What is sui? Sui is one of the next generation Layer 1 Blockchains accompanying extremely hot names such as Aptos, Monad, Aleo, Espresso,… Sui has successfully called for hundreds of millions of dollars with an increased valuation. to $2B, why does Sui have such a terrible charm? Let’s find out together in the article below.
To understand more about Sui, people can refer to some of the articles below:
- What is Aptos (APT)? Aptos Cryptocurrency Overview
- What is Parallel Execution? Advantages, Disadvantages & Working Mechanism of Parallel Execution
Sui Overview
What is sui?
Sui is a Blockchain platform Built based on the Move programming language with many technical improvements, it promises the community a speed of up to 125K TPS with almost zero transaction costs with a block completion time of only about 2 – 3 seconds.
It can be said that Sui along with many other Blockchain platforms such as Aptos, Monad, Aleo, Espresso,… will create a Layer 1 Wars in the upcoming cycle like Solana, Fantom, BNb Chain, Polygon, Near Protocol ,… did in the most recent or previous cycle are names that have gone into the past such as Monero, NEO, Cardano,…
There are 2 main factors that form Sui and also help Sui achieve a speed of 125K TPS that no other blockchain can achieve at the present time including:
- Move programming language
- Narwhal-Tusk consensus algorithm
Move programming language
Move is a new programming language developed by the Libra Association (a non-profit organization) for their blockchain implementation, later renamed Diem. Behind Libra Association or Diem is the world’s largest social networking platform Facebook. Some of the advantages that Move brings to Blockchain are:
- Enhance security: Move was built and developed to improve the security and safety of protocols and DApps used on Blockchain.
- Enhance performance: Similar to Rust, protocols and DApps built on Move have much higher performance than popular programming languages like Sodility or Vyper.
- Great resources: Built by Facebook, Move certainly has an extremely large library to support many developers in their work.
Narwhal-Tusk consensus algorithm
Sui has separated the data transfer and consensus process using Narwhal as Mempool while using Bullshark as the consensus engine, ordering, synchronizing transactions between validators and regularly checking the status of blockchain.
- Narwhal is responsible for ensuring data availability submitted to consensus.
- Bullshark is responsible for arranging transactions
The Narwhal-Tusk consensus algorithm is the infrastructure for Sui to move towards a solution for its scalability, which is Parallel Execution. Sui’s network will divide transactions into 2 types including:
- Simple transactions such as money transfers will not require the entire network to participate in authentication. Sui will now process these transactions in parallel execution instead of putting the transactions into Block, the transaction will be processed. This makes the network fast. This approach is similar to Solana.
- For complex transactions, Sui will still process them sequentially like traditional Blockchains.
Therefore, the scalability on Sui can reach 160K TPS which means 160,000 transactions per second and Sui is a platform that will be extremely friendly to NFT & Gaming projects. But that does not mean that Sui does not have limitations, some of which include:
- Because having to maintain 2 consensus algorithms for 2 different types of transactions makes the codebase large and synchronizing information on Sui will become more difficult.
- Users can only make 1 transaction at a time.
- Retrieving data on Blockchain will be much more difficult because transaction information is often very small.
Development Roadmap
Sui officially Mainnet on May 3, 2023 and at present Sui is starting the journey of building its ecosystem. Sui’s outstanding activities include:
- July 7, 2023: Bullshark Quests 1 event was opened to attract users and achieved great success. Bullshark Quests 2 will continue to be organized with DeFi projects instead of NFT & Gaming like Quest 1.
- July 27, 2023 there was a Sui improvement proposal (SIP) #6 that allows SUI token holders to participate in Staking on the Sui network.
- August 16, 2023: Sui Foundation launched the Sui Liquid Staking Hackathon to start catching the LSD wave similar to Ethereum.
Not only that, programs to attract developers such as Builder House, Hackathon, Developer Grant,… are also continuously organized by Sui Foundation and are relatively successful.
Investor
- December 6, 2021: At the Series A round, Mysten Labs successfully raised $36M in funding led by A16Z with participation from Standard Crypto, Slow Ventures, Coinbase Ventures, Electric Capital, Lightspeed Venture Partners, …
- September 8, 2022: Mysten Labs successfully raised $300M in funding led by FTX Ventures, with participation from Binance Labs, A16Z, Jump Crypto, Lightspeed Venture Partners, Coinbase Ventures,…
When FTX encountered problems leading to bankruptcy, Mysten Labs announced the acquisition of $96M SUI from FTX Ventures. It is unclear where the team’s money came from, but when launching SUI, Mysten Labs successfully sold a $50 ICO. M.
Core Team
Core Team’s development team has mostly worked together at Facebook’s Diem Blockchain project. After the project failed, Diem’s team was divided into one side building Aptos, the other side building Sui, with members participating in Mina Protocol or Chainlink. However, if we talk about the number of members from Diem through Sui, it is somewhat larger than Aptos.
Even Cheng: Co Founder & CEO
- Cheng earned his BS in Computer Science & Mathematics from Marietta and his MS in Computer Science from Syracuse University.
- Cheng is a quite loyal type of person as he spent more than 10 years working in many different positions at Apple Corporation.
- After leaving Apple, Cheng worked as Technical Director at Facebook for nearly 3 years when Facebook began deploying Libra, Cheng continued to hold high positions at Novi.
- After Diem was removed from the plan due to legal issues, Cheng left Facebook to build Sui and establish Mysten Labs.
Adeniyi Abiodun: Co Founder & CPO
- Adeniyi earned a Bachelor of Engineering, Electrical and Electronics Engineering from Queen Mary University in London.
- Adeniyi used to work as a senior software engineer for many large companies such as Zencus International, Syncova Solutions, JP Morgan, HSBC.
- After that, Adeniyi started his business with two projects such as CloudHashing and PeerNova Inc.
- Adeniyi joined Blockhain since July 2017 with projects such as Oracle and VMware. Then in August 2019, Adeniyi started joining Facebook as Product Team Leader with products such as Novi Crypto Platform, Diem, Move programming language,…
- After stopping working at Facebook, Adeniyi started working at Mysten Labs.
Sam Blackshear: Co Founder & CTO
- Sam studied Computer Science and Philosophy at Williams College and then went on to earn a PhD in Philosophy and Programming Languages at the University of Colorado Boulder.
- From October 2015, Sam started working at Facebook and worked for nearly 3 years. After that, Sam continued to work as a Software Engineer for the Novi project. Here, Sam had the opportunity to work with Cheng and later joined the Core Team with Cheng.
George Danezis: Co Founder & Chief Scientist
- George earned a Bachelor’s degree in Computer Science at Cambridge University, then George went on to earn a PhD in Computer Security and Cryptography related to Crypto.
- George had a long career at Microsoft.
- In June 2018, George ventured into the Crypto market when he became an Advisor for the Vega Protocol project.
- In February 2019, George started joining Facebook with Crypto projects.
- In November 2021, George and his colleagues started building Mysten Labs.
Tokenomics
Information about Sui tokens
- Token name: Sui Network
- Code: SUI
- Blockchain: Sui
- Token classification: Update…
- Contract: Update…
- Total supply: 10,000,000,000
Token Allocation
- Community Reserve: 50%
- Early Contributor: 20%
- Investors: 14%
- Mysten Labs Tresury: 10%
- Community AccessP Program: 6%
Token Release
- The Series A will be locked in for 6 months then paid in installments over the next 24 months.
- Series B will be locked in for 12 months then paid in installments over the next 24 months.
- The development team will be locked for 6 months then paid in installments over the next 24 months.
- Those who purchase Allowlisted Public Sales will have 100% open at the time of TGE, while those who purchase General Public Sale will have it paid in installments within 12 months. Buying at Binance Launchpool will be 100% paid at the time of TGE.
Token Use Case
Users can hold SUI for transaction fees on the Sui Network itself and participate in Staking.
Exchanges
Currently, users can buy SUI on many major exchanges such as Binance, OKX, bybit, Houbi, Kucoin,…
Project Information Channel
Summary
Sui is one of the extremely notable blockchain platforms in the next market cycle.
