a sui network is a first layer blockchain platform focused on Web3 where it is possible to create and play games based on blockchain technology.
She is very compared to the suitable, created from Facebook’s blockchain project, Libra, which fell through. Evan Cheng, formerly head of research and development for Meta’s portfolio, he is now the CEO of Mysten Labs, the team responsible for Sui’s development.
Both Aptos and Sui projects are creations of teams that worked for Meta.
Sui grows fast and is even referred to as the Solana Killer. The goal of the project is only more focused on supporting Web3 and NFT, while Solana focuses on decentralized finance (DeFi).
Understand what makes Su unique and its purpose!
What is Sui Blockchain?
a Sui is a layer 1 blockchain created to solve some Web3 problems. The main goals are to reduce the time it takes to execute smart contracts and to revolutionize blockchain technology by making it faster and more secure as Web3 becomes more popular.
Within the Sui platform, it is possible to create and play new blockchain NFT games such as Sui Monstars. The idea is to be a space where developers can create fun and interesting games without worrying too much about the code.
The Sui platform was created by Mysten Labs. The five founders of the project are Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis, and Kostas Chalkias, who were executives and lead architects of Meta’s Novi digital wallet program in 2016.
They chose to launch a new blockchain protocol with the aim of solving scalability issues that have plagued the crypto industry for years.
How does the Sui Blockchain work?
There are three main components that enable fast and low-cost liquidity on the Sui blockchain: the Move language, parallel transaction processing, and the Sui consensus mechanism. Understand what each of them is:
move language
The Move language, like Aptos, has been enhanced for the Sui Blockchain and executes smart contracts on the network. Meta created the Move language, a programming language based on Rust, for its blockchain venture Diem, which was shut down.
Sui’s Move is a bytecode language, which prevents double spending and makes it one of the most secure smart contract platforms. It was created to solve Solidity’s inability to reliably represent blockchain assets.
Sui’s smart contracts are programmable objects, unlike most blockchain networks. These objects can be shared or owned, mutable or immutable. Objects for one user can be scanned directly.
Perform multiple transactions
The parallel execution of transactions is a major innovation from Sui. Other smart contract platforms execute transactions in the order they are received. This slows down transactions.
The Sui blockchain executes transactions in parallel, and simple transactions do not need consensus, making the capture of information on the network almost instantaneous. For example, the Ethereum blockchain can process up to 15 TPS, while the Sui network tests process 120,000 transactions per second.
Consensus engine
In August 2022, Sui changed its default consensus algorithm from Tusk and Narwhal to Bullshark.
The change reduced latency and enabled slower validators to contribute to the project.
In short, Narwhal acts as a mempool to ensure consensus data is available, while Bullshark (or Tusk) sets the standard for organizing reads by the consensus engine.
Sui has a coin?
Yes. Sui Blockchain’s native cryptocurrency is SUI. To distinguish the network from the coin, the token name, SUI, is always lowercase. SUI is useful and has many benefits.
First, you can use it to place bets on the platform and pay gas fees for transactions on Sui’s network. It can also be sold as a liquid asset. All people who own SUI tokens have governance authority and can vote on network change processes.
The SUI token is in the launch phase, along with the Sui platform itself, which will launch on May 4, 2023. The project offers an airdrop of the token, an initial distribution targeting two groups: pre-selected members of the community and the general public.
The token has a maximum limit of 10 billion coins, some of which will be distributed at the start and the rest over time, according to what the Sui Foundation defines.
At launch, 50% will go to the Community Reserve, which will go towards validation grants, research and development. 20% goes to early project contributors, 14% to investors, 10% to the Mysten Labs treasury, and 6% to the Community Access Program (CAP) and app testers.
What is the price of the SUI?
The launch price set for the general public by the SUI Network team is US$0.10. However, as it is in the launch phase, it is not possible to say what the market price will be in the future.
Where and how to buy SUI?
Four crypto exchanges are participating in the initial SUI sale. Are they:
binance
Kucoin
OKX
Byte
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
