Sui is a fast blockchain with low-cost transactions and a unique object-based data model, which attracts the attention of large investors and ordinary crypto enthusiasts. In this article, we’ll discover how the former Meta creators’ project works, as well as its features and capabilities.

What is Sui blockchain? 

The Sui Network is a Layer 1 blockchain designed to provide fast, secure, and affordable digital asset ownership for everyone. The project has its own SUI token, which is aimed at businesses that want access to the platform's advertising and payment services.

The project was launched on May 3, 2023, in order to solve the problems associated with the centralization of digital assets. The Sui Network team is confident that this goal will help them become one of the leading platforms in the world.

Who created Sui?

A little history: In 2019, Telegram worked on TON, and Meta was preparing the Libra (Diem) blockchain. As a result, both projects were crushed by regulators and closed. The developers who worked on Libra took away their groundworks and in 2023 opened their own company behind Sui — Mysten Labs.

Project Team:

• Evan Cheng — the chief executive officer
• Adeniyi Abiodun — the chief product officer
• Sam Blackshear — the chief technology officer
• George Danezis — the chief scientific officer
• Kostas Chalkias — the co-founder and chief cryptographer

The team had minor problems with the launch of the project. Firstly, they hinted at an airdrop. Then they apparently have received a warning from the SEC (US Securities Commission). After that, the creators decided to conduct closed sales instead of public sales.

There were several ways to participate in the private sale. To get allocation at the most delicious price, it was necessary to get a whitelist. It was given to those who got into the event and became the winner of Capy Holidays, got into the Champions, or were in the project's Discord until February 1, 2023.

Those who were able to participate in the sale received SUI tokens for $0.03. After the sale, they could be sold for about $1.2. 

How does Sui work?

One of the reasons for Sui's popularity is its innovative novelty. Further, we’ll dive into the technical features of Sui and the architecture of the project.

Sui technical features

Sui uses a Delegated Proof-of-Stake (dPoS) consensus algorithm, meaning validators are elected by token holders, and they secure the network. Sui’s special algorithm is based on the unique Narwhal and Bullshark protocols, allowing calculations to be performed in parallel.  

The goals of the network are to provide instant calculations and high bandwidth, reduce the cost of launching web3 projects and DeFi services, and become a wide ecosystem compatible with the current leaders of the crypto industry (Ethereum, Arbitrum, etc.).

Narwhal is a high bandwidth mempool ("waiting room" for unconfirmed transactions)responsible for ensuring synchronization and availability of data submitted for confirmation to validators.

Bullshark is a consensus protocol based on a combination of Directed Acyclic Graph and Byzantine Fault Tolerance technologies. The peculiarity of Bullshark is that it allows you to reach consensus without the need to exchange information between validators.

The SUI programming language — Move

The developers solved the low bandwidth problem using the Move programming language. SUI validators can now process transactions in parallel and different sequences. Simple transactions can also be processed faster without confirmations (small payments or asset transfers). This greatly speeds up the network. Sui blockchain can overclock up to 297,000 transactions per second (TPS), which sets Sui apart from other blockchains, and is suitable for resource-intensive games and DeFi, and also opens up the possibility of using tokens as a means of payment in large volumes.

Another interesting nuance regarding transaction fees is that SUI offers a more stable gas fee since the committee of validators who set the price for it changes every 24 hours. The rate will be constant throughout the day.

Network architecture

According to Sui's technical documentation, blockchain consists of 3 components:

• Objects. It is the basic storage unit of the Sui blockchain. They are created and managed by smart contracts. Network data is divided into 2 categories: changeable (Move objects) and immutable (Move packages).
• Transactions. With their help, all changes in the network are recorded in the distribution registry.
• Validators. The entire network and transactions are handled by independent validators. Each of them runs its instance of Sui software on a separate device.

What problems does Sui solve?

SUI solves several basic tasks that can limit blockchain adoption and functionality:

Scalability. SUI achieves exceptional performance through parallel processing of non-sequential transactions such as asset transfers and NFT issuance. Using the algorithms of Byzantine Consistent Broadcast, the network provides simultaneous transaction processing with almost instant completion, significantly improving scalability.

Latency. Traditional blockchains often face transaction latency issues: transaction confirmation can take considerable time. Sui's design reduces latency due to its unique consensus mechanism and ability to execute transactions in parallel, enabling fast finalization.

Asset management. Unlike traditional blockchains, where data centers around accounts, SUI presents everything as objects, from token balances to in-game assets. These objects exist independently of smart contracts and are directly owned by users. This allows you to independently and in parallel check uncorrelated transaction flows.

Composability and Interoperability. Using the Move programming language and its object-based model, Sui improves interoperability and composability between decentralized applications (dApps). The system supports several cryptographic algorithms and primitives, and can quickly switch between them. With Sui, you can choose the right cryptographic solution for your system and implement the latest algorithms as they become available.

Management. Sui is a blockchain with adaptive democratic management. With robust control mechanisms in the chain, the platform lets SUI token holders directly participate in decision-making processes.

Concept of dynamic gaming NFTs. These NFTs allow game developers to modify asset metadata without burning or re-releasing it. In other words, game items can change and include a piece of in-game history, reflecting the development of the project.

Dynamic ecosystem for developers and users. SUI provides a convenient environment, guaranteeing security, verification, and extensive programming capabilities. The project also offers custom features such as zkLogin to access the dApp and a universal SUI token to manage and pay for transactions.

By addressing these challenges, SUI creates a more affordable, efficient, and secure blockchain environment that can support a wide range of applications and uses.

How is Sui different from other blockchains?

The main differences between Sui Network and other blockchains are:

• Object-based model: Sui treats assets in a chain as objects rather than accounts, making ownership easier and reducing computational costs.
• The Move: Sui programming language uses Move, a modified version of Libra Move, to create dApps, allowing developers to create safe and reliable applications.
• High performance: Sui can process transactions in milliseconds, faster than many other blockchains. It takes Sui 0,5 sec to overlock the transaction. Solana, by contrast, takes 2,5 sec.
• Object ownership system: Sui simplifies the ownership and transfer of digital assets, facilitating interaction with dApps.
• Parallel processing: Sui uses the Narwhal algorithm and Bullshark consensus to process transactions in parallel, which improves performance. By comparison, Sui’s TPS is up to 297,000, while Aptos’s or Movement’s TPS is 160,000. 

Unlike other blockchains, Sui:

• Does not use shared data storage: Sui uses its storage, unlike the Move global storage, which is used, for example, in Aptos. The Move's object-oriented version allows managing data and resources more flexibly.
• Does not utilize complex storage: Sui simplifies the structure of data and crypto assets, which reduces computing costs.
• Doesn't require permissions: Sui is a public blockchain that doesn't require permissions to join the network like some other blockchains.

What is the utility of the SUI token?

The main Sui Network crypto is SUI coin. Its functionality:

• Means for payment, exchange, and accumulation.
• Staking and collateral for validators.
• Native token, to provide liquidity in the network that underpins the entire Sui economy.
• Payment of fees for online transactions.
• Governance. Entitles token holders to participate in project management through voting.

Token economy participants:

• Users who create, modify, or transfer digital assets use apps on Sui.
• Users who stack a SUI either pay a fee.
• Validators are involved in processing and executing transactions.

Conclusion

Sui is an L1 blockchain built for speed and low fees. This is not just another alternative to Ethereum; it is a performance-oriented network developed by Mysten Labs, a strong team of former Meta engineers.

Using the Move smart contract language gives it a solid foundation for secure, high-performance dApps.

Sui smart contracts operate on independent facilities (e.g., NFTs, wallets, gaming items). If transactions do not affect the same objects, they can be processed simultaneously. This is why it is fast even with high network activity.

Sui attracts attention because it solves real scalability problems. It gained popularity among many DeFi, NFT, and game developers. The platform helps to implement everything that requires fast, cheap, and secure transactions. To keep track of the most recent SUI price changes, check out the Price Predictions section.

FAQ

What is Sui blockchain?

Sui is a decentralized layer 1 blockchain that offers great transaction speed at a low cost. This permissionless blockchain is designed to support a wide range of applications.

Who is sui?

Sui is designed by Mysten Labs, founded by former Meta engineers: Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis, and Kostas Chalkias.

What is sui crypto?

SUI is the native coin of the Sui Network.

What is sui protocol?

Sui uses the DPoS (delegated Proof-of-Stake) protocol, meaning validators are elected by token holders, and they secure the network.