If you thought we are done with L1 blockchain expansion you are in for a big surprise. Smart contracts still have a long way to go and everyone wants to be the lead innovator in the crypto space. This race to the top has brought us some new names like Aptos and now Sui.

Here is what makes it unique:

What is Sui?

Sui is yet another layer 1 blockchain that claims to have horizontal scalability, instant finality and low fees. Other perks that come with Sui are true asset ownership meaning that they always sit in your wallet, not in a smart contract and every signing request is readable by a normal human being which is not the case right now with any other blockchain.

Sui is VC-backed but early adopters will probably get a piece of the pie once the token launches. They recently closed a Series B funding round which raised $300M in capital for further development. The round was lead by FTX Ventures along with a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures, among other investment firms and strategic partners.

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Sui Benefits

Parallel Transaction Execution

So far, transactions on every blockchain got executed sequentially meaning that they are executed in order. If you and I both send crypto to someone depending on who sent it first (or who paid more gas on Ethereum) that transaction will be executed before the next one. With Sui, transactions get executed in parallel to each other.

To help with the throughput "workers" can be added and spun up on demand to help process transactions when there is a congestion issue. Each node on the network can scale in this manner.

Sustainable Gas Fees

To try and avoid the pitfalls of all L1 chains that use gas for transaction fees Sui is trying a different approach. Gas fees are determined at the start of every epoch which lasts 24 hours. With each passing epoch, the validator set changes and the new validators vote on a reference gas price for the entire epoch. From here the chain provides additional incentives (if needed) to validators so that the transaction fees can stay as close as possible to the reference price during the epoch.

Move Programming Language

Move is the native programming language of Sui and it is based on Rust. It was initially designed for the Libra crypto project launched by Facebook/Meta. The team behind Sui claims that Move is more secure and easier to work with.

More details can be found in this Twitter thread.

SUI Token

SUI will be the native token of the Sui blockchain. It will be used for staking, transaction fees, governance and a medium of exchange.

The SUI token has a total supply of 10B and will be distributed between the founding team, investors and the Sui foundation. A public sale will be announced and some emissions will surely go to the early adopters of the network.

Conclusion

While the crypto space may seem overcrowded already we just may need yet another L1 to challenge our current beliefs and industry standards. In the coming weeks we will be putting Sui to the test by playing around with the dapps on Devnet and Testnet so stick around if you want to find out more and be an early adopter.

Posted Using LeoFinance ^Beta