What is Sui Blockchain ($SUI)? - Guide to A Next Notable Non-EVM Blockchain

Recently, Sui and Aptos have emerged as prominent names competing with Solana in the non-EVM arena. So, what is Sui blockchain? How does it function? Learn everything you need to know about the Sui blockchain in today's article.

What is Sui blockchain?

Sui blockchain is a permissionless, PoS-powered Layer 1 blockchain that aims to provide instant settlement and high throughput while also enabling a slew of next-generation latency-sensitive decentralized applications.

Sui is well-known as a fork of Diem, a Meta blockchain development project (formerly Facebook). Sui's ultimate goal is to grow the Web3 ecosystem by building a platform that can meet the needs of millions of new users.

Sui focuses on the NFT, Game, and DeFi segments.

Highlighted Features of Sui Blockchain

Sui, according to its developers, has its own set of unique technical features, some of which are parallel transaction execution, a simplified developer experience, a unique approach to security, and enhanced UX for Web3 solutions.

Parallel transaction processing

Sui is able to avoid consensus and parallelize the execution of numerous unrelated transactions by using Byzantine Consistent Broadcast, resulting in lower latency and higher throughput.

Furthermore, unlike many other blockchains that batch transactions into traditional blocks, Sui validates them individually. Each transaction that is successfully executed is given a certificate of finality, which guarantees that the transaction will not be revoked.

The move language

Move programming language makes development on SUI easier. This should allow programmers to write less boilerplate code and make fewer mistakes with fundamental concepts.

The developer experience has been simplified.

Another significant advantage for Sui developers is that the blockchain enables them to implement composable objects or dynamic NFTs that can be upgraded and/or grouped in an application-specific manner. This leads to more sophisticated in-game economies and better feedback.

A distinct security strategy

Sui, in contrast to many other blockchains, does not place a premium on network synchrony. As a result, even in the face of adverse network conditions and circumstances such as network splits or DoS attacks, the platform can maintain its security properties.

User experience enhancements and cutting-edge Web3 solutions

Sui's developers claim that by providing engineers with numerous high-end tools from the Sui Development Kit, they will be able to produce top-notch UX in the Web3 realm (SDK).

Sui Ecosystem Overview

Sui's ecosystem is still in its early stages; the network is only in the DevNet stage, and there haven't been many projects announced to deploy on it. However, there have been some initial projects in various areas.

AMM/DEX

The first project to appear in this array is AMM/DEX MovEX. This project will be a hybrid of AMM and Order Book DEX, with Move support, and will be able to run on Sui and Aptos. However, the product has not yet been officially launched. KX Finance is a multi-chain project, and SuiSwap is a Sui project, but neither has any products.

Infrastructure

Shinami is a Sui project that provides API and node services to developers. Meanwhile, ChainX is a long-running L2 BTC project capable of extending iBTC to ecosystems via the Move programming language.

Wallet

Other projects, such as Ethos wallet, exist in addition to the Sui wallet developed by Mysten Labs. This is a Nod Labs project that is being built on DevNet with early access. Coin98 wallet currently supports Sui testnet wallet and will be updated to support this network more in the future.

NFT

NFT is Sui's most active development area. Despite the fact that there are only a few Collectibles projects, Sui already has two prominent NFT Marketplaces, BlueMove and Sui Gallery. Sui Gallery, for example, has begun to have the first NFT drops, allowing users to mint NFT on Sui Devnet. Furthermore, there is a Name Service project on Sui, which is a project about Name Service with domain names ending in ".sui." NFT collection projects are primarily inspired by large Ethereum and Solana projects such as CryptoPunks and Moonbirds.

GameFi

GameFi projects have also begun to appear on Sui, but no products have yet to be released.

In general, the Sui ecosystem is still in its early stages, with only the fundamental components appearing. However, the development trend of projects on Sui can be seen to be in a predefined order of priority (NFT, Game, DeFi, Social ...).

Sui Blockchain's Token

The SUI token is the Sui blockchain’s native asset.

Key metrics of SUI token

Token Name: Sui
Ticker: SUI
Blockchain: Sui
Token type: Governance and Utilities.
Token standard: Sui standard
Total supply: 1,000,000,000 SUI

SUI Token Utilities

SUI serves four purposes, which are as follows:

Stake to participate in the PoS consensus.
Utilize for the payment of gas fees, in addition to other activities and transactions.
Be a liquid asset that serves as the foundation for the entirety of the Sui blockchain economy.
Confer the right to participate in on-chain voting upon whoever holds it.

Users have the ability to create addresses and manage their assets on the blockchain through the use of the Sui Wallet, which is made available by the blockchain.

Sui Roadmap

In August 2022, the project kicked off with the launch of the Incentivized Testnet, and before transitioning to the Mainnet, it would gradually offer new features.

The testnet will be run in separate batches at different times. Each batch consists of two tasks known as "swim" and "sink." "Swim" refers to the developer challenge, while "sink" refers to the operating challenge.

Sui Team, Investors, and Backers

Mysten Labs is the company that is responsible for the creation of the Sui blockchain. The business is created by former senior executives from Meta's Novi Research and key architects of the Diem blockchain and the Move programming language.

Mysten Labs intends to revolutionize the Web3 scene and provide high-end solutions that will be well received by developers and creators of all stripes, despite the fact that they come from a variety of different backgrounds.

The Core Team

All of the personnel involved in this project are seasoned professionals who have held positions of increasing responsibility at a variety of major corporations. It can mention 2 featured names, Evan Cheng and George Danezis.

At Novi Financial (which is now a part of Facebook/Meta), Evan Cheng used to serve as the Director of R&D. Professor George Danezis teaches courses in both engineering and computer security.

Because the members of Sui's project team have previously held positions of responsibility for Diem, it is anticipated that they will be able to steer Sui's growth in a positive direction thanks to the breadth and depth of their collective skill sets.

Backers and investors

The venture capital firms that have contributed to the project's funding round total $36 million. These firms include a16z, Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital, Bienville, Hack VC, and Finality Capital.

Mysten Labs has already been successful in raising $300 million in the Series B fundraising round, and the company is in a strong position to continue making progress. FTX Ventures and Binance Labs, Coinbase Ventures, a16z crypto, Jump Crypto, Circle Ventures, and other investors are the ones driving the funding round.

Conclusion

The Sui blockchain appears to be promising, and its technical features, development approach, and aspirations appear to have appealed to a number of blockchain enthusiasts. It is also true that Sui will face stiff competition from other blockchains and will need to continue upgrading its ecosystem if it is to gain wider adoption. Hopefully, through this article, you have already had a certain understanding of “what is Sui Blockchain". Additionally, you also can access Sui's official channels below to learn more.

Website: https://sui.io/

Twitter: https://twitter.com/SuiNetwork

Discord: discord.gg/sui

Medium: https://medium.com/mysten-labs

Common Questions about Sui blockchain

Which is the Unique Security Approach of SUI?

Unlike many other blockchain networks, Sui's platform does not rely on strong asynchronous assumptions. As a result, the chain's security properties can be maintained even in adverse circumstances or conditions such as DoS attacks or network splits.

Which are SUI’s components?

There are three central concepts: objects, transactions, and validators.

Objects - Sui's basic storage unit is called object, and the platform's storage is centered around objects rather than accounts as in other more traditional blockchain systems.
Transactions - Transactions are used for all of Sui's ledger updates and changes. Furthermore, all transactions include metadata such as a sender address, gas input, gas price, authenticator, and so on.
Validators - Sui is run by a number of independent validators, each of whom runs their own instance of the software on a separate machine. Sui validators contribute to the Sui blockchain network by handling client "read and write" requests.

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What is Sui Blockchain ($SUI)? - Guide to A Next Notable Non-EVM Blockchain