May 11, 2023
4 min read
Introducing Sui: The New Blockchain Network on the Rise. With the recent success of its $300 million Series B funding round, Sui Blockchain is quickly gaining attention in the market.
Developed by Mysten Labs, this layer 1 blockchain network has been rapidly expanding and could pose a threat to Solana. While Solana focuses on DeFi, Sui aims to support both Web3 and NFT, with distinct features such as solving problems of scalability, security, and gas fees through its unique programming language. In this article, we'll explore what makes Sui unique and its goals, from its architecture and key features to its token model.
Sui network is a new layer 1 blockchain and smart contract platform that makes digital asset ownership fast, private, secure, and accessible. With a unique object-centric model, Sui enables parallel execution and sub-second finality. It also supports a wide range of applications with horizontal scalability and low costs. Sui is a big step forward for blockchain technology and a platform that allows creators and developers to build great user experiences.
Sui blockchain's innovative architecture and programming language provide all the key elements needed to allow for instantaneous settlements at a low cost.
The Sui Move language, based on Rust, has been updated to improve security and support blockchain asset representations. It is an executable bytecode language that helps Sui become one of the most secure and safe smart contract platforms.
By designing smart contracts around programmable objects, Sui achieves a previously unheard-of near-instant finality and also decreases the instances of double-spending mishaps.
Parallel transaction execution is another key feature that has turned heads in the blockchain community. With the ability to execute up to 120,000 transactions in a single second, thanks to a unique directed acyclic graph mempool framework, Sui is capable of handling massive amounts of transactional data.
Finally, the Sui consensus engine, which uses Bullshark as the primary option, creates an efficient pathway for arranging data so the consensus engine can read it. The directed acyclic graph (DAG) mempool ensures that the data submitted to the consensus is available and allows even validators with lower processing speeds to contribute to the project, resulting in minimal latency issues.
The architecture of Sui is designed to tackle issues that have been common in first-generation blockchains. By incorporating horizontal scaling, on-chain storage, sparse replay, and composability, Sui addresses some of the core pain points in traditional blockchain infrastructure.
Horizontal Scaling is one of the standout features of Sui's network, where transactions are able to get processed in parallel. This avoids the common bottlenecking that occurs due to an absence of distinct objects, resources, and accounts, among other components.
Sui's distinct approach focuses on composability. It allows for more esoteric data structures and the ability to store assets inside such structures, making the use of a secondary data source like IPFS more viable.
Sparse Replay highlights Sui's unique programming approach, where only relevant transactions are tracked by the network, and those unrelated to the task at hand are not included. Sparse Replay also makes querying on-chain data more cost-effective.
The on-chain storage of assets, another key feature of Sui, offers a cheaper way to update assets directly on-chain, reducing the need for off-chain storage. All of these features work in conjunction to make the Sui blockchain more efficient and cost-effective.
Sui mainnet was launched on May 03, 2023. Its native token - SUI - was also launched along with the mainnet.
The SUI token has a total supply cap of 10 billion SUI, with a share of the supply being liquid at the Mainnet launch. Users can stake SUI tokens to participate in proof-of-stake, pay gas fees on the Sui network, and use it as a liquid asset for various applications.
Additionally, the SUI token plays a role in on-chain voting for governance issues.
With a finite supply of tokens, expanding use cases of SUI will lead to a higher volume of economic activities across the platform. The storage fund's size, which reflects the on-chain data requirements, will reduce the amount of SUI in circulation.
At the time of writing this article (10.05.2023), the SUI price is around 1.14 USD with a 24-hour trading volume of 365,970,353 USD.
The circulating supply of Sui is 528,274,935 SUI. The total supply of SUI tokens is 10 billion SUI.
With a market cap of 595,100,161 USD, SUI ranks #76 according to CoinGecko.
Sui ecosystem provides parallel execution, sub-second finality, and rich on-chain assets.
Horizontal scaling, on-chain storage, sparse replay, and composability are in place to avoid bottlenecking and manage more data efficiently.
SUI token's current price is 1.14 USD (as of 10.05.2023).
The all-time high is 2.16 USD (03.05.2023)
The all-time low is 1.04 USD (08.05.2023)
Its 24-hour trading volume of 365,970,353 USD (as of 10.05.2023).
The current market cap is 595,100,161 USD.
10 billion SUI.
1 275 000 000 SUI.
Sui Discord - https://discord.com/invite/sui
Sui YouTube - https://www.youtube.com/@Sui-Network
Sui Twitter - https://twitter.com/SuiNetwork
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