Sui is a platform for smart contracts that utilizes a group of validators who operate in a permissionless manner, similar to validators or miners in other blockchain systems.
Sui is designed for simple use cases, offering scalability and exceptionally low latency. This is achieved through the ability to process most transactions in parallel, making optimal use of processing resources and allowing for increased throughput by adding more resources.
Sui is a first-tier blockchain developed by Mysten Labs, which has managed to secure a significant amount of funding totaling $336M from notable investors such as Binance Labs, Coinbase Ventures, and a16z crypto. Sui plans to introduce its own token, named "SUI," and will offer incentives to early adopters. It is probable that those who participate in early testing or development of the network will qualify for distribution of the token when it launches.