What is Sui

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About Sui

Key Points

• Sui is a layer-1 blockchain platform designed for global adoption.
• It prioritizes user experience and eliminates barriers associated with blockchain interactions.
• Mysten Labs, founded by former Meta’s blockchain research team, is the original contributor to Sui.
• Sui’s innovative architecture offers low-latency transactions, high throughput, and empowers developers with powerful capabilities.
• Sui’s object-oriented design allows for deep composability and enables developers to create objects tailored to their application needs.
• The SUI token has a total supply capped at 10,000,000,000 tokens and serves three primary purposes: proof-of-stake

About Sui: Empowering a New Era of Decentralized Applications

Introducing Sui (SUI): A Revolutionary Blockchain Ecosystem

Sui is a pioneering layer-1 blockchain platform meticulously crafted to cater to the demands of widespread adoption, boasting a trifecta of security, power, and scalability. At its nucleus, Sui harnesses the innovative potential of an object-centric data model and the robust Move programming language to rectify the inefficiencies inherent in prevailing blockchain architectures.

Building upon a robust technical foundation, Sui revolutionizes the user experience by dismantling the barriers that have long hindered seamless blockchain interactions. By introducing groundbreaking innovations such as zkLogin, sponsored transactions, and programmable transaction blocks, Sui sets a new benchmark for user experience within Web3, guaranteeing that applications are not only accessible but also remarkably user-friendly.

The Visionary Founders Behind Sui

Mysten Labs, the pioneering force behind Sui, was established by the visionary former lead architects of Meta’s esteemed blockchain research team:

Evan Cheng, CEO of Mysten Labs, boasts an impressive pedigree in platform development, with a distinguished career spanning over 24 years, during which he has successfully built cutting-edge, developer-facing technologies and led high-performing engineering teams at esteemed organizations such as Apple and Facebook.

Adeniyi Abiodun, Chief Product Officer of Mysten Labs, boasts an impressive track record of spearheading engineering and product teams across esteemed Big Tech companies, including Oracle, VMware, and Facebook. With over a decade of experience leading product teams within the blockchain industry, he has established himself as a seasoned expert in the field.

Sam Blackshear, CTO of Mysten Labs, is a renowned researcher and engineer with a distinctive expertise in programming language design, program verification, and developer tools. Notably, he is the visionary creator of the Move smart contract language.

George Danezis, Chief Scientist of Mysten Labs, is a distinguished Professor of Security and Privacy Engineering at University College London, boasting an impressive tenure of over 20 years, during which he has dedicated himself to the pursuit of peer-to-peer system security and privacy.

Kostas Chalkias, a seasoned cryptographer with over a decade of experience, has held esteemed lead cryptographer positions at prominent tech giants, including Meta and R3, where he has honed his expertise.

Unveiling the Unparalleled Attributes of Sui

Sui’s pioneering architecture boasts low-latency transactions accompanied by stable transaction fees, while its horizontal scaling and parallelized execution capabilities facilitate high throughput. Furthermore, it empowers developers with a robust suite of tools and capabilities, enabling them to craft the next generation of innovative Web3 applications.

At the core of Sui’s distinctiveness lies its innovative object-oriented design, which revolutionizes the way developers build on blockchain. By providing robust capabilities while ensuring stringent developer and user safety measures, Sui empowers creators to craft bespoke objects tailored to their application requirements, boasting seamless network-wide compatibility. As every entity on Sui is an object, developers can define object types that cater to their specific needs, thereby fostering unprecedented composability and paving the way for the creation of sophisticated products with unparalleled interoperability.

Notably, the strategic deployment of objects on Sui unlocks dramatic enhancements to critical network processes, including transaction processing. By explicitly defining transaction dependencies, Sui enables the parallel execution of transactions, thereby significantly boosting efficiency. Furthermore, Sui’s distinctive consensus requirements empower specific transactions to bypass consensus altogether, resulting in remarkably swift completion times. In fact, many transactions are finalized and settled in under half a second, all while maintaining impressive throughput and stable transaction fees.

By focusing on solutions that overcome common obstacles in Web3 adoption, Sui empowers application builders. Notably, its natively available tools, including zkLogin and sponsored transactions, effectively address the hurdles of wallet onboarding and transaction fees, respectively, thereby streamlining the development process for all developers.

Ultimately, Move on Sui has been meticulously crafted to harmonize with Sui’s object-oriented data model, thereby yielding a development platform that seamlessly integrates an intuitive interface with a robust and secure programming language. This synergy enables both developers and users to enjoy enhanced peace of mind, as the supplementary safety measures inherent in Move on Sui effectively mitigate, if not entirely eliminate, the most prevalent vulnerabilities inherent in other smart contract development languages.

Experience seamless onboarding with Sui Wallet and zkLogin! Leveraging zero-knowledge cryptography, zkLogin enables effortless creation and management of Sui accounts via a familiar web login, akin to Google. This innovative solution combines the convenience of traditional web accounts with the robust security and ownership benefits inherent to blockchain technology. Download Sui Wallet now and embark on your journey today.

The Circulating Supply of Sui (SUI) Coins: An Overview

The SUI token boasts a total supply capped at 10,000,000,000 (ten billion tokens), serving a dual purpose: it not only underpins the network’s security but also functions as a standard unit of account and payment medium within the ecosystem.

The SUI token presently fulfills three pivotal roles within the Sui ecosystem:

• Participation in delegated proof-of-stake – Sui employs a delegated proof-of-stake mechanism, which selects, incentivizes, and rewards validators and SUI token holders who stake with them, promoting honest behavior.
• Gas fee settlements – SUI tokens serve as the primary medium for paying gas fees, facilitating the execution of transactions and on-chain data storage.
• Cross-application utility – As a highly versatile and liquid asset, SUI can be seamlessly utilized across various applications within Sui’s ecosystem, including decentralized exchanges, lending and borrowing platforms, gaming, and more.
• Governance and decision-making – The SUI token will play a pivotal role in shaping Sui’s future, granting holders the right to participate in on-chain voting on key issues, such as protocol upgrades and platform modifications.

Furthermore, the Sui storage fund serves as a conduit to redistribute stake rewards across time, thereby compensating future validators for the storage costs incurred by previously stored on-chain data. This ingenious tokenomic design establishes a mechanism that enables users to store data on-chain indefinitely, while ensuring that current and future validators are fairly remunerated for their storage efforts, thereby guaranteeing long-term sustainability.

The Sui Network’s Security Mechanisms: A Robust Framework

Sui employs a delegated proof of stake (PoS) mechanism to safeguard the network against sybil attacks, wherein validators and delegators assume roles analogous to those in other dPoS systems.

The distinctive feature of Sui’s network-level architecture lies in its consensus protocols. Notably, Narwhal, a proprietary protocol, has been developed to efficiently create and manage a mempool for a directed acyclic graph (DAG), which Sui leverages. Subsequently, Bullshark, the consensus protocol, extracts transactions from the Narwhal mempool to validate and finalize them. As mentioned earlier, certain transactions can bypass the consensus mechanism altogether, instead utilizing the Byzantine Consistent Broadcast mechanism to achieve finality in under half a second, complete with true settlement guarantees.

This network design has demonstrated the capability to process an impressive 297,000 transactions per second in a controlled testing environment, showcasing its remarkable scalability.

Where to Acquire Sui (SUI) Cryptocurrency

SUI can be acquired on a multitude of prominent centralized exchanges, including, but not limited to, Binance, Coinbase, KuCoin, Bybit, Kraken, and Bitfinex, among others.

Introducing SuiNS: A Revolutionary Blockchain-Based Naming System

As a pioneering name service platform, SuiNS is designed to assign distinctive identifiers on Sui, exemplified by “alice.sui”. These identifiers, aptly referred to as names, are seamlessly linked to Sui accounts, thereby streamlining transactions by effortlessly directing them to the corresponding Sui account. This innovative approach simplifies the process of specifying Sui accounts for users, ultimately elevating their overall experience.

SuiNS names are embodied as NFTs, securely stored in the user’s digital wallet, thereby ensuring that the inherent ownership benefits of Sui objects are seamlessly extended to SuiNS names. Furthermore, SuiNS offers an array of personalized options, allowing users to associate bespoke avatars with their names. These avatars, also in the form of NFTs, harness the power of Sui’s composable objects, presenting users with a vast array of possibilities for their graphical representations. Moreover, SuiNS supports IPFS websites, empowering users to craft either straightforward informational pages or intricate, dynamic sites that showcase their unique online presence.

Associated Resources:

Decentralized Finance Projects on Sui:

• Turbos Finance
  • A hyper-efficient decentralized exchange that aggregates concentrated liquidity, enabling users to trade assets at optimal prices while earning rewards for providing liquidity.
• BlueFin
  • A high-performance decentralized derivatives exchange that combines low costs with a seamless, Web2-like user experience.
• Aftermath
  • A comprehensive, all-in-one platform that facilitates fast, inexpensive, and fully transparent trading, liquid staking, and yield earning.
• Kriya
  • A vertically integrated suite of DeFi products designed to aggregate liquidity, enhance capital efficiency, and provide tailored tools for institutions and whales.
• Sudo Finance
  • A real-world asset and derivatives exchange protocol that enables high-leverage trading with zero slippage, offering unparalleled market access.
• NAVI
  • A borrow-and-lending protocol on Sui, empowering users to participate as liquidity providers and borrowers, with advanced features like automatic leverage vaults.
• Cetus Protocol
  • A decentralized exchange and concentrated liquidity protocol built on Sui, leveraging a flexible underlying liquidity network to simplify trading for users of all levels.

• A cutting-edge decentralized exchange that converges concentrated liquidity, facilitating seamless asset trading at optimal prices, while incentivizing users with rewards for contributing liquidity.

• A pioneering decentralized derivatives exchange that boasts exceptional performance, minimal costs, and a seamless, Web2-like user interface.

• A comprehensive, all-encompassing platform that seamlessly integrates trading, liquid staking, and yield generation, boasting unparalleled speed, affordability, and unwavering transparency.

• A comprehensive, vertically-integrated suite of DeFi products designed to consolidate liquidity, optimize capital efficiency, and provide bespoke tools tailored to the unique needs of institutional investors and high-volume traders.

• A pioneering real-world asset and derivatives exchange protocol, facilitating high-leverage trading with zero slippage.

• Introducing a cutting-edge borrowing and lending protocol on Sui, empowering users to engage as liquidity providers and borrowers, complete with innovative features like automatic leverage vaults that amplify their market presence.

• A decentralized exchange and concentrated liquidity protocol, built on the Sui blockchain, leverages a flexible underlying liquidity network to facilitate seamless trading experiences for users of all levels.

NFTs on Sui:

• A diverse range of NFT marketplaces, including Hyperspace and Tradeport, offer seamless access to Sui assets.

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