Evan Cheng stated that the current Web3 infrastructure is similar to the state of the modem era – “slow, expensive, limited, insecure, and just hard to build.” He declared his position with the launch of Sui. Sui is a platform for creating rich and dynamic online assets, from gaming to finance. Sui is the first permissionless layer one blockchain designed from the ground up to enable developers to create experiences that serve the next billion users on Web3. The firm intends to increase the team and develop expansion in the Asia-Pacific region.
Introduction to Sui Blockchain
Mysten Labs believes in a future where every major digital value exchange will be through public ledgers, whether paying for coffee, buying and owning in-game items, or using coupons on e-commerce platforms.
The publicity of the blockchain opens up a world of greater transparency and seamless asset layout, ultimately benefiting end users. Despite existing infrastructure limitations, developers are innovating, and we have seen many innovations in decentralized finance, NFTs, the token-driven economy, and more.
Mysten Labs believes an infrastructure upgrade is needed for the next cycle. We need to move from the current era of cryptographic dial-up to ultra-fast broadband. Blockchain technology has evolved significantly over the past five years. While we have seen various platforms launched, they ultimately lack the key ingredients that would make them capable of powering Internet Assets as opposed to the new and promising Sui platform.
Web3 Infrastructure Startup: Mysten Labs Unveils Its Tier 1 Blockchain
Mysten Labs is a web3 infrastructure company that aims to accelerate web3 adoption by building the underlying infrastructure. They are also the developer of the Sui Layer 1 Blockchain. This decentralized proof-of-stake blockchain allows social media developers and creators to fund the creation of experiences that serve the next billion users on Network 3.
Sui has been designed with various security guarantees for online asset owners. These guarantees include the following:
- Anyone can manage shared assets. The additional access control logic can be implemented using a smart contract.
- Transactions can only be executed with assets according to predefined rules set by the creator of the smart contract.
- As soon as the transaction is completed, changes in assets or new assets created will be saved and available for further processing.
- Although the Sui network operates on a protocol through a set of independent validators, all security properties are preserved even if several validators do not follow the protocol.
- All transactions on the Sui blockchain are transparent and can be audited to ensure that processes are accurately executed.
- Users define validators through $SUI token delegation.
The $SUI token is a native asset of the network and is used to pay for gas and reward proof-of-stake (PoS) participants. In addition, $SUI is also used for blockchain governance voting and protocol upgrades.
- Ticker: $SUI
- Collateral: 10b fixed;
- There is no emission of tokens.
A portion of the total $SUI will be liquid at the mainnet launch, with the rest to be vested over the coming years or distributed as future stake reward subsidies or new Sui token holders.
- No deflation or combustion mechanism
- The usefulness of the token:
- The rate for network security,
- Transaction fee,
- Storage fees, voting on management issues, and a medium of exchange as Sui’s asset.
Execution of Transactions: Types of Sui Transactions
Simple transactions are independent transactions without causality and use Byzantine Consistent Broadcast transactions. It is a leaderless protocol that eliminates the overhead of a global consensus without sacrificing security and survivability guarantees. Faulty validators do not significantly impact performance, while in most leader-based blockchains, if one or more validators fail, throughput drops, and latency increases.
Transactions are optimistically verified and executed individually in parallel rather than sequentially or in batches, as with most traditional blockchains. This happens almost instantly. Most transactions are of this nature; for example, users often want to transfer assets to the recipient, where the only data required is the sender’s account and no interdependencies with other arbitrary parts of the state of the blockchain.
In turn, complex transactions are defined as interdependent / intertwined with shared objects and use variants of the Byzantine Fault Tolerance protocol. Finally, Sui orders them and executes them sequentially with Narwhal, confirming transactions in 2-3 seconds.
Transaction dependencies must be explicitly specified. The consensus subsystem is also scalable because it can handle more transactions by adding more machines per validator. This allows Sui to scale.
SuiEcho: Digital Assets
The Sui ecosystem contains quite interesting technologies, one of which can safely be called SuiEcho. This feature allows dApp developers to create communities, making it easier for Sui delegators to transfer digital assets from other ecosystems to the Sui ecosystem. For example, holders of Bored Ape Yacht Club Ethereum-based NFTs can mine Sui-based equivalents through SuiEcho using their ETH-based NFTs as proof of ownership. Although mining NFT Sui is an independent asset, their avatars can be used in the Sui network. Likewise, it allows Sui dApps to connect with communities on other networks.
Sui Features and Mysten Labs Asset
Sui believes that the key to success is a new approach to processing crypto transactions. More precisely, according to one of the CEOs, now most of the blockchains process transactions as groups, that is, using the blockchain-off-line method, this is when the row header is blocked, as a result of which the data packet cannot move forward. And SUIs use a different method, the so-called segmentation within the validator. In blockchain systems, validators are the parties that validate transactions. In proof-of-stake models, they lock tokens on the network in exchange for being able to validate new transactions and receive rewards. Sui plans to increase bandwidth and storage while keeping transaction costs low.
Blockchain is not all Sui enters the market with. They have technologies that work on top of the blockchain. Despite the scaling and development of other companies, the founders of SUI are absolutely confident in the success of their projects.
While Sui is trying to solve the blockchain trilemma, they focus on scaling composite and dynamic NFTs to broad metaverse applications, including gaming, social and commercial.
According to some reports, the Mysten Labs team managed to recruit more cryptocurrencies from the Meta. The group’s continuity and maturity are always attractive for any startup, and Mysten Labs only benefits from this.
Outlook and Forecasts
Mysten Labs, in particular with the participation of Evan Cheng, has launched a public software development kit, Sui, and is showing demos to developers, Cheng told The Block. The blockchain testnet is expected to arrive in the next few months, with its mainnet coming later this year along with its native token.
Sui developers are backed by major investors, including Andreessen Horowitz and Coinbase Ventures. In December, the startup raised $36 million. As The Block recently reported, it aims to attract more developers in Sui and billions of users in cryptocurrency.
A unique feature of Sui’s design is that data storage fees are paid separately from transaction execution.
The Sui team is committed to building a blockchain technology that scales with demand and drives growth by eliminating mediators and allowing users of various applications to integrate and interact with their favorite products seamlessly.
Sui builds on important innovations in consensus algorithms and uses new data structures that result in a high-performance Layer 1 with scalable capacity while providing a development environment for valuable, dynamic, composable assets that will unlock the next generation of decentralized applications.