In the world of blockchain, it might seem like many projects are doing similar things—but as the industry matures, new concepts emerge, and older ideas are sometimes recycled. This is the case with Sui. This layer-1 blockchain rose from the remnants of Meta (formerly Facebook), which initially attempted to develop its own blockchain and payment network, known as Diem. However, regulatory pressure forced Meta to abandon the project, leading some of the core team members to split into two factions, ultimately creating SUI and Aptos. Today, we’ll focus on Sui; we’ll discuss Aptos another time.
So, what exactly is Sui? In simple terms, it’s a Layer-1 blockchain designed for high scalability and rapid transactions. Sui distinguishes itself with high throughput, aiming for tens of thousands of transactions per second (TPS) due to its parallelized execution model and adaptable consensus mechanism enabling rapid finality. For instance, Visa, a payment network, processes around 65,000 transactions per second, while Sui promises to exceed 125,000 TPS. This capacity offers a significant advantage for scaling projects in areas like NFTs and decentralized finance (DeFi). Sui achieves this speed through parallel transaction processing, which leverages multiple computing resources to minimize latency.
Another notable distinction is Sui’s programming language. The Diem project developed its language called MOVE, which was designed for smart contracts. Although Move differs from Solidity, it shares a similar purpose. MOVE focuses on safe asset handling and efficient resource management, providing a streamlined and cost-effective solution without relying on additional layers to speed up and reduce transaction costs.
Sui’s main token (SUI) has a fixed supply of 10 billion. According to the development team, this will be the total amount minted. Many have already been distributed as airdrops to early adopters, investors, and developers. Like most blockchain projects, Sui operates on a proof-of-stake system, a widely adopted model in the blockchain space. However, Sui aims to differentiate itself by prioritizing user-friendliness to drive mass adoption. To support this goal, it has developed accessible wallets like Sui Wallet and Splash. Users can also integrate with third-party and hardware wallets, such as Ledger, if they’re familiar with them.
Currently, Sui supports over 41 DeFi protocols and numerous NFT projects, including partnerships with Major League Soccer and Bluemove, an NFT marketplace. The primary focus for Sui’s developers appears to be gaming and the NFT space, but as a young blockchain designed to support various decentralized applications, the possibilities for future innovations are vast. Sui is certainly a project worth keeping an eye on as it evolves in the blockchain ecosystem.
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