Sui (SUI) is a web3-focused layer 1 blockchain that leverages many of the technologies originally created for the now-defunct DIEM (Facebook/META) blockchain project. As such, the protocol integrates a combination of features that empower developers and boost creativity. Here’s everything you need to know about Sui.
What Problems Does Sui Attempt to Fix?
Sui (SUI) introduces some new concepts to the market that help to solve a variety of issues currently faced by crypto and DeFi users. For example, the network supports special smart contracts that enable self-sovereignty and modification of digital assets. This structure is better suited to support web3 applications and drive adoption.
Latency Issues
Sui leverages an advanced DPoS (Delegated Proof-of-Stake) consensus mechanism to improve scalability. Additionally, its technical structure enables the network to process transactions and execute smart contracts in parallel. Bench tests place the network speeds at 120,000 tps.
Source – Sui Homepage
NFT’s Lack of Programmability
The NFT market is on the rise. Many of these projects have embraced the idea of user-improved content. As such, there is a strong demand for NFTs that can be easily modified and customized. Sui integrates a proprietary architecture that enables users to add accessories or make changes to their NFTs. Notably, these accessories are separate NFTs that can be traded alone as well.
Benefits of Sui
Sui brings a lot to the table in terms of security and scalability. The network’s unique consensus mechanism enables near-instant finality. Additionally, the use of programmable objects improves the platform’s flexibility compared to the competition. Objects are basic units of data storage that users create, manage, and upgrade.
Shared Objects
One of the coolest aspects of programmable objects is that they can be shared. Shared objects work somewhat like multi-sig wallets. They require the shared owners to sign off on any changes to the data. This extra authentication step makes the process better suited for commercial and enterprise-level operations.
Transparency
Sui supports a high level of transparency. The platform features an open-source infrastructure and consensus mechanism. Additionally, its interface streamlines processes for users. For example, you can easily see if an object is currently shared, owned, immutable, or more.
Dapp Programmability
The Sui development team went to great lengths to ensure the platform supported the development community. There are guides and other tools to help streamline the creation of Dapps, leveraging the speed, scalability, and next-gen interactions that upgradable, expressive NFTs create.
How Does Sui Work?
Sui operates as a DPoS Layer 1 blockchain. Specifically, the network leverages a proprietary Narwhal & Bullshark open-source protocol that supports parallel smart contract execution and the ability to create, define, manage, and trade programmable objects in near real time.
Objects are a core component of what makes the network stand out. These digital assets can include distinct attributes. These characteristics can be set up to mature or alter over time or based on other criteria, such as the user’s actions. This level of programmability adds a new layer of excitement to gameplay.
Move Language
The Move language is a critical component of the protocol’s success. The network leverages an updated version of this language that was made popular on the Aptos blockchain. The original language takes many cues from the Rust language. Notably, it was continually updated under the DIEM project into its current flexible layout.
BlueMove
The BlueMove marketplace provides Sui users with a secure way to trade NFTs with others. Here, collectors, creators, and traders meet and collaborate. The marketplace supports the Sui non-custodial wallet, streamlining other associated processes such as minting, lending, and trading. Best of all, it rewards users for their interactions.
Sui Wallet
The network’s wallet operates as a Google Chrome extension. This non-custodial add-on is open-source and offers a host of features to make use safer and easier. You can track your payment history, review the state of the chain or transaction, and store your coins safely using this system.
Token – SUI
Sui operates as the main utility token for the network. This token is required to participate in staking, minting, paying gas fees, and much more. The token is also vital in the governance system. Notably, SUI is set to 10B tokens in total. Interestingly, only 5% were issued at launch.
Sui Foundation
The Sui Foundation is a non-profit tasked with helping to expand the community. The group accomplishes this goal by providing technical and financial support to projects that have the potential to push adoption forward. The team is also responsible for representing the project at major events.
Consensus
Sui is a DPoS network, meaning no miners or mining rigs are needed to secure the network. Users delegate their tokens to master nodes that are tasked with approving transactions. This structure provides faster finality, enables users to participate in the validation process, and secures returns without putting forth the full validation token requirements.
Governance
Sui integrates a community governance system. Users can stake their tokens to gain voting and proposal rights. Anyone can put forth a proposal, and the community will put it to a vote. If voted in, the Foundation will then do what is required to make the changes and update the network. This community voting structure is popular in the DeFi community.
History
Sui entered the market in 2023 following the abandonment of the DIEM blockchain project. The platform lists a variety of executives from the DIEM project’s Novi wallet as founders, including Evan Cheng, George Danezis, Sam Blackshear, Adeniyi Abiodun, and Kostas Chalkias.
How to Buy Sui (SUI)
Currently, Sui (SUI) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry, with over 9,000,000 users and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries, including Australia, Canada, and Europe, and is our most recommended exchange for USA residents. (Excluding New York & Washington state)
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
Sui – NFTs that Support Web3 Interactions
The introduction of programmable objects into the gaming and NFT market is a major development that could have a ripple effect. Stackable and customizable NFTs are in high demand, and Sui is positioned to provide these services to the market in mass. For these reasons, it’s a good idea to keep an eye on Sui and how it develops in the coming weeks.
You can learn more about exciting blockchain projects here.
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