Sui Ecosystem

What is SUI network

More recently, the market was covered by some “Ethereum killers” and others, now there is a Solana killer. This is what the society called SUI blockchain. This explains the very wide publicity of this project in the crypto space.

SUI is a blockchain developed in 2021 under the leadership of Mysten Labs. By the way, a group of the company’s employees were previously employees of Meta’s Novi Research division, that was responsible of developing the Diem ecosystem and the Move language. At its core, SUI is aimed to optimize the performance of smart-contracts and improve the scalability of decentralized applications.

SUI is designed to serve high-performance latency-sensitive DApps. The project makes it possible to deploy smart contracts based on DPoS (Delegated Proof-Of-Stake) consensus.

Investors & partners

In a short time SUI has attracted quite a lot of attention and gained credibility by gaining support from major investors, including:

• a16z (Andreessen Horowitz)
• Binance Labs
• Lightspeed Venture Partners
• Jump Crypto
• Hack VC
• Samsung NEXT
• Ryze Labs
• Coinbase Ventures
• Slow Ventures
• Electric Capital and many others

SUI’s partners include:

• Cetus
• Bluefin
• Aftermath
• Alibaba Cloud
• Hyperspace
• Netmarble

On top of all that, SUI hosts many ecosystems, among them:

Suiswap, MovEx, Cetus Protocol, Blue Move, ComingChat, Kxfinance and more.

Key mechanics of SUI blockchain

The SUI platform uses the DPoS mechanism and is based on a modified Move and is able to work with Move of other systems. As such, SUI is suitable for a variety of Web3 projects, from retail payments to gaming. And perhaps the most interesting point is that this blockchain is able to bypass consensus for simple transactions, running it only as needed for more complex transactions in the system.

The thing about SUI is that it divides transactions into simple and complex transactions. Simple transactions, such as token transfers, can bypass consensus protocols, providing near-instantaneous processing. At the same time, complex transactions use a directed acyclic graph (DAG) based mempool for ordering, increasing scalability.

And this ensures high performance and low latency = network congestion is unlikely.

According to the docs, SUI has a very simple API. Transactions from validators arrive at the same time, and consensus provides a consistent transaction flow.

SUI uses horizontal scaling to develop a wide range of applications that run at incredible speed with low transaction costs.

As we can see, this system is designed to provide maximum scalability and unprecedented low latency for everyday use. The blockchain is capable of processing transactions in parallel, which optimizes the use of computing power and significantly increases throughput.

Advantages of SUI

• Unrivaled scalability. Horizontal scaling allows you to meet the requirements of any DApps.
• Parallel transaction execution
• Network throughput grows in proportion to the number of validator nodes, keeping transaction fees as low as possible even under high network load.
• Smart Move language. This programming language is spared from vulnerabilities such as “re-entry vulnerability”, “poison tokens” and “fake token approval” that have been repeatedly used for hacking attacks on other platforms.
• Improved user interface for apps. To enable app developers on SUI to create quality user interfaces, the platform will provide various tools included in the SUI Development Kit.

Token SUI

The key role of the SUI token is to participate in staking, chain management, voting within the governance mechanism from SUI DAO and payment of transaction fees.

In addition, the SUI cryptocurrency provides security for the network and is used in the SUI storage fund to distribute rewards and compensate validators for storing network data.

Conclusion

SUI future looks very promising and its technical specifications and the team’s approach to development have been welcomed by many in the crypto community.

However, the project will have to withstand stiff competition from other L1 blockchains and continue to improve the ecosystem if it is to become widespread.