KEYTAKEAWAYS
- Innovative Technology: SUI introduces the Move programming language, optimizing smart contract creation with unique, programmable "objects" ideal for NFTs and gaming.
- Efficient Consensus Model: SUI employs a Delegated Proof of Stake system, ensuring fast transaction processing with a fixed set of validators, balancing efficiency with a degree of centralization.
- High Transaction Throughput: With parallel transaction execution, Sui achieves up to 120,000 TPS, significantly surpassing Ethereum and Solana in performance, which facilitates both simple and complex transactions effectively.
CONTENT
Explore SUI, a first-layer decentralized blockchain by Mysten Labs, enhancing transaction speed and cost-efficiency, crucial for digital asset management.
WHAT IS SUI ?
SUI is a decentralized first-layer blockchain, developed by Mysten Labs, that offers excellent transaction speeds at a low cost. The blockchain was created by former executives from Meta’s (formerly Facebook) now-disbanded digital wallet project, Novi.
On May 3, 2023, the SUI mainnet went live. Subsequently, the price of its cryptocurrency, $SUI, surged to $2, marking an increase of 2000%.
SUI is a Layer1 public blockchain network developed by Mysten Labs, specifically designed to tackle the issues of blockchain efficiency, which current networks struggle with due to the rapid growth in market demands.
SUI is a brand-new initiative that was strategically planned from the outset to enhance fundamental scalability, facilitate instant transactions, and deliver high throughput. It also reduces latency and costs, powering applications for billions of users.
In summary, SUI aims to improve its scalability without sacrificing security by integrating the native programming language Move, transaction parallel processing, and a Delegated Proof of Stake consensus mechanism. This approach enables SUI to offer fast, private, and secure digital asset ownership to everyone.
>>> More to read : Sui: Latest News, Statistics, and Price Predictions
ANALYSIS OF SUI FEATURES
1. SUI Blockchain’s Language: Move
SUI Move is a programming language designed for creating smart contracts, derived from the Move language originally developed by Facebook for the Diem blockchain.
Most blockchains, like Ethereum, design their smart contracts around “accounts,” which are addresses that can receive, hold, and send the blockchain’s native tokens and interact with smart contracts.
However, the Move language is built around programmable “objects,” which are assets unique to the Sui blockchain. Developers can create custom rules for these objects, including how they can be modified, and define rules about how objects are transferred. The use of objects makes it easier to program assets using the Move language, especially for non-fungible tokens (NFTs) and gaming assets.
2. SUI Delegated Proof of Stake Consensus (DPoS)
To achieve consensus, SUI utilizes a specific type of Proof of Stake consensus mechanism known as Delegated Proof of Stake (DPoS).
In SUI’s DPoS system, a fixed set of validators process transactions during each epoch, which lasts 24 hours. SUI holders select a group of validators based on their share of the total stake, determined by the number of SUI tokens they have staked.
In exchange for operating and protecting the network, blockchain validators receive staking rewards in SUI coins. The system then distributes these rewards to all token holders who have delegated their stake to that validator, after deducting a small commission for the validator.
Staked tokens are only locked in the system for a specific period. After the epoch changes, token holders can withdraw their tokens or change their delegated validator.
It’s noteworthy that the network currently has only 100 validators. This setup allows for faster transaction processing and higher efficiency. However, it also means it is more centralized than most other blockchains and more susceptible to a 51% attack.
But why is this significant? Simply put, the fewer the number of validators, the greater the potential for collusion to control the network and manipulate it for personal gain. To offset the impact of having a low number of validators, SUI operates with 2,000 full nodes, enhancing network decentralization.
3. Parallel Transaction Execution
To improve scalability, SUI utilizes parallel transaction execution.
Most blockchains execute transactions sequentially, one after another. Instead, the SUI blockchain executes transactions concurrently. Compared to Ethereum’s 15 TPS and Solana’s 4k TPS, it can process up to 120,000 transactions per second (TPS).
Another interesting feature of the chain is how it categorizes transactions into two types: simple and complex.
For simple transactions, such as sending tokens from one account to another, the transaction may bypass the consensus protocol and be processed almost immediately. By eliminating the need for unrelated assets to undergo a longer and more costly consensus process, Sui can enhance its throughput.
For complex transactions, SUI utilizes Narwhal and Bullshark.
Narwhal is a memory pool based on a Directed Acyclic Graph (DAG). It decouples transactions from its consensus engine, Bullshark, and ensures fast identification of pending transactions that require consensus. Bullshark is used for specific transaction ordering and allows slower validators to contribute.
SUI ECOSYSTEM
The Sui ecosystem has attracted numerous teams to build projects. Here are some of the popular projects within the Sui ecosystem:
- Sui Wallet: The officially supported browser wallet.
- Ethos: A wallet that allows registration using just an email address.
- MovEX: A decentralized exchange (DEX).
- Sui Name Service: An officially supported decentralized domain identity service provider.
- Axelar Network: A cross-chain communication protocol.
- BlueMove: An NFT marketplace designed for Move language public chains, currently deployed on both Sui and Aptos networks.
- Sui Gallery: One of the NFT marketplaces on Sui.
>>> More to read : What Is Sui Wallet & How To Use It?
SUI CONCLUSION
Over the past few years, scalability has been a persistent challenge in the cryptocurrency domain, with many widely used blockchain systems not optimized to support the ongoing evolution of blockchain technology.
SUI emerges as the world’s first permissionless Layer 1 blockchain with a Proof of Stake (PoS) consensus, offering a more user-friendly experience for Web3 participants. This innovative platform addresses key pain points of existing blockchains by leveraging its architecture for high performance, scalability, and operability. SUI’s contributions focus on creating a sustainable, economically efficient environment with high throughput and low latency, while maintaining a permissionless framework that empowers all users with greater control and access.
For mainstream adoption, SUI’s mainnet and its functionalities need to operate as expected, providing a solid foundation for users new to blockchain applications. As the digital asset industry potentially enters the mainstream sooner than anticipated, developers and users will seek a flexible and secure smart contract platform that can scale globally, remain cost-effective, and deliver a front-end experience reminiscent of Web2. This positions SUI as a pivotal platform capable of meeting the growing demands of the digital age.
FAQS
- What is SUI ?
SUI is a new project focused on scalability, offering instant transactions, high throughput, reduced latency, and lower costs for billions of users.
- What are SUI features ?
- SUI Blockchain’s Language: Move
- SUI Delegated Proof of Stake Consensus (DPoS)
- Parallel Transaction Execution
- Where can I buy SUI ?
You can purchase SUI on various cryptocurrency exchanges. Binance, a large and relatively secure exchange, you can click the link below.
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