Project Name: Sui Network
What Is Sui Network (SUI)?
Sui (SUI) is a Layer-1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. Its development began in 2021 by MystenLabs, founded by developers Sui Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias. The main goal of the project is to provide high speed and transaction accuracy for on-chain applications. Sui's smart contracts are coded using Move, a Rust-based programming language, to prioritize fast and secure transaction execution.
What Does Sui Network (SUI) Offer?
Sui offers several features that are common to other blockchain platforms, such as smart contract processing and DApp development, transaction settlement, and token issuance. Sui also has several distinguishing features, which aim at solving speed, scalability, and security issues.
Sui aims to reduce the time required to execute smart contracts and prioritize scalability for decentralized applications (DApps).
Fast and secure transactions: Sui blockchain is designed to process transactions quickly and securely.
Low gas fees: Gas fees on the Sui blockchain are very low, making it a cost-effective platform for developers.
Scalability: The Sui blockchain is designed to be scalable. Therefore, a large number of transactions can be processed on the Sui blockchain.
Interoperability: The Sui blockchain can work together with other blockchains, making it easier to transfer assets between different networks.
SUI serves four purposes on the Sui platform:
Users can participate in the Proof-of-Stake (PoS) system by staking SUI.
SUI is used to pay the gas fees required to execute and store transactions on the platform.
SUI can be used as a versatile and liquid asset for various applications, including standard features of a currency (a unit of account, a medium of exchange, or a store of value), as well as more complex functions provided by smart contracts, interoperability, and combinability.
SUI plays a key role in governance and is used to participate in on-chain voting for protocol upgrades and other governance matters.
Sui Network’s Technology
To set itself apart from other blockchains such as Ethereum, Solana, and Polkadot, Sui offers several architectural designs to increase the blockchain's speed and scalability without compromising its security. These include the Sui consensus engine, parallel transaction execution, and the smart contract programming language Move.
Cryptocurrency transactions such as Bitcoin and Ethereum transactions are confirmed one by one, eliminating the possibility of Double Spending and increasing competition on the network. However, confirming transactions individually can cause network congestion or slowdown.
Sui achieves “horizontal scalability” by providing “transaction parallelization”, which enables “parallel consensus” among different types of independent transactions.
Sui Network Team & Company
Sui was developed by MystenLabs, a company founded by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. The founders consist of executives and architects who have led the development of the Diem blockchain and stablecoin payment system, as well as the Facebook wallet program Novi. These projects are no longer ongoing.
MystenLabs is also responsible for developing and maintaining several platform-specific variations of the smart contract programming language Move. This includes Sui Move, a Move variation necessary for running the Sui blockchain and building DApps. Sui is also overseen by the Sui Foundation, an independent organization that aims to support ecosystem developers and creators through a series of grants.
Sui Network’s Digital Asset Economy
The native cryptocurrency of the Sui Network is SUI. The maximum supply of SUI is 10,000,000,000 SUI. The SUI ICO took place from April 15 to April 22, 2023.
Evaluation of Sui Network
Sui Network represents a promising example of Blockchain Technology and innovations in scalability. The ability of the Sui blockchain network to process transactions in parallel sets it apart from other similar crypto projects. Moreover, it is considered an alternative to Ethereum with its unique Proof-of-Stake (PoS) structure, which is one of the features that underpins Sui’s sustainability as a platform.