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Cryptocurrency market is full of new and revolutionary ideas. Some of the newly-created coins and tokens pride themselves with being the fastest, cheapest, most innovative and so on. While many of them are actually doing their best to bring in the said innovations, others are pure scams and frauds without a competent team, vision or a goal.
That, however, cannot be stated about our todays’ project – Sui (SUI). Sui (SUI) is a cryptocurrency that has all the above-mentioned attributes and so far, has been putting all of them into good use. What it is, why is it unique and what it aims to bring? Those will be the main talking points of this article.
Sui (SUI) is a decentralized, permissionless layer-1 protocol that allows for creation of smart contracts with the aim of decreasing the latency management of the assets built on or around its ecosystem. It is currently trying to solve some of the main issues connected to the world of cryptocurrencies such as low scalability or high gas fees.
The team behind Sui has decided to attack this problem from a bit different perspective than most projects in this field. While most cryptocurrencies are executing transactions sequentially, that is one by one, Sui wants to do this in parallel thanks to transactions parallelisation. This approach allows the consensus mechanism to reduce the amount of communication that is required between validators who process transactions, which leads to simple transactions being processed immediately, with more complex ones being processed in 2-3 seconds.
This would reportedly allow Sui to process more than 120,000 TPS (transactions per second). In comparison, Visa processes about 24,000 TPS and Ethereum only about 15 TPS. Aptos, a cryptocurrency that is using the same logic and approach to this problem is even more successful with 160,000 TPS, showing the potential of where all of this can lead.
One of the main reasons as to why Sui is able to target such a high throughput of transactions is Move. Move is a programming language that defines operations on specific objects. These can be, for instance, custom rules for creation, transfer of assets to the new owners or operations that mutate assets.
The Move programming language, which is an integral part of the whole project, is used due many of its benefits. The team behind Sui, which was also created and developed Move when working for Meta on the Diem project, decided to implement Move to help with creation of smart contracts, which are based on it.
However, Sui does not use the Move Core code. Instead, it uses Sui Move, which is different in a few aspects. For instance, for Sui Move, addresses represent object IDs, which themselves are globally unique, or have module initialisers. Sui Move also takes entry points and object references as inputs and uses its own object-centric global storage.
Speaking of the objects, any smart contract on Sui is considered to be an object (also known as Move Package). Every object as such has an ownership, which specifies how it can be used in any given transaction. There are four different types of ownership of objects, which predefine what can be done with them. These are: owned by an address, owned by another object, immutable or shared.
One of the key advantages of using the Move programming language in the Sui ecosystem is that it allows for the creation of custom smart contracts that are tailored to specific use cases. This can help to streamline business processes and reduce the costs associated with traditional intermediaries. In addition, the Move language allows for the creation of tokens and other assets that are unique to the Sui (SUI) ecosystem, which can help to increase the value of the platform and its associated tokens.
Overall, the integration of the Move programming language into the Sui (SUI) ecosystem can be viewed as a positive development that should help to attract more developers and users to the platform. By providing a safe and secure programming language for building dApps and smart contracts, Sui is well-positioned to become a leading platform in the blockchain space.
As was previously stated, the team around Sui worked for Meta’s Diem blockchain. Currently, they are known as Mysten Labs, but are building the Sui project. Some of the members of the Mysten Labs team include Evan Cheng (the co-founder and CEO), Adeniyi Abiodun (co-founder and CPO), Sam Blackshear (co-founder and CTO), Kostas Chalkias (co-founder and Chief Cryptographer) and George Danezis (co-founder and Chief Scientist).
From the very beginning the company has seen extensive support by projects and venture capital firms from the cryptocurrency industry. They received funding, for instance, from the likes of Circle, a16z crypto, Binance Labs, Electric Capital or Coinbase Ventures. It also includes dozens of other VCs and cryptocurrency funds that are partners of the project and Mysten Labs.
The project has seen the interest of the investors mostly through its investment rounds. While the Series A round brought around $36 million, the Series B round was much more successful for raking over $300 million.
The ecosystem of Sui can be probably best described by the Sui Foundation. This effort aims to ensure that the community around Sui develops with the necessary support. Sui Foundation has the goal of supporting developers, builders as well as creators due to the foundations funds, which should also include the SUI tokens.
Sui Foundation has a clear goal of also promoting and cultivating the holistic development of the Sui ecosystem. It should also help with embracing the transparency of the whole ecosystem, open communication and culture of trust as well as engagement.
What is interesting about the foundation is that it was released a bit shortly after the launch of the official Mainnet of Sui. This is rather atypical, but Sui supported this decision by stating that the early release was intentional. It should support the flourishing of the community of Sui and all of its possible future participants. Via this, Sui is trying to encourage the growth of the network from the early stages.
All of this will be enhanced by the Developer Grant Program. This program will help to redistribute the funds to anyone from developers to content creators in order to help with the creation of the decentralized future built in the Sui ecosystem. It also opened up the space for applications for developers, who also have their own grant called the Developer Grant.
The foundation has also outlined another field in which it wants to support the development of the Sui ecosystem. This is through funding of different events such as hackathons, conferences as well as development of projects such as wallets, infrastructure or digital identities on Sui. Basically, anything that will attract the users to come and join Sui can be rewarded through different grants and funds.
As is typical with most of the cryptocurrencies, Sui has its own governance token, SUI. It is estimated that there will ever be 10 billion SUI tokens. They will all serve four different functions:
Governance – unsurprisingly, it will also help with the governance of the project as it will give rights to the people to participate in the on-chain voting.
Interestingly enough, many people close to this ecosystem and SUI token are now talking about the possibility of an airdrop being in place. While these are mostly rumours, the team has been very explicit about rewarding the users, especially those, who came in early. With the likes of Aptos and its airdrop, it would not be a surprise to see an airdrop on this project as well. The team has, however, stated very clearly that as of now, there are no immediate plans for an airdrop. Yet, it might not be completely out of the picture.
Sui is one of the cryptocurrency projects that does not have the longest history. Yet, the team behind it has already achieved plenty, which for many can indicate that this project is poised to be successful. With the possibility of an airdrop, which can easily help anyone who participates in the early stages of the ecosystem make a quick buck, it is not surprising that the project is currently seeing a lot of traction. The Sui Foundation and its effort to bring in as many people as possible to create a whole network of developers and content creators is definitely also helping.
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