01node is pleased to announce that we now validate the Sui Network – a Proof Of Stake Layer 1 chain horizontally scalable throughput and storage. It focuses mainly on scalability and dynamic NFTs to support metaverse-based applications.
Sui network is reshaping the industry by achieving unprecedented speed and scalability. Its innovative approach takes advantage of the fact that a large number of blockchain transactions involve non-overlapping states, which allows for parallel processing.
01node CTO’s comment:
‘’We have been following the development of the Sui Network network closely, and I must say that we are impressed with what the team behind it has achieved. One of the most important features of the Sui Network is its scalability. This network has been designed to handle a high volume of transactions without sacrificing speed or security.
As the CTO, I have seen many blockchain platforms come and go. However, the SUI Network has caught my attention because it has the potential to change the way we do business. It is not just another blockchain platform; it is a platform that can be used to solve real-world problems.”
About Sui network
Sui offers scalability and unprecedented low-latency for simple use cases. Sui makes most transactions processable in parallel. This better utilizes processing resources and offers the option to increase throughput by adding more resources.
The Sui Token
Sui’s native asset is called $SUI and they generally use the capitalized version of $SUI to distinguish the token from the Sui platform.
The total supply of SUI is capped at 10,000,000,000 (i.e. ten billion tokens). A share of SUI’s total supply will be liquid at Mainnet launch, with the remaining tokens vesting over the coming years or distributed as future stake reward subsidies.
The SUI token serves four purposes on the Sui platform:
- Users can stake SUI to participate in the proof-of-stake mechanism.
- SUI is the asset denomination needed for paying the gas fees required to execute and store transactions or other operations on the Sui platform.
- SUI can be used as a versatile and liquid asset for various applications including the standard features of money – a unit of account, a medium of exchange, or a store of value – and more complex functionality enabled by smart contracts, interoperability, and composability across the Sui ecosystem.
- SUI token plays an important role in governance by acting as a right to participate in on-chain voting on issues such as protocol upgrades.
How to stake $SUI
You can try out staking SUI to earn rewards. These rewards are not real and are for testing purposes only. When you stake SUI, you delegate your SUI tokens to a validator to stake. The validator then pays you rewards for delegating your SUI for them to stake. Note that SUI tokens have no value on test networks.
To stake SUI and earn rewards
- Open your wallet and click Coins.
- Click Stake & Earn SUI.
- Select a validator (e.g 01node) to stake with.
- Choose an amount of SUI to stake. Enter an amount that leaves sufficient SUI in your wallet to cover gas fees.
- Click Stake Now.
Your stake starts earning rewards at the start of the next epoch.
WHY STAKE WITH O1NODE:
👉 Skin in the game
👉 Quality infrastructure
👉 Less commission fees
👉 Team of expertise
👉 Fast support
ABOUT 01NODE
01node is a high quality staking and validation service. We have the expertise and time tested infrastructure as a highly secure and reliable node. Our track record shows this reliability, We prioritize great focus on security and we ensure the best practices for every service we offer. We aim to provide the best performance and reliability through our physical infrastructure collocated in tier-3 datacenters. Our existing validator nodes have secured value on several POS networks since their inception such as Juno, Iris, Solana, Quasar, Cosmos, Near, E-money, Quicksilver, Solana, Skale, Secret Network, Oasis and others who will soon launch like Celestia, etc.