Sui Network is a next-generation blockchain platform that is designed to be fast, secure, and scalable. The team claimed the transaction with speed of 120,000 transactions per second. What stand out for me is the parallel execution which i will explain later. Now let’s look at the team and who backed them.
SUI created by ex-Meta (Facebook) employees, Evan Cheng, Sam Blackshear, Adeniyi Abiodun and George Danezis, they has raised $300 million in a Series B funding round that values the company in excess of $2B.
The round was led by FTX Ventures with participation from Binance Labs, Coinbase Ventures, a16z crypto, Jump Crypto, Circle Ventures, and other prominent VC heavyweights. No doubt this is a dream team funded by lot of behemoth VCs in tech field
The team and VCs behind is very similar with recent layer1 star APTOS. The tech behind also. both of them used Move programming language. I’ve tried aptos dapp and have a good experience with them, so i have high hope for SUI too. So let’s look at some of the tech behind SUI.
Parallel Execution
With Sui blokchain, different data is processed separately. Thus, independent transactions do not have to be queued , but can be executed in parallel like pic below
Gas mechanism
One of the unique things about the Sui blockchain is how they handle gas fees. Right now, one huge complaint of most blockchain networks is the expensive gas fee. In traditional blockchain networks, gas fees go up and down based on the network demand. It means that when people want to the network at one time, the gas price goes up and pretty costly. However, the Sui blockchain can offer a more stable gas fee with epochs. Sui runs in a sequence of epochs (24 hours). Each epoch is administered by a validators' committee. From one epoch to the next, the permission-less validator set gets rearranged. Instead of seeing the price of gas fluctuate minute by minute, it will maintain stability over a 24-hour period.
$SUI is the native token, with a total supply of ten billion tokens. Here are the four primary functions of the SUI token.
Use the SUI token to stake and participate in the PoS consensus.
Use the SUI token to pay gas fees for transactions and other operations.
SUI works as an asset that serves as a medium of exchange
It entitles Sui blockchain investors to participate in on-chain voting
The Sui blockchain tokenomics model includes three key participants:
Users: use SUI platform to create, and transfer digital assets (such as NFTs), or communicate with Dapps powered by smart contracts.
SUI token holders: delegate their tokens to validators to take part in the Proof-of-Stake mechanism. With SUI blockchain investors, they can also participate in Sui’s governance.
Validators: carry out transaction processing and execution on the Sui platform.
Ok that’s some basic introduction of SUI i will go more in depth in future article by comparing APTOS and SUI.
Adoption and ecosystem
One of the key succeeds of a layer1 blockchain is their ecosystem, for me ease of use, good experience and ecosystem are the 3 main ingredient for adoption
Now let’s look at some of their ecosystem which are in the making and will release once the mainnet goes live:
BlueMove - leading Multi-chain NFT Marketplace on Aptos & Sui.
ETHOS - Wallet
Sui wallet - Official Wallet
https://chrome.google.com/webstore/detail/sui-wallet/opcgpfmipidbgpenhmajoajpbobppdil
Movex - The first DEX on Sui by MystenLabs
SUI Name - Name Service
As for gaming field we need to take note that Notable South Korean developer and publisher NCSoft also contributed to Mysten Labs' s $300M Series B round. NCSoft the company behind hit online game franchises like Lineage, Guild Wars
There are a lot to explore in gaming field with web3 technology, we can expect some high profile web3 games to be with SUI much like Aptos, which recently announced a high profile game developed by Npixel, the battle for the both are sure exciting in the future.
Without a fast blockchain and low gas fee it is impossible to get mass adoption in the future, i have high hope on these 2 behemoths. that’s all for today introduction. Please subscribe for more coming future article about blockchain!
Sui Network is a next-generation blockchain platform that is designed to be fast, secure, and scalable. The team claimed the transaction with speed of 120,000 transactions per second. What stand out for me is the parallel execution which i will explain later. Now let’s look at the team and who backed them.
SUI created by ex-Meta (Facebook) employees, Evan Cheng, Sam Blackshear, Adeniyi Abiodun and George Danezis, they has raised $300 million in a Series B funding round that values the company in excess of $2B.
The round was led by FTX Ventures with participation from Binance Labs, Coinbase Ventures, a16z crypto, Jump Crypto, Circle Ventures, and other prominent VC heavyweights. No doubt this is a dream team funded by lot of behemoth VCs in tech field
The team and VCs behind is very similar with recent layer1 star APTOS. The tech behind also. both of them used Move programming language. I’ve tried aptos dapp and have a good experience with them, so i have high hope for SUI too. So let’s look at some of the tech behind SUI.
Parallel Execution
With Sui blokchain, different data is processed separately. Thus, independent transactions do not have to be queued , but can be executed in parallel like pic below
Gas mechanism
One of the unique things about the Sui blockchain is how they handle gas fees. Right now, one huge complaint of most blockchain networks is the expensive gas fee. In traditional blockchain networks, gas fees go up and down based on the network demand. It means that when people want to the network at one time, the gas price goes up and pretty costly. However, the Sui blockchain can offer a more stable gas fee with epochs. Sui runs in a sequence of epochs (24 hours). Each epoch is administered by a validators' committee. From one epoch to the next, the permission-less validator set gets rearranged. Instead of seeing the price of gas fluctuate minute by minute, it will maintain stability over a 24-hour period.
$SUI is the native token, with a total supply of ten billion tokens. Here are the four primary functions of the SUI token.
Use the SUI token to stake and participate in the PoS consensus.
Use the SUI token to pay gas fees for transactions and other operations.
SUI works as an asset that serves as a medium of exchange
It entitles Sui blockchain investors to participate in on-chain voting
The Sui blockchain tokenomics model includes three key participants:
Users: use SUI platform to create, and transfer digital assets (such as NFTs), or communicate with Dapps powered by smart contracts.
SUI token holders: delegate their tokens to validators to take part in the Proof-of-Stake mechanism. With SUI blockchain investors, they can also participate in Sui’s governance.
Validators: carry out transaction processing and execution on the Sui platform.
Ok that’s some basic introduction of SUI i will go more in depth in future article by comparing APTOS and SUI.
Adoption and ecosystem
One of the key succeeds of a layer1 blockchain is their ecosystem, for me ease of use, good experience and ecosystem are the 3 main ingredient for adoption
Now let’s look at some of their ecosystem which are in the making and will release once the mainnet goes live:
BlueMove - leading Multi-chain NFT Marketplace on Aptos & Sui.
ETHOS - Wallet
Sui wallet - Official Wallet
https://chrome.google.com/webstore/detail/sui-wallet/opcgpfmipidbgpenhmajoajpbobppdil
Movex - The first DEX on Sui by MystenLabs
SUI Name - Name Service
As for gaming field we need to take note that Notable South Korean developer and publisher NCSoft also contributed to Mysten Labs' s $300M Series B round. NCSoft the company behind hit online game franchises like Lineage, Guild Wars
There are a lot to explore in gaming field with web3 technology, we can expect some high profile web3 games to be with SUI much like Aptos, which recently announced a high profile game developed by Npixel, the battle for the both are sure exciting in the future.
Without a fast blockchain and low gas fee it is impossible to get mass adoption in the future, i have high hope on these 2 behemoths. that’s all for today introduction. Please subscribe for more coming future article about blockchain!
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