Developers reveal that Sui Network's adoption of Mist units for SUI tokens will enable cost-effective micropayments with improved flexibility.
The Sui Network is taking a significant step towards more efficient micropayments with the introduction of Mist units. The developers behind the project have made this move in a bid to enhance flexibility in SUI transactions, while enabling lower gas fees, especially for micropayments.
Mist units represent a new way of denoting the native SUI tokens in the project. They are similar to how 100 cents make up $1. Rather than having one SUI token, each token will be broken down into 1 billion MIST units, allowing for transactions worth a few dollars to occur with low gas fees.
In short, 1 SUI equals 1 billion MIST
Gas fees refer to the costs users have to pay to execute any operation on a blockchain network. These fees can vary, ranging from just a few pennies to hundreds of dollars, depending on network usage and demand.
In addition to supporting low-value micropayments, the use of MIST units will also mitigate the problem of "coin dust," which is a phenomenon where low-value coins stored in a user's wallet gradually accumulate over time and become unusable due to high gas fees.
Previously, the SUI coin balance was interpreted as SUI directly. For example, a SUI coin with a balance of 100 would be interpreted as 100 SUI. However, with the introduction of the MIST update, the balance will now be interpreted as 100 MIST or 10^-7 SUI, according to the developers.
The new SUI and MIST values will soon be available on the Sui Wallet and Sui blockchain explorer. The update is a significant step towards enhancing the efficiency of micropayments and reducing costs for users, making the Sui Network an attractive option for those looking to make small transactions on the blockchain.
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