The crypto world doesn't want to stop developing. As if every day, there are always new tokens, coins, projects and blockchains that support this development. As will be discussed in this article, Sui. Have you ever heard of this new blockchain?
Get to Know What Sui Is
Sui is a layer 1 blockchain that uses a Proof-of-Stake consensus mechanism. This blockchain facilitates its developers in creating Web3 projects. Sui is a smart contract platform focused on low throughput and latency. This project is made by Mysten Labs, aka a company founded by former employees of Meta's (Facebook) Project Libra. This platform successfully pocketed $300 million in Series B funding, this funding was led by FTX, Andreessen Horowitz, Jump Crypto, Coinbase Venture to Binance Labs. This blockchain was built with the aim of providing a much better user experience through scalability and low latency. This blockchain adopts a programming language like Aptos, namely Move. This network also has a native token on its platform called SUI.
SUI Technology
There are several technologies that can be utilized in this blockchain, such as: Proof-of-Stake. In this consensus, the validator will lock up a number of SUI tokens and then become the validator responsible for validating transactions on the network. Move (programming language). As previously mentioned, this blockchain uses a type of programming language similar to Aptos, namely Move. Move is used because it is much simpler and simpler when compared to Solidity alias used by Ethereum. Parallel Execution. This blockchain uses the Byzantine Fault Tolerance (BFT) consensus protocol. This consensus will be possible for a transaction to be carried out in parallel. That way, the transaction process will be much faster.
Roadmap Sui
Sui released its Devnet in May 2022. Until now, there are at least 4 nodes operated by Mysten Labs and Sui Explorer. But there is still no testnet. This Tetsnet will be worked on in stages while introducing and testing features and mechanisms that support the mainnet so that it is ready for production. The testnets in question are as follows:
Network. For the first time, a multi-entity public Sui network will be assembled. Distributed genesis ceremonies, validator configuration, operational coordination, and basic network operations will all be tested. Developers also have the opportunity to implement it on the testnet.
Staking. The concept of staking is indeed used in the Proof-of-Stake consensus. Developers will have the first opportunity to deploy on the testnet. Any entity must be allowed to accumulate enough SUI tokens to act as a validator in the DPoS Sui mechanism.
Updates. This stage will put operators through their paces as they drill into key network operations such as validator set changes, software updates, and incident response.
How the Sui Blockchain Works
This blockchain works at a much more efficient speed and scale than others. This blockchain is at the forefront in terms of increasing its efficiency. This blockchain can support speed and scalability, this is because the platform will make the network connection open longer, make every request, to confirm that a transaction has been completed.
In the case of a simple transaction, the user usually only wants to carry out a simple transaction such as sending assets to the beneficiary. The platform will lock the sender's address in the blockchain. Why is that? this is done to avoid the consensus mechanism in direct transactions. Then, the platform will validate transactions made individually. This strategy allows for low latency, so that every transaction that has been successfully verified can get an instant certificate of finality.
The Advantages of the Sui Blockchain
This blockchain has several interesting features which are its main attraction. Especially when considering that Sui focuses on the development of the newest technology, Web3. Here are some of the advantages that can be obtained:
Unique Security Approach. In contrast to other blockchains which focus more on asynchronous assumptions and platforms. Chain on Sui can maintain its security, so the network can survive even after being hit by DoS attacks and network splits.
Simple interface. This one blockchain provides the Move programming language. As a result, developers can access the blockchain more easily.
UX improvements. This blockchain ensures that their platform will be more user friendly and allow software engineers to easily produce DApps or other Web3 projects because of the UX they provide. Sui specifically facilitates various types of feature development such as asset tokenization services, NFT upgrades, loyalty rewards programs to on-chain finance and advanced DeFi games.
Sui Tokenomics
SUI tokens have a total supply of around 10 billion. This amount is 10 times larger than the total supply of APT coins. However, there is no definite amount regarding where these tokens will be distributed. If we take a peek at the data on the tokens that have been used by the ecosystem, these tokens are flowed for the use of gas fees, storage data, and proof of ownership mechanisms. Blockchain Sui has indeed succeeded in attracting the attention of many people because it is considered quite promising. But even so, this one blockchain must continuously upgrade its network and ecosystem so that it is not inferior to other blockchains.