The world of technology is flooded with new news every day, and these days a new network is in Layer one blockchain in the name of Sui Blockchain It has created an uproar and caused all opinions to be drawn to it. Sui Network, the first product of the infrastructure company Web3 Mysten Labs And it is one of the most attractive blockchain offerings to date. The platform has been expanding at such a rapid pace since its introduction that many consider it as a A serious threat to Solana They evaluate But what makes this network unique and what are its goals? To learn more about Sui, its components, architecture, and key features, don’t miss reading the rest of this article.
What is Sui Blockchain?
Sui is a model equipped layer 1 blockchain Proof of Stake (PoS) Consensus It aims to provide instant settlement and high throughput and offers a wide range of decentralized applications. The network actually bills itself as the first Layer 1 permissionless proof-of-stake blockchain, allowing developers and builders to build all kinds of Web 3 projects. In addition, Sui network a Smart contract platform It is also considered the next generation, which focuses on operational power and speed. This blockchain also uses an asset-oriented programming model based on the smart contract language called Move.
Since the Sui network enables parallel transactions, users can experience operations without delay and with unparalleled scalability in this network. But when it comes to simple use cases such as asset transfers and payment transactions, the Swi platform relies on simpler and more primitive methods, unlike other platforms that use a consensus protocol.
According to the documents, so far no platform has used the process used by the Sui network in the blockchain industry, and Sui is the first in this field. This strategy also allows developers to develop new applications Delay sensitive (low-latency dapps) in various fields, from micro-payments to games.
The 1-way layer network is maintained by a permissionless set of validators who perform the same role as miners in other blockchain systems. The native token of this platform is also called SUI, which plays a vital role in the operation of the network, and we will discuss it further.
Sui Network Developers
Side network by Mysten Labs A Web3 infrastructure organization is supported. The blockchain was founded in September 2021 in California by a group of senior executives and developers from Novi Research, a division of Meta Corporation, who worked on the Diem blockchain and the Move programming language. According to statistics, this startup has attracted capital twice, once from the famous fund Andreessen Horowitz In early 2022, it was 36 million dollars and the second round was 300 million.
Advantages and features of the Sui blockchain
The developers of the Sui network have introduced it as a general-purpose blockchain with high bandwidth, fast and cheap transactions, and of course an easy Web3 interface. In fact, this network aims to create a high-performance platform for running decentralized applications, or DeFi.
If you are curious about the structure of the Sui network, we have to explain this in detail White paper This platform is explained which you can go to for further reading. But if we want to talk about the features that make this platform unique, we have to use the special programming language of this project called Sui Move named. This language is a modified version of the Move language, which was previously developed for the Diem project.
Furthermore, unlike other blockchains where the primary unit of storage is an account, in Sui it is these objects that are created and managed by smart contracts. In the Sui network, an object can be any type of asset, and all valuable objects have a unique identifier, owner, and features such as immutability. Therefore, we can express the advantages of the Sui network as follows:
Parallel processing of transactions
In traditional blockchain networks, transactions are executed one by one or sequentially. This means that when someone trades tokens on a decentralized exchange and initiates a transaction, the transaction is placed in a block and remains in the confirmation queue. But with Sui’s blockchain parallel execution system, users can perform a large number of transactions at the same time instead of executing transactions one after the other.
The feature of parallel processing of transactions also provides the possibility of horizontal scaling of the network bandwidth and thus the speed of confirmation of transactions in the blockchain increases incredibly. As Sui reported, in test conditions, the speed of transaction confirmation in this blockchain More than 120,000 transactions per second with an average delay of about 2 seconds, which is considered a high speed compared to blockchains such as Bitcoin or Ethereum.
Low network fees
Another thing that makes the Sui network special is the issue of its network fees. As you know, one of the main problems of large blockchain networks these days is the high fees that most users complain about. In these networks, fees rise and fall based on network demand, which means that when many users connect to the network at the same time, fees increase and transaction costs are high.
Meanwhile, the Sui blockchain can provide a more stable gas fee. Transactions on the Sui network are executed in a sequence of 24-hour periods, each period governed by a group of validators. From one period to another, the set of validators is rearranged, thus maintaining the stability of the fee over a 24-hour period, instead of seeing the fee fluctuate from minute to minute.
Dedicated features for Web 3
Sui Network claims that by providing various tools based on the Sui SDK, it enables software engineers to create DApps and other Web3 projects with improved UX (Software Development Kit). Some of the Web3 features supported by Sui Blockchain include:
- On-chain DeFi and the basics of traditional finance (TradFi).
- Loyalty and reward programs
- Complex games and business logic
- Asset Tokenization Services
- Decentralized social media networks
- Scalable NFTs
How does the Sui blockchain work?
As we said before, Sui blockchain works with unprecedented speed and scalability in the history of blockchains. This network uses the famous consensus algorithm (Proof-of-Stake (PoS) to confirm its transactions, and transactions are processed by groups of validators. According to reports, by the end of November 2022, the sui test network has 4 validators and more than 5,200 active nodes. Is.
But the transaction processing process in this network is different depending on whether it is a single-proprietary object (any type of asset) or shared (for example, public smart contracts). But how? Let’s examine each one separately.
Single owner transactions
The first types of Sui network transactions include token transfers, NFT issuance, and voting. Such transactions are processed using the fast payment method based on the continuous Byzantine broadcast mechanism, which consists of four steps:
- The transaction is sent to a node and then the node distributes it to validators.
- Validators vote to approve the transaction and send the result to the sender.
- The sender generates a certificate that is signed by at least 2-3 validators.
- This certificate is sent to the verifiers and approved, and then they send the transaction to the blockchain.
Note that, since transactions on this platform are confirmed individually instead of being aggregated into traditional blocks, the confirmation speed is very high, and each transaction can receive a final certificate almost immediately. Additionally, unlike many platforms that deal with simple transactions where users want to send assets to a recipient, the Sui network locks down only the sender’s address rather than the entire blockchain. In this way, the network can bypass the consensus mechanism for direct transactions and perform the transaction faster.
Common transactions
The process of verifying transactions of shared objects is slightly different in a one-way layer 1 network. The steps to confirm these transactions in this blockchain are:
- Narwhal: A high-bandwidth mempool (in simpler words, the same waiting room for unconfirmed transactions) that is responsible for ensuring that data sent to validators is synchronized and available for confirmation.
- Bullshark: Consensus protocol is based on non-circular directed graph technologies and Byzantine fault tolerance, which with its special features enables reaching consensus without needing verifiers to exchange information.
In this way, with the help of these two processes, not only the high performance of the network is guaranteed, but also the fault tolerance of the network is increased.
Sui network token and its applications in blockchain
SUI is the main token of the Sui network with a fixed supply of ten billion tokens. Of these ten billion SUI, only a part of it will be given to traders by launching the mainnet for buying and selling, and the rest will go to the Mysten Labs team, investors, community members, reward validators and other purposes. A significant portion of the coins will also be allocated to the Sui Foundation, which is an organization independent of Mysten Labs and funds conferences, app development, and development teams.
The SUI token is actually designed for multipurpose purposes and performs multiple functions on the network. Specifically, this token has the following four main functions:
- It is used to pay transaction fees and other blockchain operations.
- This token can be staked to participate in the platform’s PoS mechanism.
- SUI can be used as a trading asset.
- SUI plays an essential role in the governance of the Sui blockchain, and token holders have the right to participate in network voting.
In addition to the uses we have mentioned so far for this token, each validator is also awarded a certain number of SUI coins. Allocated coins are blocked on the Sui network for a certain period of time, and after the period ends, users can receive part of the staking reward.
Additionally, the Sui team previously announced that full node owners, developers, and active participants in the testnet will be rewarded. After launching the Sui protocol on the mainnet, node owners will each receive a reward of 2000 SUI, which is restricted for one year and cannot be sold.
sui blockchain goals
Layer 1 blockchains such as the Sui network or the Optos project, which is another innovative platform in this field, are developing day by day. In July 2022, Alonso de Gortari, a member of Mysten Labs, said in a Q&A session that the company is planning a public token sale, and that the launch of the mainnet and SUI coins is planned for later in the year. However, since then, there has been no announcement or news from other members of the project team.
The Sui Foundation has also recently announced a grant program for application developers on the Sui network. So teams developing solutions for a wide range of applications, from social networks and games to payment systems, can receive $10,000 to $100,000 in funding from the Sui ecosystem.
Sui network is a leading blockchain in layer one
In this article, we tried to introduce you to one of the most advanced layer 1 blockchains, Sui Blockchain. Based on what we reviewed in this article, there is no doubt that the Sui network, with features such as instant settlement and high throughput, has a lot of potential for growth in the coming years, and this is confirmed by many fans of this blockchain. In any case, Sui has a long way to go to reach its goals and be next to the big blockchains, and it still has to compete with other blockchains for its place. Thus, if sui succeeds in gaining more popularity, it can also develop its own ecosystem.
What is Sui Network? Introduction of one-sided layer blockchain for the first time on Wallex blog. appeared.
