Things you need to know about Sui Blockchain

• overview
• What is Sui Blockchain?
• What is Sui's architecture?
• Introduction to the Move . programming language
• Outstanding Features of Sui Blockchain
• Parallel transaction execution
• Simplified developer experience
• Unique security method
• Enhanced User Experience and Advanced Web3 Solutions
• The tokenomics model of blockchain Sui
• Overview of SUI . tokens
• The benefits of the SUI . token
• Development team
• Evan Cheng (CEO)
• Sam Blackshear (CTO)
• Adeniyi Abiodun (CPO)
• George Danezis (Chief Scientist)
• Investors
• What are the downsides of Sui?
• Epilogue

overview

As the Web3 space continues to grow, the interest in blockchain technology shows no signs of cooling down and the total blockchain market value is expected to reach US$67 billion by 2026. Hence, a lot of new technologies. , modern was introduced recently and Sui Blockchain is one of them. What makes Sui Blockchain so special, let's find out with the TraderH4 team through the article below.

What is Sui Blockchain?

Sui is a blockchain built with fast speed, high scalability, and low latency. According to the project, the platform can reach speeds of up to several hundred thousand TPS (transactions per second).

Sui Blockchain is the brainchild of Mysten Labs, an R&D company founded by former senior executives at Meta, the leading architects of the Diem blockchain and the Move programming language. The company is set to redefine the Web3 landscape and produce premium solutions that will prove appealing to developers and creators no matter where they come from.

Mysten Labs has raised US$300 million in a Series B funding round and that's why Sui Blockchain has solid leverage for future growth.

What is Sui's architecture?

According to Sui's technical documentation, the platform is presented as consisting of three main components:

• Objects: Sui owns programmable objects built and managed by Move-enabled smart contracts, called objects. Sui objects are also classified into mutable data values ​​and immutable packages.
• Transactions: Transactions describe any changes and updates made to the Sui ledger.
• Validators: The entire Sui Network is handled by independent validators. Each validator runs their own version of the Sui software on a separate machine.

Introduction to the Move . programming language

Sui Blockchain is written in the Move programming language based on Rust.

Move is an open source programming language for writing smart contracts securely. Created by Meta (formerly Facebook) programmers for the DIEM project (libra) – a Layer1 blockchain.

Move was created by Sam Blackshear and was created 3 years ago at the beginning of the DIEM project.

With the goal of becoming "Javascript for Web3" - a programming language that can be used to write smart contracts quickly, easily and securely.

Outstanding Features of Sui Blockchain

According to the developers, Sui Blockchain comes with its own unique set of technical features, some of the most interesting of which are parallel transaction execution, simplified developer experience, Unique approach to security and enhanced UX for Web3 solutions.

Parallel transaction execution

By using Byzantine Consistent Broadcast, Sui was able to break consensus and execute multiple unrelated transactions in parallel. This exceptional feature leads to reduced latency and increased throughput

Also, compared to many other blockchains where transactions are split into traditional blocks, Sui validates them individually. Upon successful execution, each transaction will be issued with a validation certificate that ensures that the transaction will not be revoked.

Simplified developer experience

Sui's blockchain-oriented Move programming language eases the developer experience. This means that programmers will be able to make fewer mistakes with the basics.

Another great benefit for Sui developers is that blockchain allows them to efficiently implement composable or dynamic NFT objects. This contributes to a more complex in-game economy and generates better feedback.

Unique security method

Compared to many other blockchains, Sui does not focus on strong synchronization assumptions on the network. Thus, the platform can maintain its security properties under unfavorable network conditions and circumstances such as network splits or DoS attacks.

Enhanced User Experience and Advanced Web3 Solutions

The developers of Sui claim that it will enable engineers to create leading user experiences in the Web3 domain by providing them with many premium tools from the Sui Development Kit (SDK).

Besides, this blockchain platform promises to facilitate the development of:

• On-chain DeFi and traditional finance (TradFi)
• Reward and loyalty program
• Complex game and business logic
• Content Encryption Service
• Decentralized social network
• NFT is more valuable and upgradable

The tokenomics model of blockchain Sui

Overview of SUI . tokens

Token Name: Sui

Ticker: SUI

Blockchain: Sui

Token Type: Utility, Governance

Total Supply: 10,000,000,000 SUI

The utility of the Sui . token 

• Transaction fee: SUI is a token used to pay fees for the SUI network
• Reward validator/delegator for launching and protecting the network
• Storage cost: SUI token is used to pay for the cost of storing information and data on the blockchain
• Governance: SUI token for project governance through voting mechanism

Development team 

Mysten Labs is the company that created the Sui Blockchain. The company was founded in September 2021 by the former engineers behind the Diem project and Meta company's Novi mobile wallet. Mysten Labs is led by chief executive officer Evan Chang, chief technology officer Sam Blackshear, chief product officer Adeniyi Abiodun and chief scientist George Danezis. In addition, Mysten Labs also has members with specialized backgrounds in economics, technology and mainly in the US & Europe.

Here are some outstanding achievements of the founding team of Sui Blockchain.

Evan Cheng (CEO)

• 10 years working at Apple as Senior Manager
• About 3 years working at Meta (formerly Facebook) as Director of Engineering
• 3 years working at Novi Financial (Novi is a department under DIEM project) as Director of R&D

Sam Blackshear (CTO)

• 3 years at Meta with Evan Cheng in Novi Labs
• Created the Move programming language

Adeniyi Abiodun (CPO)

• 3 years at Meta with Evan Cheng in Novi Labs
• As a Product Manager for Sui Blockchain, was a Product Lead (having worked on blockchain before working with Novi Financial)

George Danezis (Chief Scientist)

• 2 years as Research Scientist for Facebook
• 9 years of research and teaching in security and privacy at University College London
• 5 years as a consultant for the company Privitar

Investors

Sui raised $36 million in a Series A round led by a16z . Other participants include Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Samsung Next, Slow Ventures, Standard Crypto, NFX and Scribble Ventures…

Mysteb Lads continues to announce a successful $300 million Series B funding in early September 2022. Led by FTX Ventures and featuring participation from new and existing investors, including: a16z crypto , Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O'Leary Ventures. Together with other investment companies and strategic partners. With new capital, the company's valuation is more than 2 billion USD.

What are the downsides of Sui?

Just like with other blockchains, Sui Blockchain comes with its technical trade-offs.

• First, compared to other traditional blockchains that only require implementing a consensus protocol, Sui needs to adopt both Byzantine Consistent Broadcast for simple transaction management and a consensus protocol to process transactions with shared objects. As a result, Sui developers are obligated to keep a significantly larger codebase.
• Second, because Sui abandons consensus for multiple transactions to enable multi-lane processing and eliminate head-of-line blocking, the sender is only allowed to send one transaction at a time.
• Third, Move, Sui's proprietary programming language, is new, which means there are relatively few professional Move developers at the moment who can help improve and enrich the Sui ecosystem.

However, all of these and other challenges will likely be resolved once Sui gains a broader momentum of development. For now, it's reasonable to expect complexity to be outweighed by the usability and performance perks of this blockchain platform.

Epilogue

It can be said that Sui Blockchain is quite promising and its technical features, development approach and aspirations seem to be on the right track in the goal of becoming a new generation of blockchain leading the trend in the next time. .

It is also true to say that Sui will face stiff competition from other blockchains and must continue to upgrade its ecosystem if it is to be adopted more widely.

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