Sui is a public blockchain of first–level smart contracts, which is designed to provide scalability and low latency for simple daily use, for example, asset transfer and payments. This is possible due to parallel transaction processing, which allows for more efficient use of processing resources and allows you to increase throughput by simply adding additional resources.

Sui invokes a consensus protocol only for co-owned objects, eliminating the concept of “lock time” for simple transactions. This is what allows you to complete transactions immediately.

The Sui platform is written in Rust and supports smart contracts written in the Rust-based Move programming language. Move was originally created by Facebook to develop the Diem blockchain (formerly known as Libra), which is currently abandoned due to opposition from regulators.

Team: Mysten Labs

Sui was founded by Mysten Labs. Five co-founders, as well as several Mysten employees, worked on the development of the Diem blockchain and the Move programming language. Four of the five co-founders worked at Facebook, but left due to strict regulatory restrictions and decided to work on their own blockchain.

Fundraising

December 2021:

— Collected in Series A: $36 million;

Investors: the funding round was led by a16z and NFX. Other investors: Scribble Ventures, Red point, Lightspeed, Electric Capital, Samsung NEXT, Stop Ventures, Standard Crypto, Coinbase Ventures and others.

July 2022:

— Collected in Series B: $200 million, Series B

Investors: Led the FTX Ventures.

Tokenomics

• Ticker: SUI;

• The total number of tokens is 10 billion. When the blowjob is launched, some of the tokens will be liquid, the rest will be decomposed according to the unlock schedule, some will be rewards for staking;

• There is no deflation/burning mechanism;

• — Utility of the token: stacking for network security, transaction fees, storage fees, voting participation, medium of exchange (native token);

Further details of TBA.

Dignities Based on published publicly available information, the key differences are as follows:

Gas Mechanism: Sui can maintain low and predictable gas prices, while encouraging validators to optimize transaction processing and prevent denial of service (DoS) attacks.

At the beginning of each epoch, validators vote for the network-wide gas price used by users as a reference for binding when sending transactions for processing. Validators are given incentives to keep the gas price close to the reference price for the epoch. Those who provide high prices receive a fine in the form of a deduction of part of the remuneration.

Similarly, non-responding validators receive relatively fewer rewards and risk receiving fewer delegated assets because users are interested in efficient transaction processing. In addition, predictable gas leads to the processing of predictable transactions.

Gas prices can remain low even during periods of high activity, since its throughput can scale linearly with an increase in the number of machines per validator. Validators can add more machines proportionally to meet the growing network requirements.

A unique feature of the Sui design is that the storage fee is paid separately from the execution of the transaction. In principle, storage costs should be denominated in dollars off-line to store arbitrary data on the network. They are evaluated exogenously and determined during the voting.

From the point of view of users, there is no difference in the commissions paid. However, when a user sends data to the network, he pays for both gas and storage. Part of the storage fees is paid to the “storage fund”, which covers the costs of validators for storing user data. The fund is used to subsidize future increases in storage costs as the network grows and develops. Conversely, users can delete data on the network instead of a discount on storage fees, and they do this to the economic optimum.

Below is an overview of Sui tokenomics:

Transaction Execution: Split into two consensus paths for the following transaction types:

• Simple transactions: defined as independent without causal relationships and use Byzantine serial broadcast transmission in transactions. It is a leaderless protocol that eliminates the overhead of global consensus without compromising security and viability guarantees.

Faulty validators do not have a significant impact on performance, whereas in most leading blockchains that experience a failure in one or more validators, there is a drop in throughput and an increase in latency. Transactions are optimistically verified and executed individually in parallel, rather than sequentially or in batches, as in most traditional blockchains.

• Complex transactions: Defined as interdependent/intertwined with common objects and use variants of the Byzantine Fault Tolerance (BFT) protocol. Sui calls them and executes them sequentially using Narwhal. Transactions are verified in 2–3 seconds.

Transaction types should be clearly defined. The consensus subsystem is also scaled in the sense that it can order more transactions by adding more machines for each validator. This allows Sui to scale.

BFT Consensus: known as Narwhal & Tusk. Like Aptos, the Sui consensus protocol is also derived from HotStuff. Sui and Aptos consensus mechanisms minimize the data exchange required between validators to process transactions in order to reduce delays. AptosBFT is partially asynchronous. The Sui design for consensus building distinguishes the protocol mempool from the consensus level, whereas most L1 PoS have monolithic consensus protocols.

• Narwhal (Mempool Protocol): Mempools store unconfirmed blockchain transactions until they are confirmed by a consensus protocol. Narwhal’s task is to broadcast transactions to consensus while maintaining data availability. Narwhal does not depend on the consensus protocol and is capable of allowing asynchrony in the form of failures or periodic loss of operability.

• Tusk (Asynchronous Consensus Protocol): responsible for the order of transactions. Tusk uses general randomness to eliminate additional communication between nodes and allows each node to determine the overall order of transactions. In combination with Narwhal, it provides high performance in the event of failures.

Narwhal and Tusk can be combined with other Byzantine Fault Tolerance (BFT) consensus protocols. The team discovered this code to allow the broader crypto community to benefit from their research (starting with their partnerships with Celo and Sommelier).

Theoretically, the project does not have a known upper limit on bandwidth scalability. Since there are no test network results, it will be interesting to see how this works in practice.

Sui security properties are able to withstand bad network conditions, network partitions, or DOS attacks on validators because they do not impose any assumptions about synchronization on the network. On the contrary, long-term network attacks on synchronous blockchains (i.e., on most proof-of-work blockchains) can lead to double resource consumption and deadlocks.

Equipment requirements

Below are the requirements for Sui, Aptos and other L1:

As of June 30, 2022, more than 5,000 Sui nodes were operating in 65 countries. Other factors contributing to decentralization will be discussed later when both Sui and Aptos launch the main network.

Sui Development Kit (SDK): While Aptos also has an SDK to improve DX/UX, the Sui SDK makes interesting attempts to link other ecosystems and use cases unrelated to cryptocurrency.

• Gaming API: Connects game developers directly to general-purpose L1, not to a sidechain or L2 focused on games. After that, game developers will be able to interact seamlessly with the Sui ecosystem (users, other dApps, assets) and the Move language.

• “SuiEcho”: Allows DApp developers to launch communities, facilitating the transfer of digital assets from other ecosystems to Sui. For example, owners of the Ethereum-based NFT Bored Ape Yacht Club can create Sui-based equivalents via SuiEcho, using their own PFP for ETH as proof of ownership.

Although the NFTs created by Sui are independent assets, their avatars can then be used on the Sui network. Similarly, it allows Sui DApp applications to connect to communities on other networks. While high-value NFTs can be combined elsewhere, the value eventually accumulates in the original chain.

Whereas this approach allows Sui and newer L1s to benefit from existing communities captured in another L1. The Aptos SDK also has NFT features, but they are currently limited to native Aptos features.

“Handshake”: an interface tool that serves as a channel for users to distribute, receive/redeem Sui digital assets (for example, payments, trade coupons) both cryptocurrency users and non-cryptocurrency users. For users who do not use cryptocurrency, no prior account creation or interaction with the basic block chain is required. The Handshake roadmap includes connecting users who do not use cryptocurrency.

Ecosystem
Below is a comparison of Github star watchers, Discord members, and Twitter followers for key L1 alternatives as of July 25. Note: Ethereum was not included because its dominance is widely known (also because these new L1s are unofficially considered “SOL killers”):

Conclusion
The Sui team certainly took the hackneyed phrase “Bear markets are for construction” seriously. Sui is written in a new programming language for smart contracts, which could be an obstacle, but the Move language is still based on the Rust programming language. Thus, potential developers should have no problems with developing on Sui

In the last months of the bear market, we have seen a shift in emphasis towards user-centric protocols, dApps with real-world utility, and player-centric games (the opposite of P2E). In addition, we are seeing that more and more countries are starting to work on regulating stablecoins, which means that the demand for user-friendly payment protocols will grow. This could be observed at the sunset of the Terra ecosystem, when a wave of neo-banks and payment applications appeared on top of Terra and UST.

The architecture of Sui makes it an ideal platform for such DeFi games and payments, as they usually use simple transactions. Such transactions can be executed almost in real time and are not limited to the base block. In addition, the network can be scaled horizontally, if necessary, while maintaining a low cost per transaction.

P.S. The article was written a long time ago, so some of the information is outdated.The article will be updated in the future.If you like it, support the project. You need to click on the NFT collection in the upper right corner and replace the NFT for 10U or so to support the project.

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