{"id":56400,"date":"2022-12-04T13:00:00","date_gmt":"2022-12-04T13:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=56400"},"modified":"2023-06-27T11:51:41","modified_gmt":"2023-06-27T11:51:41","slug":"what-is-sui","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/what-is-sui\/","title":{"rendered":"What is SUI Blockchain and What Makes it so Special for Investors?"},"content":{"rendered":"
In the continuous evolution of layer-1 (L1) blockchain networks<\/strong>, it is becoming more and more challenging to identify which ones are here to stay as they appear at an increasing frequency. This year, the Sui blockchain was added to the growing number of platforms for programmable smart contracts that have been launched in the past few months.<\/strong><\/span><\/p>\n Having said that, Sui has a lot to offer besides just a blockchain platform<\/strong>; it also features a unique set of features that make it a lot more appealing than the rest. Furthermore, Sui announced that it had closed a $300 million Series B funding round, which demonstrates that the blockchain platform is here to stay. <\/span><\/p>\n There is therefore now a greater need than ever before to explore the intricacies of this network in order to identify what makes it so unique. The following guide will help you find out what Sui Blockchain is.<\/strong><\/span><\/p>\n In order to adequately answer the question stated above, we will cover several aspects in this guide. At the beginning of this article, let’s take a brief look at Sui before moving on to the actual article. <\/span><\/p>\n We will explore how the platform works and what makes it unique in the next section. Continuing on our journey through the guide, we will look at some of the benefits and features that Sui offers. As a final note, we will talk about Sui development in more detail and briefly talk about a programming language, called “Move<\/strong>“, that we will be using for this purpose.\u00a0<\/span><\/p>\n A layer 1 proof-of-stake blockchain<\/strong>, named Sui (pronounced “swee”), has the capability of allowing smart contracts to be written on it. In this project, Mysten Labs is collaborating with Meta’s (Facebook) Project Libra<\/strong>, an initiative started by ex-employees of the social network.<\/span><\/p>\n <\/p>\n Libra is one of those permissioned blockchains and stablecoin payment systems that never quite got off the ground, but there are still some teams working on it. It is also true that some developers who worked on Aptos and Sui as well as Project Libra<\/a> (a.k.a. Diem) are currently working on other projects.<\/span><\/p>\n Besides being backed by popular venture capital firms, Mysten Labs also has the support of angel investors. There are a number of examples, including FTX, Circle, Binance Labs<\/a>, and Electric Capital, to mention just a few.<\/strong><\/span><\/p>\n In order to take advantage of the scalability and low latency<\/strong>, the Sui\/Mysten team strives to provide a better user experience. By using Sui, developers and creators will be able to tailor the experience to the particular needs and preferences of the user.<\/span><\/p>\n As Sui operates on a 24-hour cycle, it operates in epochs (hourly periods). The epochs are managed by a committee of validators. Throughout the course of time, the permission-less validator set changes epoch by epoch.<\/span><\/p>\n Validators can be delegated the responsibility of validating stakes for users. You can earn a share of the fees by delegating your stake but you can also consolidate your voting power. Further, the agreement stipulates that as long as two-thirds of the overall stake is assigned to honest parties, the Sui network will be able to maintain its security properties.<\/span><\/p>\n It is possible for validation servers to scale horizontally using intra-validator sharding. This allows nodes to scale by dedicating more resources to a node<\/strong> in order to increase its capacity. As an example, this could be achieved through CPU, memory, storage within a machine, or across several machines at once.<\/span><\/p>\n A number of features are available with Sui. With the help of Sui, it is possible to scale horizontally without facing any upper bounds. By utilizing this technology, it is possible for them to meet application demands while maintaining extremely low operating costs per transaction at the same time.<\/span><\/p>\n <\/p>\n A fundamental advantage of Sui is that it eliminates one of the bottlenecks that exist in existing blockchains due to its innovative design. As a result of the sequential block structure of traditional blockchains, transactions (even though they are independent of each other) waste abundant computational power as they are stored in sequential blocks. Sui’s innovation is the way that they are going to organize the data into independent objects, allowing them to execute transactions in parallel.<\/span><\/p>\n As a result of its ability to parallel agree on causally independent transactions, the network is also capable of scaling throughput horizontally. Byzantine consistent broadcasting allows them to accomplish this goal, which eliminates the overhead caused by global consensus while ensuring the highest levels of safety and liveness at all times.<\/span><\/p>\n The unique features of Sui will allow for unrivaled scalability, as well as instant transaction settlement. Changing the processing power of Sui’s network<\/strong> is one of the ways in which the authorities are able to meet the increasing needs of the network. By doing so, it would be able to reduce gas fees, even when the network traffic was high, and we would be able to provide better user experiences for web3 applications.<\/span><\/p>\n A number of services are available to users through SUI’s innovative blockchain technology. There are many real-world challenges that can be solved regarding the use of decentralized services.<\/span><\/p>\n In order to support the developers onboarding the next billion users of web3, Sui’s team released the Sui Explorer<\/a> in order to provide a trusted transparency tool for its users and builders.<\/span><\/p>\n <\/p>\n Any layer 1 platform must have an Explorer as a component, which serves as an inspection and analytics tool for users and developers to troubleshoot issues, confirm their activities, and verify holdings on the chain within a platform.<\/span><\/p>\n In order to keep up-to-date with on-chain activity, metrics, and data, Sui Explorer was designed to keep the most accurate and up-to-date information. Sui Move offers useful smart contract development and new features that are unique to the Sui Move platform, including a lookup, verification, and tracking feature for all assets and contracts.<\/span><\/p>\n As well as allowing users to create an address, view, and manage assets on the Sui network, and interact with dApps, the open-sourced Sui Wallet enables them to create addresses and interact with dApps. There are other possible wallets in the Sui ecosystem that could incorporate the Sui Wallet as a reference implementation.<\/span><\/p>\n <\/p>\n It is widely believed that the Sui Wallet repo will act as an essential ecosystem enablement<\/a>\u00a0tool as Sui begins to support at-scale use cases, Move-powered ownership models, and other unique Sui features. <\/span><\/p>\n A couple of Mysten founders were also part of the team that founded Libra during those early days of the project, and so Move was born during that time. The early Libra team thoroughly studied existing smart contract languages and use cases before they came up with the idea of creating their own language, in order to better understand what developers wanted to accomplish and where existing languages did not meet their needs.<\/span><\/p>\nWhat is the SUI Blockchain<\/b><\/h2>\n
Main Features of the SUI Blockchain<\/b><\/h3>\n
What services does SUI offer?<\/b><\/h3>\n
The SUI Explorer<\/b><\/h4>\n
SUI Wallet<\/b><\/h4>\n
SUI Move<\/b><\/h4>\n