Sui Blockchain a new layer 1 blockchain network is causing a stir in the market.
Sui, the first product of Web3 infrastructure firm Mysten Labs, is one of the hottest blockchain offerings. It's a rapidly expanding platform that could pose a threat to Solana.
Sui Blockchain aims to support Web3 and NFT, while Solana focuses on DeFi. Diem believes its unique features and programming language have solved the problems of scalability, security, and gas fees.
Sui's recent announcement of a successful $300 million Series B funding round shows that blockchain platforms are more than just a trend.
So, what makes this newcomer unique and what is its goal? Continue reading to learn more about Blockchain Sui, its components, architecture, key features, and token model.
What is Sui Blockchain?
Sui is a permissionless, PoS-powered, layer 1 blockchain that aims to provide instant settlement and high throughput while enabling a wide range of extreme next-generation decentralized applications. Flexible, sensitive to high latency. It allows developers to create Web3 projects that will serve the expected huge wave of Web3 users.
Sui is backed by Mysten Labs, the Web3 infrastructure organization, founded by former senior executives at Meta's Novi Research. It includes experts in cryptography, programming languages and distributed systems
According to Evan Cheng (Mysten Co-Founder and CEO), Web3 is currently in a dial-up phase where processes are slow, expensive, insecure, and difficult to build. That's why Sui launched with the goal of eliminating middlemen and allowing users to seamlessly integrate and interact with their favorite products across apps.
Highlights of Sui
The high scalability of SUI is built on two main inovations:
MOVE programming language.
Narwhal-Tusk consensus algorithm.
MOVE is a native programming language used to develop applications in the Sui blockchain. MOVE is based on RUST and developed by FB's Libra project, it is designed for parallel execution.
Narhal-Tusk is the consensus algorithm in Sui blockhain, it separates data transmission from transaction consensus process. Thus solving the problem of Mempool – consensus in traditional blockchain designs like Ethereum & Bitcoin.
Based on the above two inovations, the Sui blockchain allows the network to scale horizontally, which can support millions of transactions per second without requiring dedicated nodes in the network (these nodes cannot run on the latest hardware). normal computers because they require powerful configuration to process faster and more transactions, which means spending a lot of money on hardware).
Learn about Sui Blockchain Tokenomic
SUI (also known as Mysten Labs coin) is the native token of the SUI blockchain, with a total supply of ten billion tokens. Here are the four main functions of the SUI token.
Use SUI tokens to stake and participate in PoS consensus.
Use SUI tokens to pay gas fees for transactions and other activities.
SUI acts as an asset that acts as a medium of exchange
It allows Sui blockchain investors to participate in on-chain voting
The Sui blockchain tokenomics model includes three main parties:
Users: use the SUI platform to create and transfer digital assets (such as NFTs) or communicate with Dapps powered by smart contracts.
SUI token holders: delegate their tokens to calidators to participate in the Proof-of-Stake mechanism. With SUI blockchain investors, they can also participate in the governance of Sui.
Validators: perform transaction processing and execution on the Sui platform.
Benefits of holding SUI tokens
Two main use cases of SUI token in Sui Network:
Transaction fee: SUI is used as the currency to pay gas for all operations on the Sui blockchain.
Staking/bonding/slashing asset: Validators staking SUI to participate in the transaction consensus process. In case of fraud, their SUI tokens will be cut as punishment.
How does Blockchain Sui work?
The components
According to Sui's technical documentation, Blockchain consists of three main components:
Objects: Sui has programmable objects built and managed by Move-powered smart contracts, also known as Objects. Sui objects are further classified into mutable data values and immutable packages.
Transactions: Any modifications and updates to the Sui ledger are described by transactions.
Validators: Independent Validators manage the entire Sui network. On different machines, each running a unique version of the Sui software.
Move language
Move is a programming language that allows you to create Sui-compatible Web3 contracts. Furthermore, Sui's Move programming language is based on the widely supported Rust programming language, which differs from Move in subtle but noticeable ways.
Also, Sui is the "Ethereum killer" that makes Move the Solidity a rival. It is designed to solve problems in Solidity. Move aims to represent digital assets and perform secure operations on them.
Smart contracts are used to implement functionality on most blockchains. Tokens on Ethereum are balance-tracking smart contracts associated with a set of public keys. This is done outside of the distributed ledger because the Ethereum protocol is unaware of its existence.
While most smart contract platforms are built around accounts, Sui's repository is built around objects with Move. These objects are programmable and can be manipulated through smart contracts. Sui's global state consists of a set of programmable objects.
Main features of the Sui Blockchain
Parallel execution
In traditional blockchain networks, transactions are executed one by one or sequentially. When a transaction is created, it is included in a block, and if someone trades the token on a decentralized exchange, it is included after the first transaction. But with Sui Blockchain's Parallel execution system, instead of executing one transaction after another, users can perform multiple transactions at the same time.
Sui can apparently execute up to 120,000 transactions per second thanks to Parallel execution. Ethereum can handle 7–15 transactions per second for comparison. Visa has a processing speed of 24,000 transactions per second.
GAS fee
One of the unique things about the Sui blockchain is the way they handle gas fees. Right now, a major complaint of most blockchain networks is expensive gas fees. In traditional blockchain networks, gas fees rise and fall based on network demand.
This means that when people want to go online for a while, gas prices will go up and be quite expensive. However, the Sui blockchain can provide more stable gas fees over the epochs. Sui runs in a sequence of epochs (24 hours) – sequence of epochs. Each epoch is managed by a validators' committee. From one epoch to the next, the validators set has no right to be reordered. Instead of seeing gas prices fluctuate minute by minute, it will remain stable over a 24-hour period.
Users can authorize their stake validators. By delegating your shares, you can increase your voting rights and get reduced fees. In addition, the Sui network keeps its security features as long as two-thirds of the total shares are allocated to honest parties.
Improved features for Web3
Sui claims that by providing various tools based on the Sui SDK, they will enable software engineers to create DApps and other Web3 projects with improved UX (software development kit). For example, here are some of the Web3 features that Sui Blockchain supports:
On-chain DeFi and traditional finance (TradFi)
Reward and loyalty programs
Complex game and business logic
Asset tokenization services
Decentralized social media networks
Upgradable NFT
Conclude:
Blockchain Sui seems to have a lot of potential, and many Blockchain proponents seem to endorse its technological features, development methods, and goals. It is also true that Sui will have to compete fiercely with other blockchains and continuously grow its ecosystem if it hopes to gain wider popularity.
Source : https://cafe40.net/sui-blockchain-la-gi/
