KEYTAKEAWAYS
- Sui is an innovative smart contract platform using Move language, focusing on decentralized asset management and achieving high transaction speeds of over 100,000 TPS.
- The 2024 Move update introduced enums, macro functions, and method syntax, enhancing developers' capabilities for efficient and flexible application development on Sui.
- Sui's infrastructure innovations, including Mysticeti and Pilotfish, along with user-friendly technologies like zkLogin and zkSend, make blockchain more accessible to mainstream users.
CONTENT
Explore Sui with CoinRank! Sui is a revolutionary smart contract platform with low-latency operations, innovative Move language updates, and robust infrastructure. Discover its rapid ecosystem growth and user-friendly blockchain solutions.
WHAT IS SUI?
Sui is an innovative smart contract platform focusing on decentralized and permissionless asset management, with a particular emphasis on low-latency operations. The platform utilizes the Move programming language, treating assets as unique objects that can be owned and managed by specific addresses. Move programs are complex and control the creation, movement, and modification of assets, adhering to strict rules.
The Sui platform is managed by a set of independent nodes, similar to validators or miners in other systems. This structure allows Sui to adopt a special broadcast method called the Byzantine protocol, enabling faster operations and improved performance. Sui applies the Byzantine protocol for specific purposes such as managing shared objects and governance operations, aiming to build a robust and efficient infrastructure.
SUI ECOSYSTEM DEVELOPMENT STATUS
Since its mainnet launch in 2023, the Sui ecosystem has shown remarkable growth. As of May 2024, the Sui ecosystem boasts over 500 active nodes distributed globally, ensuring network decentralization and high availability. Over the past year, Sui has achieved several significant technical milestones without experiencing any downtime or performance degradation:
- Transaction finality time of just 400 milliseconds
- Peak transaction processing speed of 297,000 TPS in controlled environments
- Single-day transaction volume reaching 65.8 million
Since May, the Sui network has processed over 309 million transactions, with an average of over 100,000 active wallets participating daily. Sui‘s unique object-centric model and parallel processing mechanism enable it to achieve a processing capacity exceeding 100,000 TPS, far surpassing traditional blockchain performance limitations.
MOVE 2024 VERSION UPDATE
The core smart contract programming language of the Sui ecosystem, Move, received a significant update in 2024. This update introduced several key features that greatly enhanced the capabilities and flexibility of the language for developers:
1. Enums (Enumeration Types)
Enums allow developers to define a single type that can encompass multiple data forms. This feature offers more flexibility compared to structs, as enum fields can vary based on the variable type, while struct fields are fixed.
2. Macro Functions
The introduction of macro functions in Move enables the simulation of higher-order functions such as map, filter, and fold. These functions are commonly used in many programming languages for concise manipulation of collection data.
Key points:
- While Move doesn’t natively support runtime behaviors like lambda functions or function pointers, macro functions allow for the inline compilation of these higher-order operations.
- This compile-time approach enhances code efficiency and expressiveness.
3. Method Syntax
The update also introduced method syntax, further improving the language’s readability and usability.
Implementation Timeline:
The rollout of these new features is planned to follow a phased approach:
- Initial deployment on Devnet
- Gradual progression to Testnet
- Final implementation on Mainnet
This staged rollout strategy ensures stability and reliability in the production environment.
INFRASTRUCTURE DEVELOPMENT
Sui introduced several technological innovations at the first global offline conference, Sui Basecamp:
- Mysticeti: Significantly reduced finality time
- Pilotfish: Allows validator nodes to expand capacity across multiple machines
These innovations enable Sui to scale horizontally almost without limits, greatly enhancing network scalability.
Additionally, Sui introduced unique technologies to make blockchain more user-friendly:
- zkLogin: On-chain authorization with traditional OAuth providers
- zkSend: Allows users to send and receive tokens by sharing or clicking a link
- Sponsored transactions: Eliminates barriers for user participation
- Enoki solution: Provides plug-and-play blockchain technology for enterprises
SUI POPULAR PROJECTS AND APPLICATIONS
The Sui ecosystem is flourishing with diverse projects across various applications. Below, we list just a few projects for readers’ reference.
SUI NETWORK EXPLORE 2024💧
It has been 7 months since the #Sui blockchain officially launched Mainnet. There are so many important milestones achieved!❤️
Today, the first week of the new year 2024. Let’s dive into the potential projects that continue to be built on Sui… pic.twitter.com/miUoAde0yv
— Sui Community💧 (@Community_Sui) January 3, 2024
CONCLUSION
In this blue ocean full of opportunities and challenges, Sui demonstrates strong vitality and development potential through its excellent technical strength and active community support. As technology iterates and markets further expand, Sui will continue to play an important role in the blockchain field, providing more innovative and efficient decentralized solutions for global users and developers.
