Unveiling Sui (SUI): The New Blockchain on the Scene
Welcome to a journey of discovery in the fascinating world of Sui (SUI), the blockchain that is making waves. What exactly is Sui, and why is it generating so much interest? Let's dive into the details and unravel the secrets surrounding it.
Introduction to Sui
Sui, the successor to DIEM, Meta's failed project, presents itself as a layer 1 blockchain with the mission of addressing fundamental issues in the world of blockchains: scalability, security, and transaction costs (gas). Imagine a blockchain designed to be fast, secure, and affordable.
History and Origins of Sui
This project rises from the ashes of DIEM, Meta's previous attempt to establish its cryptocurrency. Sui shares its roots with Aptos, as both emerge after the abandonment of Diem or Libra, Facebook's original cryptocurrency project, now Meta.
The Sui blockchain stands out for its focus on simplicity. It is designed to be user-friendly, for both users and developers alike. Its goal is to revolutionize the blockchain, making it faster and more secure to attract new users.
Key Features of Sui
Programmable Objects
Sui uses "objects" as the basic unit of data storage instead of accounts, as is common in most blockchains. These objects are programmable and represent user-level assets. They can have different attributes and be single-owned, shared, mutable, or immutable.
Programmable Transaction Blocks
Unlike traditional blockchains, Sui allows programmable transaction blocks that are heterogeneous and can access any public function in the chain in all smart contracts. This offers almost unlimited options for composition and flexibility.
MOVE Programming Language
Sui uses an enhanced version of the Move programming language, based on Rust and created by Facebook for Diem. This language aims to improve blockchain security and prevent double spending. Sui's smart contracts focus on objects rather than accounts.
Parallel Execution of Transactions
One of Sui's key innovations is the parallel execution of transactions. While many blockchains process transactions sequentially, Sui handles them in parallel, allowing for impressive speeds. In its testnet, Sui has achieved up to 120,000 transactions per second (TPS).
DPoS Consensus Mechanism
Sui uses a version of Delegated Proof of Stake (DPoS), divided into parts called Narwhal and Bullshark, responsible for data availability and request acceptance, respectively. This enables nearly automatic and efficient validation.
Economic Features
The delegated proof-of-stake (DPoS) mechanism operates in 24-hour epochs. SUI token holders select validators to stake their tokens. Additionally, Sui implements a dynamic gas price system and a storage fund to redistribute network fees.
The SUI Token
SUI is the native token of the blockchain, used for staking, fee payment, trading, and participation in governance. With a total supply of 10 billion tokens, SUI plays a crucial role in the network's operation.
Debut on Exchanges
May 3 marked the launch of the Sui mainnet, accompanied by the listing of the token on major exchanges such as Binance, OKX, Huobi(now HTX), KuCoin, and more. However, the debut was not without volatility, with the price of SUI experiencing significant drops in its early minutes of operation.
Conclusion: A Glimpse into the Future
Sui presents itself as a blockchain aiming to simplify and accelerate the world of cryptocurrencies. With its focus on fast smart contract execution and its unique object structure, it promises a paradigm shift in blockchain technology. As the mainnet activates and users explore its possibilities, the future of Sui appears full of potential.
Note: This article does not constitute financial advice and is provided for informational purposes only. Investing in cryptocurrencies carries risks, and thorough research is recommended before making financial decisions.
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