Everything you need to know about Sui Blockchain

With blockchain technology, the focus moves from platforms to people, getting rid of unreliable middlemen and protecting privacy. Direct digital ownership gives people more power, so they can fully use the value of the internet. Sui has all the good things about Web3 while still keeping the ease of Web2.  

This idea is very important to the people who made Sui. They are dedicated to achieving this goal by putting security, accessibility, and innovation at the top of their list of priorities. This is what led to the creation of Sui. Let’s understand it in depth.

What is Sui Blockchain?

Decentralised layer 1 blockchain Sui provides fast, low-cost transactions. This permissionless blockchain supports several uses.

Sui is a layer 1 blockchain that provides the infrastructure for validations and transactions, like Ethereum and Bitcoin. Its quick transaction finality, reduced latency, and increased transaction speed distinguish it from other L1s.

Sui uses the native programming language Move, parallel transaction processing, and a delegated proof-of-stake consensus mechanism to scale without compromising security.

Sui makes rapid, private, and secure digital asset ownership available to everyone.

History of Sui Blockchain

Sui Network’s journey is one of adaptation and development, beginning with the creative efforts of Meta, the company that was once known as Facebook. 

The following is a list of the key events that helped form the Sui Network’s foundation in chronological order:

• In May 2018, David Marcus, the VP of Facebook’s Messenger app, announced a new blockchain initiative under his leadership.

• In June 2019, using blockchain technology, Facebook revealed Project Libra with the goal of revolutionising the world financial system. The idea of the Libra stablecoin was presented, along with the Libra Association to supervise its advancement.

• The Libra Association unveiled the Move programming language as a component of Project Libra, designed specifically for the creation of smart contracts inside the Libra ecosystem.

• In October 2019, Project Libra had to reevaluate its approach after significant partners like PayPal, Mastercard, and Visa left due to regulatory concerns.

• In April 2020, Project Libra changed its name to Diem as a result of regulatory issues. Even after the modifications, regulatory difficulties continued to impede the project’s progress.

• In 2022, after the Diem project was dissolved, some important people left to found Mysten Labs. They started working on the Sui blockchain at this point, using their knowledge and skills to pave a new route in the blockchain industry.

What is SUI Coin?

The Sui blockchain’s native coin is SUI.

SUI can be used to pay petrol fees, execute on-chain transactions, and secure the network. Holders also have the opportunity to inform the project’s future governance.

SUI has a 10 billion-token supply, although only 528 million circulate.

Tokenomics: The Sui Foundation controls 50% of the token supply. The SUI Foundation uses these monies for delegation, grants, research, and validator subsidies, which may seem like a lot. Another 10% goes to Mysten Labs Treasury, 20% to early contributions, 14% to fundraising, and 6% to a Community Access Programme.

Features of Sui Blockchain

Gasless Transactions: 

Sui simplifies the process of paying gas fees for new users in Web3 by allowing dApps to settle gas fees beforehand, enabling users to proceed with transactions without worrying about gas.

Package Upgrades: 

Sui supports the upgradeability of smart contracts by allowing them to exist as immutable package objects. This enables developers to seamlessly upgrade packages, giving them more control over their contracts’ functionalities.

ZK Implementation: 

Sui prioritises user privacy by implementing zero-knowledge proofs (ZK) in its architecture. This ensures privacy and anonymity for users, with features like ZK-embedded architecture and OpenID for logins.

League of Entropy: 

Sui incorporates the League of Entropy, a tamper-proof random number generation scheme, which is crucial for projects such as betting and gaming. This feature ensures secure and efficient randomness generation through Drand of Beacon.

Dynamic and Composable Objects: 

In Sui, data or stored values appear as dynamic and composable objects with programmable properties. Each object, whether single-owner or shared, is directly stored on-chain and can own other objects, allowing for composability and dynamism within the network.

Pros and Cons of Sui Blockchain 

Pros of Sui:

Security and Safety: 

Move Language prioritises security by focusing on preventing common programming errors, including type safety, memory safety, and resource safety. This ensures that blockchain applications built on Sui are less susceptible to security vulnerabilities.

Resource-Oriented Programming: 

Sui treats assets as “first-class resources,” which is essential for effective asset management in blockchain applications. This approach enhances security and efficiency in handling assets within the network.

Flexibility and Modularity: 

Move Language offers flexibility in transaction scripting and modular code development, allowing developers to create reusable and maintainable codebases. This promotes the efficient development and deployment of blockchain applications on the Sui network.

Cons of Sui:

Complexity and Learning Curve: 

The unique paradigms and stringent safety features of Move can make it challenging for developers to learn, especially those who are not familiar with resource-centric or Rust-like programming concepts. This complexity may hinder the adoption of Sui among developers.

Limited Adoption Outside Sui: 

Move is relatively new and specialised, resulting in a less mature developer community and ecosystem compared to established languages like Solidity. This limited adoption outside Sui may restrict its usage and hinder its growth in the broader blockchain community.

Conclusion

Sui, in summary, is a strong Layer-1 blockchain with a well-thought-out architecture, strong tokenomics, and a strong engineering base. Even though it has come a long way in its development, challenges remain, especially with regard to acceptance and transactional speed. But these obstacles are surmountable, and Sui is prepared to deal with them successfully, given enough time and creativity. 

Sui has the ability to completely change the Web3 gaming industry as well as a number of other use cases, bringing in a new era of decentralised technology. It will be interesting to see what kind of revolutionary effect the project has on the larger blockchain ecosystem as it develops and grows.