What is Sui (SUI)?
Comprehensive guide to Sui - the next-generation Layer 1 blockchain with parallel transaction processing.
Introduction
Sui is a new decentralized blockchain platform (Layer 1) designed to offer extremely high performance, low latency, and user-friendly features. Sui was developed to solve the scaling problems of many previous blockchains: its unique architecture enables parallel transaction processing, allowing the network to handle a very large number of transactions per second.
The platform is backed by strong technological expertise and experience, as the Sui project emerged from former Meta (Facebook) engineers following the failed Diem crypto project.
History and Origins
The Sui project's roots extend to Facebook's Libra cryptocurrency project announced in 2019, which later became known as Diem. The Diem project aimed to create a global blockchain-based payment system but faced significant regulatory obstacles and was eventually discontinued in 2021.
After this, a group of Diem's core engineers decided to continue the vision independently. In 2021, they founded Mysten Labs to develop a new blockchain that would address the limitations of existing platforms in terms of performance and scalability.
The Sui mainnet was launched on May 3, 2023. At launch, the network already had over 100 validators, and developers gained the freedom to start building decentralized applications (dApps) on the Sui platform.
Technology and Architecture
Move Programming Language
Sui's smart contracts are written in the Move language, originally developed for Meta's Diem project. Move is designed specifically for secure handling of digital assets, with built-in mechanisms that prevent common smart contract vulnerabilities.
Compared to Ethereum's Solidity, Move offers stronger guarantees for secure asset management, which is important for DeFi applications.
Object-Centric Data Model
Sui differs from many blockchains in how it handles state data. Traditional blockchains like Ethereum manage state through accounts, where smart contracts modify global state data.
Sui uses objects as the basic unit: each token, smart contract, or resource on the network is an object with an owner. This model enables transactions targeting different objects to happen independently of each other.
Parallel Performance and Consensus
In performance tests, Sui has achieved over 100,000 transactions per second in laboratory conditions, surpassing the theoretical capacity of Solana (~65,000 tps) and other high-speed platforms.
Sui offers near real-time finality (sub-second finality) for many simple transfer transactions, enabled by its unique consensus solution using Delegated Proof of Stake (DPoS) and a DAG-based protocol called Narwhal & Bullshark.
Use Cases and Applications
Sui's fast and scalable nature makes it attractive for many different use cases:
- Gaming: Real-time gaming applications requiring fast transaction confirmation
- DeFi: Decentralized finance applications with complex transaction logic
- NFTs: Digital collectibles and gaming assets
- Social applications: Web3 social platforms requiring user-friendly onboarding
Sui's zkLogin feature, introduced in 2023, allows users to log into Sui-based applications using existing Web2 credentials (like Google or Facebook accounts), lowering the barrier for new users to enter the Web3 world.
Where to Buy SUI
SUI tokens can be purchased on various cryptocurrency exchanges. Since its launch, SUI has been listed on major platforms worldwide.
Investment Considerations
As an investment, Sui represents the new generation of Layer 1 blockchains competing for developer and user attention. The project has strong technical foundations and backing from experienced engineers.
Key factors to consider include competition from other high-performance chains like Solana, Avalanche, and Aptos, as well as the overall growth of the Sui ecosystem.
Learn more about crypto investing in our crypto investing basics guide.
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