What is SUI Blockchain? | Revolutionary Scalability Solution

August 28, 2022 - Around 4 mins mins to read

What is SUI Blockchain

Sui is a high-performance smart contract platform under a Monolithic structure. In particular, a Monolithic blockchain is a blockchain that handles all tasks and jobs on a single network. Sui is scalable up to several hundred thousand TPS (number of transactions processed per second) and block times range from 2 – 3s.

Sui’s scaling is not the same as Solana or Internet Computer (spanning vertically) but somewhat similar to Ethereum 2.0 ‘s approach (horizontal expansion). Sui’s goal is to extend Web3 ‘s ecosystem, providing an infrastructure with the right incentives for developers to build and launch applications quickly.

Outstanding Features

What is the unique selling point?

SUI’s high scalability is built on two main innovations:

MOVE programming language.
Narwhal-Tusk consensus algorithm.

MOVE is a native programming language used to develop applications in the Sui blockchain. MOVE is based on RUST and developed by FB’s Libra project, it is designed for parallel execution.

Narhal-Tusk is the consensus algorithm in Sui blockchain, it separates data transmission from the transaction consensus process. Thus solving the problem of Mempool – consensus in traditional blockchain designs like Ethereum & Bitcoin.

Based on the above two innovations, the Sui blockchain allows the network to scale horizontally, which can support millions of transactions per second without requiring dedicated nodes in the network (these nodes cannot run on different hardware). normal computers because they need powerful configurations to process faster and more transactions, which means spending a lot of money on hardware).

Sui economic model?

There are five major components of the Sui economic model:

SUI token: the platform’s native token.
Gas fees: all network operations on the platform require gas fees. Gas fees are rewarded to participants in the proof-of-stake mechanism. It can also be used to prevent spam and denial-of-service attacks.
Storage fund: This fund is used to redistribute past transaction fees to future validators. That is, users will pay fees upfront for both computation and storage. The storage fees which are collected are deposited into a fund used to adjust the future share of staking rewards. This is so that when there is a high demand for on-chain storage, validators will receive additional rewards to compensate for their costs. When demand is lower, rewards will also be adjusted accordingly. Users however will be able to save funds through a “deletion option” which allows them to delete previously-stored on-chain data. By exercising this option, users can receive a storage fund rebate.
Proof-of-stake mechanism: Used to select, incentivize and reward platform operators i.e. the validators and SUI delegators.
On-chain voting: for voting and deciding on governance and protocol upgrades.

Roadmap

Updating.

Technical Data

Token Metrics

Token Name: SUI
Ticker: SUI
Blockchain: SUI
Contract: Updating.
Token Type: Utility, Governance
Total Supply: 10.000.000.000 SUI
Circulating Supply: Updating.

Token Allocation

Updating.

Token Sale

Updating.

Token Release Schedule

Updating.

Token Use Case

Transaction fee: SUI is used as the currency to pay gas for all operations on the Sui blockchain.
Staking/bonding/slashing asset: Validators staking SUI to participate in the transaction consensus process. In case of fraud, their SUI tokens will be cut as punishment.

Backers

Team

Partners

Updating.

Investors

Verdict

Sui is the world’s first permissionless Layer 1 blockchain completely designed from the ground up. They are a decentralized, proof-of-stake blockchain with horizontally scaleable throughput and storage. Ex-members of the Meta team came together to form Mysten Labs– the company behind Sui.

Find more information about Sui Blockchain

Website: https://sui.io/

Whitepaper: https://github.com/MystenLabs/sui/blob/main/doc/paper/sui.pdf

Twitter: https://twitter.com/mysten_labs

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

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.

Issac

Coincu Ventures

Blockchain

What is SUI Blockchain? | Revolutionary Scalability Solution