Sui Network Utilizes Mist Units to Boost Payment Effectiveness

“Gas Fees” to Perform Task on Blockchain
SUI Coin Translated to SUI
Mysten Labs Raised $300M Led by FTX Ventures

The creators of Sui Network have added MIST units in place of the project's original SUI tokens to make payment systems more effective. MIST doesn't have its token; instead, it works in a way that makes 100 cents become one dollar. According to engineers, each SUI will be divided into 1 billion MIST, allowing for modest gas costs while carrying out transactions worth a few dollars.

“Gas Fees” to Perform Task on Blockchain

Users must pay a cost known as "gas fees" in order to carry out any task on a blockchain. Depending on demand or the underpinning network, they can cost anywhere from a few cents to many hundred dollars.

The adoption of MIST will help lessen the issues with running out of gas brought on by coin dust, a phenomenon where little change kept in a user's wallet accumulates over time to tens of dollars and is rendered useless because of high gas prices.

SUI Coin Translated to SUI

Previously, the Move or Sui protocol's SUI coin balance was immediately translated into SUI. An SUI coin with a balance of 100, for instance, used to be translated into 100 SUI. According to developers, the amount will be regarded as 100 MIST or 10-7 SUI with the MIST upgrade.

Shortly, the Sui Wallet and Sui blockchain explorer will show the updated SUI and MIST values.

Sui Network is a limitless platform for creating dynamic and rich on-chain assets for everything from gaming to business. SUI is a layer 1 blockchain created from the roots of Mysten Labs in the smart contract specialized language MOVE.

Mysten Labs Raised $300M Led by FTX Ventures

In early September, Mysten Labs raised $300 million in a total investment of over $2 billion. Sui, a Layer 1 Proof-of-Stake blockchain meant to compete with Ethereum and Solana, was founded by Mysten.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Sui Network Mist SUI tokens SUI

Sui Network Utilizes Mist Units to Boost Payment Effectiveness

Gungun Bhatia

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.