynamic and Composable Objects: Objects are directly stored on-chain, providing transparency and security. Objects can own other objects, fostering composability and versatility within the SUI ecosystem.

What can you do with SUI on Coinhako?

SUI will be available for users to trade across all swap pairs on Coinhako.

To gain access to any of these trading pairs, you can either:

  1. Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
  2. Purchase SUI instantly with Visa / Mastercard 

Please note that the sending and receiving of SUI will not be available for this release.

Risk Warning on Digital Payment Token Services

Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.

Before you pay your DPT service provider any money or DPT, you should be aware of the following.

  1. Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.

Visit: Coinhako.com/risk-disclosure for more information.