Sui is a Layer 1 blockchain successor to DIEM, Meta's failed project, which aims to solve blockchain problems: scalability, security and transaction costs (gas).
Sui is a layer 1 blockchain based on a consensus algorithm Delegated Proof of Stake (DPoS), compatible with the use of smart contracts.
sui is the Aptos “twin” blockchain, since both projects arose as a result of the abandonment of Diem or Libra, the cryptocurrency project of Facebook (now Meta).
Its main characteristic is that they have sought reduce the time in which smart contracts are executed. In this way, they intend to revolutionize the blockchain, making it faster and more secure, so as to attract new users.
Sui's approach is focused on simplicity, since it is designed to be "user friendly" for users, but also for developers.
In short, it is a blockchain developed for facilitate the implementation of all types of projects, from Web3 games to decentralized applications with very low costs.
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Who is behind SUI?
Those in charge of developing Sui are Mysten Labs, a team led by several of those responsible for Novi, which should have been Meta's native wallet and its diem project.
Main features of SUI
Objects
Sui uses “objects” as the basic unit of data storage instead of accounts, as is the case with most blockchains.
The developers are the ones define, create, and manage programmable objects that represent user-level assets.
An object has different attributes, including property, and their values can be updated based on the governance logic of the smart contract who created it.
Objects and their attributes are stored in the blockchain and not in the contract that created them.
Objects can, in turn, own other objects. In this way, it is possible combine multiple assets to create a new one, which receives the name of “compound asset”.
Objects can be:
- Sole Proprietorship: they belong to a single address and are recorded as a data value. Transferring ownership requires a change in value.
- Shared ownership: belong to multiple addresses. If you want to transfer this type of object, all addresses must authenticate the transfer. As these are complex transfers, they are validated by consensus.
- mutable: can change.
- immutable: cannot change.
Programmable transaction blocks
In traditional blockchains, a transaction represents the fundamental unit of execution. These are usually simple, close to the execution of the virtual machine.
In Sui, transactions are more complex and allow composition.
Programmable transaction blocks are heterogeneous and can access any on-chain movement public function in all smart contracts.
Within a block, the typed outputs of previous outputs can be chained as inputs for subsequent chain calls, thanks to Move.
A block of programmable transactions can contain up to 1024 heterogeneous (basic) transactions, giving you almost unlimited compositing options.
For example, a single Programmable Transaction Block can pull a “Player item” from one wallet via smart contract, use it to perform a move in-game, and then send a “Badge item” earned from the move to another wallet. All this, without the need to publish any new code or smart contract.
How does SUI work?
MOVE programming language
Sui uses a improved version of the Move programming language who uses Aptos.
This programming language is Rust-based and was created by Facebook for its Diem project.
It's a executable bytecode language designed to prevent double spending and improve blockchain security. In general, it seeks to fix some of the imperfections of others languages like Solidity.
In this sense, Sui smart contracts are not created on a bead, but around the objects.
Parallel execution of transactions
The parallel execution of transactions is one of the main innovations that Sui brings.
On most blockchain platforms, transactions are executed sequentially (one after the other), following the order in which they are received.
This causes individual transactions to take longer to process.
SUI processes transactions in parallel, so that individual transactions do not need to undergo consensus and, therefore, are practically automatic.
Thus, in your testnet, Sui has been able to process up to 120.000 transactions per second.
Consensus Mechanism
SUI uses a version of Delegated Proof of Stake that divide network responsibilities in different parts so that validation is almost automatic.
The first part is called Narwhal and ensures the availability of the data. It is responsible for creating a DAG mempool that allows parallel execution of transactions.
The second part is called Bullshark, previously Tusk, and is the one that accepts requests. Bullshark is in charge of reducing latency and ensuring that validators, even those with low processing speed, can continue to contribute to the project.
Economic characteristics
The above mechanism translates into a delegated proof-of-stake (DPoS) system, which works in times of 24 hours.
In each epoch, SUI token holders select a set of validators to stake their tokens. These validators process the transactions on the network.
The tokens are locked in the system during this time, at the end of it, users can withdraw their tokens or change validators.
gas price mechanism
The SUI gas pricing system aims to improve the user experience by reducing costs and for this it has been designed on 3 pillars:
- Keep commissions low based on a computational formula.
- Incentivize validators to be as efficient as possible.
- Offer a layer of security and prevent vulnerabilities and denial-of-service attacks.
SUI's gas pricing system is dynamic. At the beginning of each epoch, the price that the validators have been accepting is polled and a reference price is chosen.
At the end of the epoch, validators who have acted effectively with the reference price receive regular rewards, while others may see their rewards cut.
This system intends implement a minimum gas price and incentivize validators to commit and keep prices low.
storage background
It is a fund that stores the network fees and redistributes them among the validators.
The size is maintained by ensuring that outputs from storage are always less than inputs.
There are two types of tickets: fees for transactions made in the current era and rollovers of rewards not paid to validators.
Outflow occurs when users delete unnecessary data in order to obtain a refund of the storage fee.
Aptos vs Sui
Although Aptos and Sui have been developed using the technology, the teams and even the investors that worked on Diem, Facebook's cryptocurrency, the differences between the two projects are remarkable.
Firstly, Aptos uses a global storage system from Move, while Sui has his own version.
At the same time, Aptos does not use the concept of "object", since it is a peculiarity of Sui, which can store up to 10 different objects in a single address.
The SUI token
SUI is the native token of the blockchain and to differentiate it from the network it is always written in upper case.
The token is used for the staking, both validation and delegation, as well as for the Comission's payment in the network, the negociación as a liquid asset and participation in the Governance of the network.
The SUI token has a total supply of 10.000 billion tokens, a part of which are released at the time of the launch of the network and the rest will be released gradually over time.
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