What is Sui Blockchain? This is a question that many people are asking. Sui blockchain is a next-generation Layer 1 blockchain for builders and creators. It has some unique characteristics that make it stand out from other blockchains. In this article, we will discuss the main features of the Sui blockchain and why it has the potential to become one of the most popular blockchains in the world!
The Sui blockchain, according to the creators, is the first permissionless Layer 1 blockchain built from the bottom up to enable creators and developers as well as entrepreneurs to create services that are tailored for the next billion users in web3.
What is Sui Blockchain?
Sui is a smart contract platform administered by a permissionless collection of validators that operate in the same way as validators or miners do in other blockchain networks.
Sui is a lightweight and fast blockchain, providing scalability and low latency for simple use cases. Sui enables the vast majority of transactions to be processed in parallel, making better use of computing resources while also enabling more throughput with additional resources. That’s one of the main propositions of Sui blockchain to scale and bring Web 3.0 to the next billion users.
Sui blockchain doesn’t use consensus for simple cases like payment transactions and asset transfers, instead employing less complex and lower-latency primitives. This is unprecedented in the blockchain industry, allowing for the creation of a variety of latency-sensitive distributed apps, including gaming to retail payment at physical locations.
Sui blockchain is a smart contract framework written in Rust that supports Move programming language-level assets. These assets may have an owner and are defined by Move programs, which define operations on them such as creating unique rules for their creation, transferring these assets to new owners, and changing the properties of the items.
Sui is a blockchain with a fixed number of coins. The SUI token is used to pay for gas and may also be spent on validators within an epoch. This delegated stake determines the voting power of validators in this epoch. Validators are restacked every period based on the stake they have been given. Byzantine fault tolerance is maintained among the set of validators in each epoch.
At the conclusion of each epoch, all validators are compensated based on their contribution to the system’s operation. Validators can distribute a portion of the profits to anybody who delegated a stake to them as rewards.
Sui blockchain is further bolstered by a slew of state-of-the-art peer-reviewed papers and years of open-source development.
Key Characteristics of Sui Blockchain
The Sui blockchain has no upper limit to accommodate increased application demand while operating at extremely low costs per transaction. Its innovative system architecture eliminates a serious block for existing blockchains: the requirement to globally reach an agreement on a complete-ordered list of transactions.
Given that many transactions do not compete for the same resource against other transactions, this calculation is wasteful.
Sui increases scalability by allowing independent transactions to be mutually agreed upon. Sui validators broadcast transactions that are causally unrelated, eliminating the overhead of global consensus without jeopardizing safety and liveness assurances.
Sui’s innovative data model is required for this development. The object-centric viewpoint and Move’s robust ownership types facilitate the explicit inclusion of dependencies. Sui both agrees on and manages many objects in parallel as a result of its object-centric view and strong ownership types, while a minority of transactions that impact shared state are ordered via Byzantine Fault Tolerant consensus and performed in parallel.
According to the team, Sui is the first blockchain that can scale with web3 while still providing industry-leading performance, cost, programmability, and usability.
As the project approaches mainnet release, it has pledged to demonstrate capacity beyond established systems’ transaction processing capabilities – traditional and blockchain alike.
Sui Blockchain, according to the team, is intended to be the first internet-scale programmable decentralized blockchain platform. It will serve as a fundamental layer for web3.
Users of existing blockchains pay a high tax as network usage rises due to restricted bandwidth. In addition, low latency limits the reactivity of apps. These elements, combined with other issues, contribute to the poor user experiences that are all too prevalent on the web3.
Slow and costly games are just a few examples of the problems that arise due to low volume, high usage fees, and other forms of network scarcity. Investors lose funds when they can’t liquidate undercollateralized loans in Decentralized Finance (DeFi), high-volume, low-value, per-transaction mass-market services like micropayments and coupons are priced out of the network by artificially high floor prices on assets owing to high gas costs.
Sui scales horizontally to satisfy the demands of applications. The number of Sui validators’ processing power grows in tandem with the growth in workers, resulting in low gas fees even during peak usage. This scalability feature is at odds with other blockchains that have strict bottlenecks.
Sui validators (nodes) can scale the network throughput indefinitely to match demand from builders and creators by design. The team thinks that Sui blockchain could deliver on web3 what broadband internet did for web2. All that while striving to maintain low gas fees.
As of Mar. 19, 2022, a single-worker Sui validator running on an 8-core M1 Macbook Pro can perform and commit 120,000 token transfer transactions per second (TPS). The number of cores has no effect on performance; the same machine processes 25,000 TPS in a single core configuration.
The configuration for this experiment is a single client that submits a batch of 100 transactions (i.e., transmits to 100 distinct recipients) with a single signature.
This setup captures the anticipated usage pattern of a highly scalable blockchain, such as a custodial wallet or game server operating at scale, which will most likely need to submit hundreds or thousands of on-chain transactions per second.
With a batch size of 1, a validator on the same machine can process 20,000 TPS with 8 cores and shows the same linear increase in throughput as more cores are added.
Move – A sage programming language
Power Sui apps with Move smart contracts. Move is a programming language designed by Facebook for the safe execution of smart contracts. It’s a platform-agnostic language that allows for sharing libraries, tooling, and developer communities across blockchains.
Move’s architecture shields it from reentrancy dangers, poisoned tokens, and bogus token approvals that attackers have used to loot millions of dollars on other platforms. Its focus on security and expressiveness makes it simpler for developers to transition from web2 to web3 without fully comprehending the infrastructure beneath.
According to the group, Move is well-positioned to become the de-facto execution environment not just for Sui but also for every future-generation smart contract platform.
Mysten Labs, explained that Move was designed for the “representation of digital assets and safe operations over them.”
Rich and Composable on-chain assets
The scalability of Sui blockchain is not limited to transaction processing. Storage is also low-cost and horizontally scalable, allowing developers to create sophisticated assets with complex properties that exist immediately on the blockchain rather than relying on layers of indirection in off-chain storage to save money on gas costs.
When you add on-chain movements to your smart contracts, you can use these attributes for application logic, which increases composability and transparency for apps.
Rich on-chain assets will allow for the creation of new applications and markets based on usefulness without depending entirely on manufactured scarcity.
Developers can create dynamic NFTs that may be updated, bundled, and grouped in a game-specific manner, such as changes to avatars and configurable objects dependent on gameplay.
This functionality allows NFTs to have more value, resulting in a more robust on-chain economy. This boosts the value of NFTs and creates more interesting feedback loops.
Sui is a smart contract platform that wants to make it easier for developers to build great user experiences in the web3 era. To bring in the next billion users, the team will provide various tools to help developers take advantage of the Sui blockchain’s power. Developers will be able to create without restrictions thanks to the Sui Development Kit (SDK).
What is SUI token?
Sui’s original asset is known as SUI, and it is usually used in the capitalized version to distinguish it from the Sui platform.
The total supply of SUI is limited to 10,000,000,000 (i.e., ten billion tokens). A percentage of the overall supply will be liquid at mainnet launch, with the remaining tokens vesting over time or being distributed as future stake reward subsidies. Each SUI token is divisible by a huge number of decimal places.
The SUI token has four functions on the Sui platform. First, within an epoch, SUI may be staked in order to use the proof-of-stake mechanism. Second, SUI is the asset currency required to pay for the gas expenses associated with executing and storing transactions or other operations on the Sui platform.
Third, SUI may be used in a variety of applications, including as a conventional cash function – a unit of account, medium of exchange, or store-of-value – and more complicated functionality enabled by smart contracts, interoperability, and composability across the Sui ecosystem. Finally, the SUI token has a significant role in governance since it gives you the right to take part in on-chain voting on issues such as protocol upgrades.
Since the SUI token is limited in supply, if Sui uncovers numerous applications and millions of users join the platform, the same quantity of tokens will need to be utilized across more economic activities in the long term.
Furthermore, because a larger storage fund is required as a result of increased on-chain data requirements, the amount of SUI in circulation decreases.
Summing up, Sui is a next generation Layer-One blockchain created by Mysten Labs. It is designed for builders and creators with the goal of making it easy to create user experiences in the web-three era. The platform has numerous features including low-cost storage, horizontal scalability, rich on-chain assets, and more.
The native token, SUI, plays an important role in governance and has four main functions on the platform. With a limited supply of ten billion tokens, Sui has the potential to uncover numerous applications and help bring in the next billion users to the world of blockchain technology.
What are your thoughts on Sui Blockchain? It is worth keeping an eye on this project as it has the potential to change the way we interact with blockchain technology.