Sui Network Utilizes Mist Units to Boost Payment Effectiveness

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Altcoins
Sui Network Utilizes Mist Units to Boost Payment Effectiveness

The Sui Network’s creators have added Mist units instead of the project’s original SUI tokens to make micropayments more effective.

Mist Tokens Over SUI Units

Mist doesn’t have its token; instead, it works in a way that makes 100 cents become one dollar. Developers claimed that by dividing each SUI into 1 billion MIST, it would be possible to execute transfers worth a few dollars while paying only a small amount for gas.

Users must pay a cost known as “gas fees” to carry out any task on a blockchain. Depending on demand or the underpinning network, these can cost anywhere from a few pennies to many hundred dollars.

Developer: Indicating Sui in Mist Units Will Increase the Flexibility of SUI Transactions

By using MIST, you can also reduce the issues with running out of gas brought on by coin dust, a phenomenon where small change kept in a user’s wallet accumulates over time to tens of dollars and is rendered useless because of high gas prices.

A prior interpretation of the SUI coin balance in the Move or Sui protocol was SUI. As an illustration, 100 SUI used to be read as 100 SUI on an SUI coin. Developers claim that the value will be translated as 100 MIST or 10-7 SUI after the MIST update.

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

A Coding Flaw Costs OlympusDAO Roughly $292,000.

Peckshield tweeted that the relevant BondFixedExpiryTeller contract for OlympusDAO contains a redeem() function that does not correctly validate the input, resulting in around $292K.

Olympus is a project for a stablecoin that is not pegged to the dollar. The Olympus protocol aims to build decentralized, censorship-resistant reserve money for the Web3 ecosystem. OlympusDAO manages Olympus. OlympusDAO is a network of committed community members who carry out choices and protocol methods approved by community governance.

Main Changes

To put this adjustment into effect, the team worked in many areas: They included routines on SDKs to translate coin values between SUI and MIST.

They will shortly update the values presented on Sui Wallet and Sui Explorer to show that they are divided by 109 and in the format of decimal numbers rather than large integers. The transfer flow from the wallet will adjust accordingly.

The assigned gas number will rise to 50,000,000, or 0.05 SUI when the faucet is turned on. The Sui protocol will not be altered. Additionally, they advise dApp developers to adjust to the new value rendering, as they will with Sui Wallet and Explorer. to be more precise.

Users will be able to enter decimal numbers for actions involving SUI coins. That value will be converted to MISTs by Sui before being used in RPC and Move functionalities of the Sui protocol.

The team aims to enable various bespoke fungible tokens in a scalable method, so stay tuned and introduce support for SUI token denominations.

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Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.