Mysten Labs, a web 3.0 development company, introduced its first product, Sui, in March 2022. Unlike most blockchains, Sui positions itself as a centralized blockchain platform. In addition, the main feature of Sui is a new programming language – Move. Together with high bandwidth, high transaction speed, low fees and a new language, Sui should expand the audience of web 3.0.

Sui Prospects

In 2021-2022, interest in web 3.0 began to grow very rapidly. Nevertheless, more than 75% of software developers out of 27 million have never worked in the blockchain technology industry. As for developers on Solidity, the situation is even worse here: only 200,000 people are familiar with this programming language. Insufficient demand is caused by the fact that the most popular blockchain at the moment, i.e. Ethereum, has difficulties with scalability. This leads to a negative user experience, and hence to a decrease in interest in web 3.0 as a whole.

Thanks to the new programming language and other advantages of Sui, the platform promises to attract many new developers to web 3.0. In addition, the high speed of transaction processing, as well as their low cost, will attract a huge number of new users from Sui.

But you need to understand that although the new programming language opens up new horizons for decentralized applications, it also has negative consequences for Sui. Most people are conservative and don't want to learn something new, and developers are among them. To attract them to their platform, the Sui team will have to try hard. At a minimum, it will be necessary to issue grants to promising projects. In addition, it is worth taking care of the popularization of Sui among ordinary users, who also do not necessarily want to switch to a new blockchain.

But there are also positive aspects for Sui. Since January 2021, the dominance of Ethereum (TVL) blocked assets in DeFi applications has fallen from 97% to 55%. Such a huge decrease indicates that users are ready to switch to new blockchains. Although, of course, it is worth understanding that Ethereum still has a dominance of more than 50%, so it is still very early to talk about the complete rejection of users from it. Except for TVL in DeFi, the situation is very similar with NFT. Probably everyone has heard about NFT collections on Solan, Binance Smart Chain and other promising blockchains.

Considering the two previous points, Sui, although there is no chance of capturing the entire DeFi and NFT market, but it is quite realistic to tear off a serious share of it. Fast and cheap transactions will help developers of decentralized applications significantly improve their work. Creators of NFT collections may also be interested in Sui, because the blockchain allows you to create developing, dynamic NFTs that can be unlocked, updated and combined depending on the game.

Although the platform has not yet been released to the mainnet, the project team already states that it will have a huge number of applications:

• Primitive DeFi, allowing you to trade online in real time with low latency and small gas charges. This will allow applications on Sui to fully compete with similar ones, only on other blockchains.

• Reward programs: the deployment of mass airdrops, involving millions of people through cheap transactions. Due to this, token developers will be able to significantly increase the decentralization of their asset. In addition, the reward programs will allow you to attract a new audience to the project.

• Challenging games: Expanding the functionality of NFT assets and ensuring their value through a variety of useful functions, not just through scarcity. Although this is not a completely new technology, however, GameFi projects on Sui will be able to claim leading positions in this industry.

• Asset tokenization services that allow you to tokenize everything your heart desires, from documents on the ownership of collectibles to medical and educational records.

• Decentralized social networks: expanding opportunities for creators of media, posts, likes and networks, taking into account privacy and compatibility. This is also not an innovation, but with the proper use of the technologies offered by Sui, developers of decentralized social networks will be able to attract new bloggers as well as ordinary users.

Sui CEO Evan Cheng stated the following regarding the prospects of blockchain technologies and Sui:"The current blockchain infrastructure is limited and simply does not meet the needs of developers or consumers. The existing technology suffers from placement limitations and unsafe programmability models, forcing developers to make concessions in terms of functionality and user experience. We have only outlined what is possible in web 3.0. The lack of a developed infrastructure constrains everything else – from DeFi to games and NFT. With Sui, we will enable builders and collectors to discover a world that was previously inaccessible."

Project team and investments

For many, a good project team and large investments in it will be important. As mentioned above, Mysten Labs is engaged in the development of Sui.

Mysten Labs is a team of leading experts in distributed systems, programming languages and cryptography, whose founders led Meta security research and helped develop the Diem blockchain and the Move programming language. The mission of Mysten Labs is to create a basic infrastructure for Web 3.0.

The investments Mysten Labs has collected are also not small. According to this source, the team raised at least $140 million in Round B, and they plan to raise at least $200 million. Prior to that, Mysten Labs had already raised $36 million during Round A.

What can Sui do now

At the moment, only the Sui devnet is running, but it already has decent functionality. Not so long ago, a wallet was released in the form of a browser extension. You can download it from this link. Now you can request and play with tokens. The team does not promise anything for this, but anything happens, maybe there will be some kind of retro drop in the future.

To get test tokens, you need to go to the project discord. Next, go to the devnet-faucet tab.

To receive tokens, we need to copy our address from the downloaded wallet. The button is shown in the screenshot below.

After we return to discord, we write!faucet and insert your address.

Tokens will be credited to your account quickly.

In addition to requesting tokens, Sui now allows you to change DemoN FT. To do this, go to the gear in the upper right corner.

Click Mint DemoN FT.

That's it, you can see your NFT by going to this tab.

In addition to the wallet, the platform, like most blockchains, also has its own browser.

For node lovers, Sui also has a case. At the moment, you can start a node in devnet, but so far the nodes are not identified in any way. So, most likely, there will be no awards for them. But here it is important to take into account that already in August the developers promise to launch an encouraged testnet Sui. It is possible that the holders of the notes in the dernet will have some kind of priority, but this is unlikely. To put or not to put the node now is up to you. But participation in the encouraged testnet should bring a good profit.