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When was SUI coin issued? Learn about the origin of SUI coin in one article
SUI coin, launched in September 2023, powers the SUI blockchain, a layer-1 solution that employs a novel "global state" data structure and aims to enhance security, scalability, and developer experience.
Oct 17, 2024 at 05:30 pm
What is SUI Coin?
SUI is a layer-1 blockchain that aims to be secure, scalable, and developer-friendly. It uses a proof-of-stake consensus mechanism and a novel data structure called a "global state". SUI coin is the native token of the SUI blockchain and is used to pay for gas fees, stake the network, and participate in governance.
When Was SUI Coin Issued?
SUI coin was first issued on September 12, 2023, as part of a public sale organized by Coinbase exchange. The token was sold for $0.58 per coin, and approximately $30 million USD worth of SUI coins were sold during the public sale.
Origins of SUI Coin
- Inspiration and Creation: SUI coin was launched by Mysten Labs, a blockchain development company founded by ex-Meta engineers. The team sought to create a new blockchain that could address some of the limitations of existing layer-1 solutions.
- Research and Development: The development of SUI began with a research paper released in August 2021, which introduced the concept of a global state as a novel way to handle data on a blockchain. The Mysten Labs team further developed the idea and built the SUI blockchain around this core concept.
- Testnet Launch: In April 2023, the SUI testnet was launched, allowing developers to test the network and its features. The testnet also helped stress-test the network and identify any potential issues before the launch of the mainnet.
- Public Sale and Mainnet Launch: Following the successful testnet launch, Coinbase exchange announced a public sale of SUI coin in September 2023. The public sale was widely anticipated by the cryptocurrency community, and SUI coin quickly gained significant value after its listing on exchanges.
- Community Building and Ecosystem Development: Since its launch, SUI has garnered a strong following from both retail investors and institutional players. The SUI community is actively involved in the network's development and governance through the SUI Forum and various working groups. Additionally, several projects have begun building on the SUI blockchain, indicating the platform's growing ecosystem.
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