Sui is an L1 blockchain. This project has all the chances to become a significant player in the world of cryptocurrencies, providing fast transactions, low fees, and high scalability. In this article, we will describe the main features of the Sui blockchain, its advantages, and its potential in the world of decentralized technologies.
What is Sui?
Sui (SUI) is an L1 blockchain built to solve critical problems within the Web3 ecosystem. Its main directions include: reducing the execution time of smart contracts and improving the blockchain to be faster and more secure. Sui also offered a simpler environment for creating blockchain games, saving developers from unnecessary coding complexity.
Mysten Labs developed the Sui platform. The project team consists of former top managers and leading Meta developers. They decided to create a new blockchain protocol aimed at overcoming the problem of blockchain scalability.
How does Sui work?
Sui consists of three main components that allow you to process transactions quickly and cheaply. Let’s take a look at them:
- Move language
The Sui network supports smart contracts using the Sui Move language, an updated version of the Move language used in Aptos. The move is based on Rust and is an executable byte-code language that is designed to prevent double-spending and provide high security for smart contracts.
- Parallel transaction execution
One of the key features of Sui is parallel transaction execution. Unlike other platforms where transactions are processed sequentially, Sui allows transactions to be processed in parallel, resulting in almost instantaneous completion of transactions.
- Sui’s consensus mechanism
Sui utilizes consensus mechanisms such as Tusk, Narwhal, and Bullshark to keep the network running. The consensus algorithms are updated and improved to reduce latency and allow validators with different processing speeds to participate.
Gas pricing system
Sui’s gas pricing system was developed with three goals:
- Keeping gas rates low;
- Decent reward for validators;
- Providing a level of network protection.
Validators are surveyed at the beginning of each period to find out the minimum gas price they will accept. This system encourages validators to set lower gas prices, which helps to reduce costs to users.
Does Sui have its wallet?
Sui Wallet is an open-source extension for the Chrome browser with a user-friendly interface for managing and saving assets in the Sui network. Its functionality includes the ability to create, import, and save the mnemonic phrase and private key needed to access your funds.
This wallet not only provides easy coin and NFT sending but also allows you to view your interchangeable tokens. You can also track your latest transactions, and get direct access to information about completed transactions.
What is an SUI token?
SUI is a native coin of the Sui blockchain.
SUI has several uses and benefits. First, you can use it to stack and pay gas fees for transactions on Sui’s PoS network. It can also be traded as a liquid asset. Finally, all SUI token holders can participate in the project’s votes.
Is Sui similar to Aptos?
Both of these blockchains were developed by former Meta employees using the Move programming language. Despite their common features, significant differences between them can be identified.
- Sui uses a more modern version of the programming language and is characterized by more transparent coding.
- Both blockchains utilize the PoS mechanism. Sui uses Narwhal and Bullshark as its consensus algorithms, while Aptos uses a derivative mechanism based on the HotStuff protocol.
- In test mode, the Aptos network exhibited a higher throughput of 160,000 TPS. However, after the launch of the Aptos mainnet, the network speed dropped to a modest 4 TPS. It is currently operating at a speed of 6 TPS.
Sui blockchain is a promising technology developed to provide fast and cost-effective transaction processing. Its high scalability and reliability make it a significant player in the world of crypto. Sui blockchain has every chance to become an important tool for financial transactions and the development of dApps.