Sui Blockchain is the first product from the Web3 infrastructure of the Mysten Labs company, and is one of the hottest blockchain offerings currently. It is a rapidly expanding platform that is being called the Solana Killer.
Sui Blockchain aims to support Web3 and NFT, while Solana focuses on DeFi.
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 purpose?
What is Sui in crypto?
Sui is a Layer 1 blockchain that was made to fix some of Web3’s problems. Its main goals are to reduce the amount of time it takes to perform smart contracts and to revolutionize blockchain technology by making it faster and safer as Web3 becomes more popular in the blockchain world.
Sui is also where exciting new blockchain NFT games, like Sui Monstars, will be played in the future. The idea is that developers can make games that are fun and interesting without having to worry too much about the code. Mysten Labs made the Sui platform. The five founders of its 13-person team are Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis, and Kostas Chalkias, who served as top executives and lead architects for Meta’s defunct digital wallet program Novi in 2016. They chose to launch a new blockchain protocol aimed at defeating the issues of scalability that have been a thorn in the crypto sector’s side for years.
How Does Sui Blockchain Work?
Three key components enable quick, low-cost settlements on the Sui blockchain: Move language, parallel transaction processing, Sui Consensus Engine.
The upgraded Aptos Move language, Sui Move, executes smart contracts on the Sui network. Facebook (now Meta) created Move, a Rust-based programming language, for Diem, its now-defunct blockchain venture. Sui’s Move, an executable bytecode language, prevents double-spending and makes Sui one of the safest smart contract platforms. It was meant to fix Solidity’s inability to reliably represent blockchain assets.
Sui’s smart contracts are programmable objects, unlike typical blockchain networks’ accounts. These objects can be shared or owned, mutable or immutable. Single-user objects can be verified instantly.
Parallel transaction execution is a major Sui innovation. Other smart contract platforms execute transactions in order of receipt. This slows transactions. The Sui blockchain performs transactions in parallel, and simple transactions don’t need consensus, resulting in near-instant finality. The Ethereum blockchain can process 15 TPS at its peak. Sui network trials processed 120,000 transactions per second.
In August 2022, Sui switched from Tusk and Narwhal to Bullshark as its default consensus algorithm. The move reduced latency and allowed slower validators to contribute to the project. However, updating the source allows Tusk use. In summary, Narwhal acts as a mempool to make sure the consensus data is available, while Bullshark (or Tusk) establishes the standard for arranging it so the consensus engine can read it. Sui’s DAG mempool is another breakthrough.
Does Sui have a token?
Yes. The Sui Blockchain native cryptocurrency is SUI. To differentiate the network from the currency, the token name, SUI, is always lowercase. SUI is useful and has many advantages. First, you can use it to place bets on the platform and pay gas fees for transactions on the Sui network. It can also be sold as a liquid asset. Everyone who owns SUI tokens has governance power and can vote on network change processes.
The SUI token is in the launch phase, along with the Sui Mainnet, which begins on May 4, 2023. The project is offering an Airdrop of the token, an initial distribution aimed at two groups: recognition sale for whitelisted participants and the general public. The token has a maximum supply of 10 billion coins, some of which will be distributed early on and the rest over time, according to Sui Foundation definitions. At launch, 50% will go to the Community Reserve, focused on validator grants, research, and development. 20% will go to early project contributors, 14% to investors, 10% to the Mysten Labs treasury, and 6% to the Community Access Program (CAP) and app testers.
What is the price of SUI?
The launch value set for the general public by the SUI Network team is US$0.10. However, as it is in the Airdrops, it is not possible to say what its market price will be in the future.
Where can I buy SUI?
Four crypto exchanges are participating in the initial sale of SUI. They are: