Sui Review: New Public Chain Capable Of Competing With Aptos

The new public chain ecosystem is becoming busy again with the debut of Aptos’ stealth and a high number of airdrops in October 2022. The Sui public chain, which is built on Move but has yet to debut, is immediately overrun by Discord, and the faucet is continually fixed and pushed back into the spotlight. Let’s learn about the project with Coincu through this Sui Review article.

Aptos and Sui are derived from Facebook’s Diem blockchain project. Facebook was developing its own decentralized payment system between 2019 and 22. While it collapsed, later on, it left behind the Move programming language. Four of the co-founders formed Mysten Labs on their own and began building Sui. Mysten Labs changed the Move language to create a unique Sui Move and then based Sui on it.

Sui is the world’s first totally permissionless Layer 1 blockchain, distinguished by its security and speed. It allows for concurrent transactions and does not require consensus, provided the interaction is basic enough, but it employs a simpler and faster settlement technique, opening up new avenues for financing digital commerce and gaming.

Sui’s founders are Adeniyi Abiodun (COO), Sam Blackshear (CTO), and George Danezis, in addition to Evan Chang as CEO (CSO). The team has three years of expertise working on high-level crypto projects such as the Diem blockchain, cryptographic proofs of solvency, the most recent high-performance consensus/execution techniques, and the creation of the Move programming language.

Sui’s team, Mysten Labs, announced the conclusion of a US$36 million Series A funding led by a16z, with participation from Coinbase Ventures and others, in December 2021. On August 22, we concluded a $300 million B round of fundraising, with investors including a16z crypto, Jump Crypto, Binance Labs, Coinbase Ventures, and others. Now, the Sui Review article will clarify what Move language is.

What is the Move language, and what is Sui’s Move?

Move language

Move is being created to support the Diem blockchain and to build a global financial and monetary infrastructure. As a result, Move must be able to encode the numerous assets and business logic that comprise the financial infrastructure. This has also resulted in the Move programming language’s positioning: secure, modular digital asset display, management, and conversion.

Safety

The asset is a value under the architecture of languages such as Solidity, and the asset transfer is performed by adding/subtracting in the wallet rather than the actual movement of the asset, making it easier to produce loopholes.

Move’s approach is to consider all custom assets (such as Token) as a resource, which is saved in a module (similar to a smart contract), and resources cannot be duplicated or destroyed but can only be moved and stored and resources are in the form of a resource. It is visible within the module but opaque to calls made outside of it. That is, Move alters ownership by separating assets and relocating them, as the term implies.

Furthermore, Move includes a bytecode verifier to ensure that the contract code is verified before execution; at the same time, Move Prover enables developers to write a formal specification for the key correctness properties of the application and then use Prover to determine whether these properties are applicable. Before releasing the code, the initial audit can be done on all conceivable transactions and inputs.

Modular

Move is fundamentally modular since all contracts are modules, assets are kept in modules, and contracts complete interactions by passing assets (Solidity, etc., through the interface). You simply need to update the module to update the contract, and all contracts that have utilized the module will be automatically updated to the newest version.

Both Aptos and Sui are built on the Move language, however, Sui does not directly utilize it but rather adapts it on the Move basis.

Sui’s Move

According to Sui’s white paper, the primary distinction between Sui Move and Move is in global storage and key capabilities. Simply put, the storage is not in Move, but in Sui’s own chain, which assigns a globally unique ID to each programmed item while also allowing for efficient storage. and data mobilization has been accelerated.

There are five major distinctions:

• Move does not deploy resources but Rather uses object-centric global storage. Addresses no longer reflect user accounts but object Identifiers.
• If the Underlying object has the Key capability, the globally unique ID contains the id as well as the version number.
• Sui includes a module initializer (init) to aid with module deployment.
• This entry point accepts an object reference as input.
• In summary, Sui takes full use of Move’s safety and flexibility, and through storage improvements, it dramatically improves throughput, decreases finalization time, and simplifies Move implementation.

Sui’s security has been collected using the Move language. Secondly, let us gain a thorough knowledge of Sui’s functioning concept and investigate why it may significantly boost speed. Sui Review article will continue with how the project works.

How does it work?

Sui’s TPS has the potential to reach 120,000 points. Because of its transaction categorization and consensus system, it is fast: small transactions follow basic consensus, complicated transactions follow a full set of consensus, and the consensus layer isolates information transfer from consensus execution. Transactions that occur in parallel.

Sui’s architectural style

Let’s take a quick look at Sui’s architecture. Sui’s architecture is a distributed ledger with three components: Object, Transaction, and Validator.

Object

Each object, the basic unit of Sui storage, has a globally unique ID. An address owns each object, and each address can possess any number of things. Owned items (those owned by the address), shared objects (those shared by numerous individuals), and immutable things (usable by anyone).

Transaction

Transactions are sent from address to address to update the ledger. A transaction can create, remove, write, and transfer items (such as tokens) to other addresses.

Validator

After we have the object, we may transmit the address of the object through the transaction, that is, asset interaction, and verify it through the node using Byzantine consensus broadcast agreement and parallel execution of transactions.

Sui’s transaction execution and the technical completion of the consensus mechanism follow.

Sui’s Transaction Classification

Sui uses DPoS for consensus proof, and each transaction is verified separately rather than after numerous transactions are packaged together as in typical blocks, which means that verification occurs as soon as the client begins a transaction, eliminating the need to wait. Simultaneously, transactions are classified into two categories: basic transactions and sophisticated contracts, and transactions are carried out in various methods to maximize efficiency and speed.

Simple transaction: Byzantine consensus broadcast

In many cases, transactions on the chain do not have complex dependencies, such as fund transfers, and only need to update the owner of the funds, then the transaction can skip the consensus and only use the algorithm based on Byzantine consensus broadcast.

Transaction process:

• The transaction initiator broadcasts a transaction to all Sui validators.
• Each Sui validator will vote on the transaction individually, and the voting weight is based on the amount of staking.
• The initiator collects the majority vote into a certificate and broadcasts it to all Sui verifiers to complete the transaction and determine the finality

Complex contracts: Narwhal and Bullshark consensus start

Complex smart contracts are usually shared objects, and more than one user can initiate changes to them, so two consensuses are required to complete the transaction, which involves the consensus protocols Narwhal and Bullshark designed by Sui (Bullshark replaced on August 22 Tusk).

Transaction process:

• The transaction initiator broadcasts a transaction to all Sui validators.
• Each Sui validator will vote on the transaction individually, and the voting weight is based on the number of staking.
• The initiator collects the majority vote into a certificate and broadcasts it to all Sui verifiers, but the certificate needs to complete the consensus through the Byzantine agreement.
• Once the transaction is successfully ordered, the initiator broadcasts the certificate to the verifier again to settle the transaction.

Sui’s consensus

Sui’s consensus is DPoS, which is implemented using DAG-based Byzantine fault-tolerant Narwhal and Bullshark (Tusk). Sui can execute transactions in parallel and establish consensus rapidly thanks to its architecture.

The typical blockchain’s sequence is linear, thus T1 connects T2 to T3 till Tn, so transactions must be performed one at a time, and the pace is sluggish. Sui uses DAG to solve parallel transactions.

The traditional BTF (Byzantine Fault Tolerant) consensus data dissemination and consensus are achieved concurrently: in the common leadership agreement, a leader node sends out a proposal and broadcasts its proposal, collects votes, and then broadcasts the certificate to prove that the transaction is complete.

According to this architecture, only the leader node has the most work, and the other nodes merely need to vote. Nevertheless, because leaders are chosen at random, each node demands a huge amount of processing power reserve, resulting in a waste of network computer power.

The memory pool, mempool, is the key to resolving this issue. If the data dissemination and consensus protocol can be separated in the pool, with the memory pool solving data dissemination and the consensus agreement ending with data consensus, the performance will be substantially increased. Sui’s design is as follows: Narwhal is the mempool layer, and Bullshark is the consensus layer, both of which function independently.

Let’s take a closer look at how DAG, Narwhal, and Bullshark (Tusk) work.

DAG blockchain order

A directed acyclic graph (DAG) is made up of points and edges. There may be several paths from one location to another, but no closed loop can be formed.

The typical blockchain network is linear, with each block waiting for the preceding one to be verified before proceeding to the next verification and all nodes saving all account books. DAG, on the other hand, does not employ blocks as units, and each transaction is a point in the chain that is saved and validated by various nodes. Because there is no leader, they individually execute their own transactions and achieve parallel message processing.

In this method, the link between transactions is the causal order, which only depends on which transaction it comes from and which exchange it is utilized by, considerably boosting Sui’s processing speed and enabling parallel transaction processing.

How do we confirm consensus if the DAG has no leadership? This requires Narwhal and Bullshark.

Consensus on Blockchain: Narwhal vs. Bullshark (Tusk)

Simply said, based on the DAG design, Narwhal separates the information in the mempool to complete data availability, allowing the information to be distributed more quickly, and then sends it to Bullshark for consensus confirmation.

How does it work?

Narwhal’s mempool operates in each node and is made up of several workers and a main (which can be understood as workers and contractors). Each worker will receive transactions from the client, aggregate them, broadcast them to other workers with the same sequence number, and transmit the digest (summary) to the main. A huge quantity of duplicate information is sent across worker projects during this stage. Pimary’s task is to collect the digests of each tiny unit from various workers and create a round-based DAG mempool.

These digests are the block headers that are combined to produce metadata. The primary then sends the block header information to the primary of the other nodes, allowing the consensus of the first vote collecting certificate to be completed fast.

Each transaction generation and consensus propagation is separated into rounds based on the DAG design. All Sui chain nodes will connect to 12+1 genesis blocks and begin the first round of verification. The most significant distinction between nonlinear blockchains is that the information acquired by each node is not always consistent.

As long as the node gets the transaction, the primary will broadcast the information to all nodes, obtain a vote (assuming this is the first block header provided by the validator in this round), and generate a certificate. And because each node is broadcasting information at the same time in order to receive votes from other nodes, transaction confirmation occurs in parallel.

The above example is r1 (round 1), and our viewpoint is node 1’s local information graph. We can see that three sample genesis blocks created transactions, and the first block header node arose, broadcasting information to the subsequent three nodes and receiving two votes, as long as there are f values. Once the node votes, the certificate is retrieved, broadcast to all nodes, and the nodes store it to complete the initial consensus.

Because nodes 1 to n are all performing the same thing at the same time, linking each cycle of delivery results in a DAG.

When Narwhal has looked through the mempool data and obtained a content consensus, the information is passed to Bullshark to allow it to finish the consensus execution. Tusk was Bullshark’s predecessor before August 22, therefore we’ll look at how Tusk works below and consider Bullshark to be an enhanced version of Tusk.

Tusk is an asynchronous consensus mechanism with zero information. To acquire the order of all transactions and accomplish the sorting consensus, it simply needs to look at the DAG model.

To begin, because DAG lacks a leader, Tusk must pick a leader at random for the round as a fixed point and confirm all transactions and nodes related to the leader. As a result, a coin will be created at random in each odd round, and the node from the previous r-2 rounds will be chosen at random as the leader.

After discovering the node, how many nodes in the r-1 round validated it and linked with it; if f+1 nodes are connected to it, it is a leader. If the criteria are not met, skip this round and look for the leader of the next odd node until the leader of the next round who meets the criterion arrives.

Tusk continued the process of choosing a leader, completed the sequencing of transactions, and Sui’s blockchain began to operate. Sui accomplished parallel transactions, separated data from consensus, and finished the creation of block technology using such a consensus mechanism.

Tokenomics

At present, the official has not given the specific Token distribution, only announced some basic information.

Token

SUI is the public chain’s token, having a total supply of 10 billion. There are four applications: PoS commitment, gas charge payment, liquid assets for various apps, and governance.

There are three roles in Sui’s economy: users, holders, and validators. Users engage with smart contracts and apps by submitting transactions. Token holders entrust Tokens to verification nodes and governance, and nodes are responsible for transaction processing and execution.

Gas fee

Sui’s gas fee is significantly more constant than Ethereum’s, which swings at any time. At the start of each epoch (epoch), all nodes will contribute to the creation of a reference price, which will be used to decide subsequent transactions.

Stake to be a node

Sui makes use of Delegated Proof-of-Stake. It is confirmed by a fixed set of nodes at each epoch. Mining may be committed to becoming a node, or tokens can be permitted to tokens.

Storage Fund: A storage cost paid by the user in addition to the gas fee. It is gathered in epochs and is used to cover the expense of verifying nodes in order to keep user data. At the same time, in order to encourage customers to minimize their reliance on online storage, deleting content will result in a charge return. Storage Fund distributes income as part of the staking pool, with the primary goal of balancing the incentives for future nodes to store content.

Development and ecosystem

Development

Compared with Aptos, which is also a Move series, the development speed of Sui is much slower. Launched on Devnet in June 2022, 4 nodes operated by Mysten Labs support developers for testing. Testnet Wave 1 was carried out from November to early December 2022, which was the first wave of testnet launch. Hundreds of people were selected from the 28,000 applicants in August to run Sui validators and full nodes, including 20 validators 500 nodes.

In just over a month, Sui completed 5 key tests:

• Creation: Successfully performed the genesis ceremony with the validators to bring Sui online.
• Monitoring: Global monitoring is set up to observe consensus health, network health, throughput and resource usage.
• Communication: Created a Discord for communication.
• Mitigation: The process of detecting, diagnosing, and mitigating cyber incidents is practiced.
• Updates: Three different software updates have been rolled out to mitigate issues that have arisen. All operators are able to update to the new version with no downtime or data loss.

Data:

• Transaction volume processed: about 22 million
• Number of NFTs on the chain: about 11 million
• Number of packages released: ~2,600
• Number of tokens distributed by faucet: 251 billion MIST
• Number of requests served by faucet: 4.19 million
• Testnet Wave 2 is expected to be launched in early 23, focusing on era management, Token economy, and pledge delegation. More information will be released in the future.

Sui Foundation

Sui Foundation is specially built to help the blockchain ecosystem. It operates independently of the blockchain but belongs to the official organization.

Sui Foundation has now established six ecosystem programs, with three of the most essential concentrating on advancing diverse ecological participants and organizations.

Project

Given that the first phase of the testnet has just concluded, there are limited projects in which users can engage. There are 18 Sui partners and around 60 ecological projects, but the development pace is quite sluggish, and the majority of them are very early, with the goal of merely understanding the projects of each track.

Conclusion of Sui Review

Sui’s current development is premature, and there is no significant surprise, and its ecosystem project is pretty rough. One reason is that Sui has many parallels with Aptos, therefore there is no surprise when we look at Sui in turn.

Second, Sui’s development has been gradual, but Aptos has been fast, and its ecological building is nearly complete. The development of many prominent projects on multiple tracks has reached a certain magnitude, and even the mainnet launch is proceeding at a rapid pace. In comparison, Sui’s progress at this point is substantially weaker.

Sui’s team has not had regular PR in the last three years and has a lot of terms about “banning” a specific public chain. It’s a lot more low-key than Aptos, and the momentum isn’t as strong. Sui authorities frequently take the initiative to promote online initiatives, such as demonstrating to the public the technology and functionality of the public chain via Capy NFT and proposing development ideas and possibilities for further use.

In conclusion, Sui’s mainnet debut will be 4-10 months away. The commercial environment and ecological perfection will have changed by then. Hopefully Sui Review article has helped you clarify more useful information.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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