New layer-one blockchain networks are popping up all the time. Which ones will remain, having won popularity, is not easy to determine. Sui blockchain occupies a special place among such blockchains. It has unique features that make this Sui platform stand out. So Sui is the first permissionless layer one blockchain designed from the ground up. Decentralized blockchain with scale-out throughput and storage is gaining ground in the market.
What is Sui layer 1?
The former members of the Meta team teamed up to create Mysten Labs, a Sui blockchain development company. The company was launched in 2021 and comprises former Meta employees – leading experts in programming languages, cryptography, and distributed systems, who previously worked in Novi research, the Move programming language, and the Diem blockchain. Also, Mysten Labs create the Move programming language.
Note that the Sui blockchain is not a derivative or extension of the Diem network. On the contrary, it is a step-by-step improvement of modern blockchain technology, allowing developers to create new experiences for web3 users.
Sui has established itself as the first permissionless Level 1 Proof-of-Stake blockchain built entirely from scratch. It is a renowned platform focused on low latency and bandwidth.
The platform enables parallel transactions and bypasses consensus regarding simple use cases such as payment transactions and asset transfers. Blockchain uses an asset-centric programming model based on Move.
It uses simpler primitives, unprecedented in the entire blockchain industry. As a result, it allows developers to create new latency-sensitive decentralized applications in different areas.
A set of permissionless validators supports the blockchain platform. In addition, the native platform token “SUI” plays an important role in the functioning of the network.
What language is Sui based on?
The Sui blockchain is written in the well-known programming language Move based on Rust.
The Move is a bytecode language that allows you to develop smart contracts and custom transaction logic. It is platform-independent, which makes it possible to use common tools and libraries, and form developer communities on different blockchain platforms. The Move type system and data model support the parallel Sui convention. It guarantees the high scalability of the blockchain.
At the heart of Move is improving security and facilitating a seamless transition from Web2 to the upcoming Web3. In addition, it is an effective tool for dealing with fake token approvals, reentry vulnerabilities, etc.
How does the Sui blockchain work?
It operates on a large scale and at an unprecedented speed. As a result, many transactions on the blockchain do not have interdependencies with other parts of the chain.
Blockchain can optimize scalability and speed, ensuring that transactions are completed without delay, and making every request idempotent.
The platform does not accumulate transactions in traditional blocks but checks them separately. The main plus of this strategy is the low latency, which allows each transaction to receive a certificate of completion almost as quickly as possible.
There are three main concepts: transactions, objects, and validators, which should be studied to understand the essence of the operation of this blockchain. These are the three most important concepts for the entire Sui ecosystem:
- Transactions. All changes and updates to the Sui registry occur through transactions. All transactions have a set of metadata, including gas price and input, authenticator, etc;
- Objects. It is the basic storage unit of Sui. In this case, the platform storage is centered around different objects rather than accounts, as in other, more traditional blockchain systems. Smart contracts are an example of such objects, called move packages. These packages can manipulate Move objects;
- Validators. Sui validators contribute to the blockchain network. Independent validators run Sui by running their software instances on separate machines.
The distributed registry stores a set of programmable objects that have a unique identifier. All objects belong to the same addresses, and these addresses can contain a different number of objects. The registry is updated through a transaction sent to addresses. Each transaction can create, write, and destroy objects and transfer them to other addresses.
Sui Blockchain Benefits
The main advantage of the network is the high performance of this blockchain. So the main benefits of Sui:
- Sui can easily bypass consensus for simple transactions. It allows Sui to parallelize the execution of simple transactions and reduce latency.
- The Sui platform can function perfectly at network speed without waiting for system timeouts between different protocol steps.
- Sui can use more machines or devices per validator to improve performance.
What are Sui’s main features?
Sui’s main characteristics:
- Sui can scale horizontally without top borders. It allows you to meet the needs of applications while keeping transaction costs low.
- Sui is innovative in design as it eliminates critical bottlenecks in blockchains. In traditional blockchains, transactions are placed in sequential blocks, and it, in turn, creates wasteful processing power. The innovation of these blockchains is that they organize data into different independent entities so that transactions can be carried out in parallel.
- The network is capable of excellent horizontal throughput scaling because it provides concurrent negotiation of causally independent transactions. This result is achieved with Byzantine Serial Broadcasting, which eliminates the overhead caused by global consensus without sacrificing liveliness and security guarantees.
Sui offers great UX for various Web3 projects. The platform facilitates the development of such features:
- Bonus and loyalty programs;
- Business logic and Advanced games;
- On-chain finance and DeFi primitives;
- Upgradable NFTs;
- Asset tokenization services.
In addition, the platform uses the blockchain-oriented Move programming language, which greatly simplifies the work of developers. Developers will be able to make fewer mistakes with foundational and fundamental concepts. Finally, Sui offers a unique approach to security. The chain can maintain its safety even under adverse conditions and circumstances, such as network breaks or DoS attacks.
How do users participate in Sui?
There are three types of participants:
- Users are responsible for submitting transactions to the platform to modify, transfer, create digital assets or interact with different complex applications.
- Validators manage the execution and processing of transactions on the Sui platform.
- SUI token holders can participate in Sui’s governance and determine the project’s future direction. They delegate their tokens to validators and join in their sanity check mechanism.
What is the $SUI Crypto Token?
The native asset of the Sui platform, with a total supply capped at 10 billion. Part of the overall offer will be released when the mainnet launches. The remaining tokens will be transferred or distributed as future staking reward subsidies in the coming years.
The SUI token will have four main purposes: payment for gas, staking as an underlying asset of the economy, and, finally, for governance.
Blockchain Sui looks promising, but its development approach, aspirations, and technical specifications deserve special attention. Sui will have to withstand competition from other blockchains and continue to upgrade its ecosystem. And then this blockchain has every chance to gain immense popularity.
A “next generation” blockchain promises to provide users with low latency and high throughput. Sui is the first permission-free layer one blockchain designed literally from the ground up to enable developers to create massive experiences that serve the next billion users on Web3.
Tokenomics data for this coin is currently unavailable.
It is where SUI tokens are stored on the Sui blockchain. This wallet belongs to a specific owner, so no one except this owner has the right to influence the wallet or use it in any way.