An Overview of SUI Blockchain: Benefits and Limitations

 

In the ever-evolving landscape of technology news, a term garnering significant attention is “SUI Blockchain.” This emerging layer 1 blockchain network has generated considerable buzz in the market.

SUI Blockchain’s mainnet went live on May 3, 2023, marking a significant milestone in the cryptocurrency world. The creators behind SUI have roots in Meta, contributing to its credibility. The platform employs a modified version of the Move programming language, originally designed for the Meta Diem blockchain.

Read on to delve into the workings of the SUI blockchain, explore its use cases, and understand its key features.

What is Sui Blockchain?

Mysten Labs, a company dedicated to Web3 infrastructure, introduced the SUI blockchain as its flagship innovation. Rapidly gaining traction, SUI aims to rival the Solana network as a blockchain service. Operating as a Layer-1 blockchain, SUI prioritizes expediting smart contract execution and facilitating the growth of decentralized applications (dApps).

Sui is a Layer 1 blockchain that was made to fix some of web3’s problems. Its main goals are to reduce the amount of time it takes to execute smart contracts and to revolutionize blockchain technology by making it faster and safer as web3 becomes more popular in the blockchain world.

As a layer 1 blockchain, Sui provides the underlying infrastructure for a system of validations and transactions, like the Ethereum or Bitcoin networks. But what makes it different from other L1s is that it focuses on making transactions final right away, reducing latency, and speeding up transactions.

In short, Sui uses the native programming language Move, parallel processing of transactions, and the delegated proof-of-stake consensus mechanism to make it more scalable without sacrificing security.

What is an SUI token?

The native token of the Sui blockchain network is the SUI Token. It is used to pay transaction fees, keep the network safe, and vote on how things are run. SUI is a Proof-of-Stake (PoS) token, which means that validators who stake SUI tokens are in charge of verifying transactions and keeping the network safe. There are a total of 10 billion SUI tokens in the world.

How Does SUI Blockchain Work?

The Sui blockchain is a Layer 1 blockchain that aims to provide high-speed transactions, instant processing, and scalability. This is how SUI Blockchain works:

Move language:

SUI Move is a programming language that is similar to the Diem blockchain’s Move language. Smart contracts can be made with it. Most of the top blockchain protocols use accounts and addresses that can receive, send, and hold crypto tokens and interact with Smart contracts to build Smart contracts.

The Move language, on the other hand, uses programmable objects, which are native to SUI. Developers can make their own rules, which include the ability to change the object and set rules for how these objects can be moved. Using programmable objects makes it easy for developers to code crypto assets. The Move programming language is perfect for making crypto-based games and non-fungible tokens (NFTs).

Parallel transaction execution:

Parallel transaction execution is one of the most important new things that Sui has to offer. On other platforms that handle smart contracts, transactions are usually carried out one at a time, in the order they were received. This makes it take longer to process each transaction. However the Sui blockchain handles transactions in parallel, and simple transactions don’t have to go through consensus. It means that they are almost immediately final.

For comparison, the Ethereum blockchain can handle about 15 transactions per second (TPS) at its most efficient. During tests, the Sui blockchain could handle 120,000 transactions per second.

Sui consensus engine:

Sui uses a consensus engine called Bullshark, which is designed to be fast and secure. Bullshark uses a delegated proof-of-stake (DPoS) mechanism, which means that a small number of validators are responsible for validating transactions. This helps to make the consensus process more efficient and scalable.

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Continue reading here: SUI Blockchain

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