Layer 1 Blockchain
Price: $1.37
Market Cap: $1,781,393,527
1 Month Performance: -20.59%
1 Year Performance: 1274.80%
All-Time High: $2.1829
Sui (SUI) is a groundbreaking Layer 1 blockchain and smart contract platform that aims to revolutionize digital asset ownership. It has been designed to provide fast, private, secure, and inclusive access to digital assets for all users. Built from the ground up with an object-centric model based on the Move programming language, Sui offers parallel execution, sub-second finality, and support for rich on-chain assets. The platform boasts horizontal scalability, enabling it to process a wide range of applications with exceptional speed and low costs. Sui represents a significant advancement in blockchain technology and provides creators and developers with a platform to build exceptional and user-friendly experiences. Mysten Labs, the original contributor to Sui, was founded by a team of former executives and lead architects from Meta's Novi Research, which was responsible for developing the Diem blockchain and the Move programming language. The founders of Sui include Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. What sets Sui apart from other blockchains is its unique architecture, which addresses common pain points of earlier blockchain generations.
Sui offers horizontal scaling, allowing transactions to be processed in parallel and eliminating bottlenecks that hindered earlier blockchains. Additionally, Sui enables composability, enabling assets such as non-fungible tokens (NFTs) to be passed directly as function arguments. Its object-centric approach also supports more complex data structures and the ability to store assets within them. Sui introduces the concept of sparse replay, which allows developers to track the evolution of objects in a game or application without the need to retrieve data from the entire Merkle tree. This optimization reduces the costs associated with querying on-chain data.
Moreover, Sui utilizes on-chain storage, directly storing assets as objects on the blockchain. This approach eliminates the need for Merkle tree indexing and, in conjunction with conventional means like IPFS, provides a scalable solution for on-chain storage, reducing costs associated with updating assets.
