Doubled! What is SUI Blockchain? A beginner's guide

Sui Blockchain is a Layer-1 platform that has become a powerful force in the Web3 ecosystem, challenging the established norms of decentralized technology.

Launched on May 3, 2023 by the founder of Mysten Labs, Sui has presented a new perspective on the cryptocurrency world with its remarkable fundraising and valuation growth, including $300 million in financing and a $2 billion valuation by September 2022.

At its core, Sui aims to optimize smart contract execution and enhance the scalability of decentralized applications (dApps). It uses an innovative object-centric data model that keeps digital assets and their properties on-chain, but distinct from smart contracts. This architecture, supplemented by parallel processing, allows transactions such as asset transfers to be completed quickly in real time while ensuring security.

Sui's unique approach sets it apart from competitors such as Ethereum, Solana, and Polkadot, focusing on improving speed and scalability without compromising security. Its features include the Sui consensus engine, parallel transaction execution, and the Sui Move smart contract programming language. The network runs on a delegated proof-of-stake (dPoS) system, where validators stake their native cryptocurrency SUI to validate transactions. SUI also plays a key role in executing custom programs, acting as a medium of exchange, and incentivizing platform support.

Developed in the Move programming language, Sui caters to a wide range of Web3 projects, from retail payments to gaming, and supports unique features such as bypassing consensus for simple transactions. Its token SUI is versatile, facilitating transactions, staking, and governance. The network’s permissionless validator system guarantees decentralized integrity and strong security.

Sui is known for its Sui SDK-based tools that facilitate the development of complex on-chain finance, DeFi, and upgradeable NFTs. Its approach to resource handling and parallelizing simple transactions marks a departure from the traditional blockchain model, improving efficiency and reducing latency. This design and forward-looking strategy enabled Sui to process a record-breaking 65.8 million transactions in a single day and maintain low and stable gas fees, reflecting its commitment to scalability and user experience.$SUI