Let’s explore the uniqueness of Sui
Sui is the first permissionless L1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in web3 How does Sui differ from other blockchains?
The traditional blockchain model involves a consistent transaction mechanism, where transactions follow each other. The second transaction cannot be executed until the first one is executed, therefore there is a problem with high fees in case of low throughput.
Sui solves this problem by placing transactions on the blockchain in parallel, that means you don’t have to wait until the previous transaction is finished to use the next one. It will optimize processing resources and allow you to increase throughput with more resources.
Sui forgoes consensus to instead use simpler and lower-latency primitives for simple use cases, such as payment transactions and assets transfer. This is enables a number of new latency-sensitive distributed applications, ranging from gaming to retail payments.
In addition to offering scalability and unprecedented low-latency for simple use cases, the Sui by Mysten Labs also offers better security for the blockchain through the Move — a programming language initially developed at facebook for writing safe smart contracts MoveLang.
About Move
Move is a platform-agnostic language that enables shared libraries, tooling, and developer communities across blockchains. It prevents issues such as reentrancy vulnerabilities, poison tokens, and spoofed token approvals.
Sui enables developers to define and build:
The native coin of the platform is the SUI token. The total supply of SUI token is capped at 10,000,000,000. A share of SUI’s total supply will be liquid at mainnet launch, with the remaining tokens vesting over the coming years or distributed as future stake reward subsidies.
The SUI serves four purposes on the Sui platform:
- SUI can be staked within an epoch in order to participate in the proof-of-stake mechanism;
- SUI is the asset denomination needed for paying the gas fees required to execute and store transactions or other operations;
- SUI can be used as a versatile and liquid asset for various applications;
- SUI token plays an important role in governance by acting as a right to participate in on-chain voting on issues such as protocol upgrades.
Sui’s economic design includes a storage fund that redistributes storage fees from past transactions to future validators. When users transact on Sui, they pay fees upfront for both computation and storage.
The storage fees are deposited into a storage fund used to adjust the share of future stake rewards distributed to validators relative to SUI delegators. This design is intended to provide future Sui validators with viable business models.
After the launch of the stimulated test network in August 2022, the authors of the project promise to expand the functionality by introducing basic options for conducting a full-fledged stress test. After that, users will have access to the main product.
Team
The Sui Network is developed by Mysten_Labs. It was organized by ex-Facebook employees. It is quite a large team of professionals with a lot of experience.
You can learn more about each here: https://mystenlabs.com/about-us
Foundations
Large foundations have already joined the project: Andreessen Horowitz, NFX, Scribble Ventures, Redpoint, Lightspeed Venture Partners, Electric Capital, Samsung NEXT, Slow Ventures, Standart Crypto, Coinbase Ventures.
Social networks of the Sui project:
Website: https://sui.io
Mysten Labs: https://mystenlabs.com
Twitter: https://twitter.com/Mysten_Labs
Discord: https://discord.gg/sui
Docs: https://docs.sui.io
GitHub: https://github.com/MystenLabs/sui
Sui Global: https://suiglobal.com/
Sui Global: https://twitter.com/SuiGlobal
