TL;DR
Mysten Lab launched the Sui Blockchain mainnet, a permissionless layer-1 blockchain with low latency and fast throughput, on May 3, 2023. Designed to swiftly transform the blockchain technology framework, the ecosystem relies on core structures like the Sui Move programming language, Parallel Execution, Pure Proof-of-Stake consensus algorithm and the $SUI cryptocurrency to offer a promising and highly-efficient smart contract platform for the Web3 thriving community.
As elucidated in its whitepaper Sui Blockchain shares its name and features with the Japanese word “water.” Hence, it embraces the fluidity of water to introduce a flexible and highly-adaptable Web3 dApp-building environment.
What is Sui Blockchain
Sui is a permissionless, layer-1 smart contract platform designed to facilitate the execution of smart contracts on a simplified ecosystem. Sui Blockchain boasts of increasing security by securing ownership of assets through smart contracts and using a Proof-of-Stake Consensus mechanism for validation.
Raising $336 Million in its Seed A and B funding rounds, the Sui Blockchain has gained notable traction in the blockchain space. While introducing blockchain redefines the idea of the internet, finance, and more, the launch of the Sui Blockchain positively disrupts the use and efficiency of blockchain technology.
Tech Highlight
- The Sui Move Language
Move is a smart contract language that gained developers’ attention with its use in Diem and Aptos blockchain. Sui Move is an adaptation of this Move Language. It is an asset-centric language that offers developers high security and defined asset ownership. Hence, the blockchain can monitor the creation of assets, shared ownership of assets and also capture the transfer of the asset to a new owner and every related operation.
Sui Move also replaces the global storage system in Move with an object-centric global storage system to provide a cheaper and scalable blockchain. This particular feature makes Sui a recommended blockchain for even social applications and marketplace within the blockchain.
Furthermore, the Sui Move features module initializers for easy execution and publication of module data. Essentially, the ecosystem enhances Move to create an even more sophisticated programming language that is easier for developers.
- Parallel Execution
Sui Blockchain is fit for creating assets and facilitating transactions. The blockchain is built on a language and smart contract structure that enhance fast transactions.
The entire structure embraces an approach where programmable assets are traceable with object ID, and these assets can be manipulated. Assets owned by a single developer enjoy fast processing and simple verification process, while operations in respect of assets owned by multiple owners can be executed horizontally.
A permissionless set of validators also maintains the platform to facilitate near-instant finality for simple transactions, and even multiple transactions are processed simultaneously for fast throughput.
For this reason, the Sui Blockchain is considered the fastest blockchain, with the ability to perform 120,000 transactions per second, outperforming leading service providers like Ethereum, Solana and even Visa.
- The Sui Consensus Mechanism
Sui Blockchain adopts the Proof-of-Stake consensus algorithm to facilitate transactions. While validation is an integral part of blockchain security, by understanding that some transactions need not go through the delayed validation or verification process, the blockchain adopts a more pragmatic approach when processing transactions regarding objects.
The idea behind this is identifying and distinguishing transactions– exclusively owned assets and assets shared by multiple owners. Sui forgoes consensus for simple transactions; hence, the transaction is processed almost instantly to enhance network efficiency.
Validators only need to validate transactions in respect of shared assets. For this, Sui also adopts Narwhal and Bullshark to process transactions. These two protocols work together to ensure the availability of data and fast processing through a consensus engine.
- The $SUI Token
The $SUI token is the native and utility token in the Sui Ecosystem with 10 billion fixed supply. The finite supply remains the attractive feature of the token. High adoption and more use cases will increase demand for the cryptocurrency; however, supply will not increase.
The token features rewarding tokenomics for users, holders, and validators. First, users can use the token to facilitate payment of gas fees in the ecosystem. Another utility of the $SUI token is that token holders have on-chain voting power to participate in decision-making and protocol upgrades.
Finally, honest validators are rewarded with $SUI for enhancing system security. Holders can also stake the token with validators for a share of this reward.
Benefits: Why you should use the Sui Blockchain
- Offers extensive scalability and high throughput
As mentioned above, one of the leading advantages of the Sui Blockchain is that it’s a scalable blockchain that allows users to perform thousands of transactions within seconds. Identifying transactions that do not require extensive validation prevents network congestion.
- Lower gas fees
While leading blockchains like Ethereum are adopted for their efficiency, one of the problems with this blockchain is high gas fees, with users paying as high as $100 for bulk transactions and even $15 for small transactions. Sui Blockchain introduces users to a more efficient blockchain with reduced gas fees.
- Flexible enough for the development of varying decentralized applications
From Decentralized Finance protocols to gaming applications, marketplace, social media dapps and more, Sui Blockchain is suitable for a wide range of web3 applications. Hence, different developers can navigate the ecosystem and share knowledge and experiences.
- Upgradable NFT
Another use of Sui Blockchain is its compatibility with dynamic NFTs. This feature made Sui a preferable blockchain for complex games with unique and customizable NFTs. Sui allows the creation of upgradable NFTs; hence, GameFi projects can introduce a system where users can get more creative and customize their NFTs to create a more relatable entity in the web3 space.
Projects
To leverage the advantages of the technology structure of Sui Blockchains, more projects are developing their applications in the ecosystem. Some of the leading projects in the ecosystem include, Flame Protocol, Turbo Finance, Cetus Protocol, Releap, Seapad, Suipad, Blue Move and more
Poolz Finance Seapad and Releap IDOs:
The adoption of Sui Blockchain and its efficiency has increased interest of developers to build their web3 apps on it. Presenting users with opportunities to participate in this promising ecosystem, Poolz Finance announced its expansion into the Sui Blockchain to proffer IDO participation. Some of the recently completed IDOs on Poolz include the Seapad IDO and Releap, raising $250k and $120k respectively.
Conclusion
Blockchain development and innovation is a never-ending trend; however, with the features discussed, it is apparent that the Sui Blockchain has gained an enviable position in the space. From introducing a simplified programming language to adopting a flexible and low-latency smart contract, Sui is a blockchain option open to latency-sensitive applications.
The ecosystem defines the future of blockchain by providing a flexible and highly adaptable blockchain environment for developing a different range of Web3 and decentralized applications.
