What is sui?
Sui is a platform smart contract High performance under Monolithic structure. In there, 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 expansion is not similar to Solana or Internet Computer (vertical expansion) but somewhat similar to the approach of Ethereum 2.0 (horizontally expanded). Sui’s goal is to expand the ecosystem of Web3which provides an infrastructure with appropriate incentives so that developers can quickly build and launch applications.
Highlights of Sui
SUI’s high scalability is built on two main inovations:
- 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 blockhain, it separates data transmission from transaction consensus process. So that solves the problem Mempool – consensus in traditional blockchain designs like Ethereum & Bitcoin.
Based on the above two inovations, the Sui blockchain allows the network to scale horizontally, which can support millions of transactions per second without requiring node dedicated in the network (these nodes cannot run on normal computer hardware because they require powerful configuration for fast processing and more transactions, which means spending a lot of money on hardware).
Benefits of holding SUI tokens
Two main use cases of SUI token in Sui Network:
- Transaction fee: SUI is used as the currency to pay gas for all operations on the Sui blockchain.
- Staking/bonding/slashing assets: Validators staking SUI to participate in the transaction consensus process. In case of fraud, their SUI tokens will be cut as punishment.
Project team, investors & partners
Sui is developed by Mysten Labs, a team separated from facebook’s blockchain project development team, in which:
- Evan Cheng is the Director of R&D at Novi Financial (under facebook).
- George Danezis is a professor of security and engineering.
You can learn more about Mysten Labs here.
The project raised $36M from many VCs including: a16z, Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital, Bienville, Hack VC, Finality Capital.
Roadmaps & Updates
Sui Token Information (SUI)
The project has not yet launched the official SUI tokenomics.
How to earn and own SUI tokens
Storage wallet & exchange SUI
How to channel information of Sui
Solana (SOL): High performance open source blockchain platform with scalability up to 700,000 TPS and 400ms block time. Solana does not need to apply complex solutions like Sharding or Layer 2.
Internet Computer (ICP): The blockchain protocol is capable of managing and operating a data network with nodes running on servers around the world. ICP uses smart contracts to create a highly scalable blockchain and easy application development.
Above is the latest information about Sui and the SUI token. What do you guys think about this project? Please comment below to discuss with CHK!
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