Introducing Sui: Diving into the Depths of a Promising Layer 1 Blockchain

介绍Sui：深入探索一种有前景的Layer 1区块链的深渊

Giới thiệu Sui: Tìm hiểu sâu về Blockchain Layer 1 đầy hứa hẹn

شرح شبكة Sui بشكل عميق وميزاتها.. وما هي الإمكانيات التي توفرها

When high-profile Meta executives set out to create a new Layer 1 blockchain and smart contract platform, the industry took notice. Despite its ill-conceived concepts for a centralized metaverse platform, Meta remains a Big Tech powerhouse after all. In September 2022, Sui made a splash by raising <a href="https://www.coindesk.com/business/2022/09/08/crypto-startup-mysten-labs-raises-300m-from-industry-heavyweights-at-2b-valuation-report/">$300 million at a valuation of $2 billion</a>, in a funding round led by the now defunct FTX Ventures. Its native token SUI currently has a market cap of <a href="https://coinmarketcap.com/currencies/sui/">$411 million</a> with the blockchain network clocking in <a href="https://defillama.com/chain/Sui">$12 million</a> in Total Value Locked (TVL).
Let's dive into the deep waters of potential that Sui offers, exploring its unique features, diverse use cases, and the challenges it must overcome.<h2>What is Sui?</h2>
Taking inspiration from the Japanese word for <a href="https://www.alexrockinjapanese.com/how-to-say-water-in-japanese-best-words-and-kanji/#:~:text=When%20referring%20to%20water%20as%20one%20of%20the%20classical%20elements%2C%20however%2C%20the%20same%20kanji%20but%20the%20word%20sui%20(%E6%B0%B4)%20is%20used%20instead.">water as an element</a> (水), Sui aims to infuse the Web3 ecosystem with the fluidity and flexibility reminiscent of its namesake. Positioned as a Layer 1 blockchain, Sui seeks to streamline development across a wide range of applications.
At its core, Sui aims to reduce smart contract execution time and prioritize scalability for decentralized applications (dApps). To differentiate itself from established blockchains like Ethereum, Solana, and Polkadot, Sui introduces a series of architectural designs that enhance its speed and scalability without compromising security. Noteworthy features include the Sui consensus engine, parallel transaction execution, and the Sui Move smart contract programming language.
Sui's delegated proof of stake (dPoS) network allows validators to stake SUI, the platform's native cryptocurrency, to validate transactions. The SUI token serves as a medium of exchange, executes custom programs, and incentivizes users who contribute to the platform's development.<h2>Who created Sui?</h2>
MystenLabs, the brains behind Sui, boasts an impressive lineup of founders, including Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. These industry veterans have collectively shaped the development of notable projects like the Diem blockchain, the stablecoin payment system, and Novi, the Facebook wallet program. While these projects eventually ended up stranded on a deserted island, the expertise gained from them undoubtedly formed the foundation for the creation of Sui.
MystenLabs is also responsible for developing and maintaining the Move smart programming language, native to various platforms. Sui Move, a variation of Move specific to the Sui blockchain, is essential for running the network and indispensable for developers building dApps.
Overseeing the development and growth of Sui is the Sui Foundation, an independent organization committed to supporting ecosystem developers and creators through grants and other initiatives. This organizational structure is similar to most Layer 1 and Layer 2 blockchains such as Algorand, Klaytn, Aptos, Arbitrum, Polygon and more.<h2>Under the hood: How Sui works</h2>
The Sui network offers a range of features commonly found in other blockchain platforms, including smart contract processing, dApp development, transaction settlement, and token issuance. However, Sui aims to differentiate itself by striving to address the "blockchain trilemma" of speed, scalability, and security.
Ethereum’s Vitalik Buterin coined the term "blockchain trilemma" to highlight the inherent trade-offs that existing blockchains face. According to this concept, blockchains can only excel in two out of the following three aspects:<ol><li>Security: The robustness of the system to protect against malicious activities and safeguard the integrity of data and transactions.</li><li>Scalability: The ability of the blockchain network to handle a large volume of transactions and accommodate the needs of a global financial system.</li><li>Decentralization: The distribution of power and control across the network, ensuring an inclusive and transparent system that avoids the pitfalls of centralized financial systems.</li></ol>
Within this trilemma, no ideal solution exists. Insufficient security exposes the public ledger to potential threats from malicious actors, jeopardizing the integrity of the entire system. If scalability is compromised, the network's size becomes limited, impeding its ability to meet the demands of a global financial ecosystem. Additionally, a lack of decentralization would result in an exclusive and secretive system, resembling the traditional financial infrastructure and hindering the transformative potential of blockchain technology.
Siu claims to have solved the blockchain trilemma using certain features and technical designs including:
Sui Move
Sui Move, a programming language for building smart contracts, is a variation of the Move language developed by Facebook for the Diem blockchain. While most blockchains, such as Ethereum, rely on "accounts" to interact with smart contracts, Sui Move revolves around programmable "objects" unique to the Sui blockchain. Developers can define custom rules for these objects, including their modifiability, as well as regulations governing their transfer. Leveraging objects simplifies asset programming, particularly for non-fungible tokens (NFTs) and gaming assets.
Sui's Consensus Engine
Objects within Sui fall into two categories: shared and owned. Shared objects require consensus from validators to be added to the network's ledger in a specified order. Achieving consensus on shared objects ensures the integrity and reliability of the Sui blockchain.
Owned objects, such as token transfers and interactions with dApps, can be modified by their respective owners. These transactions enjoy expedited approval through specific algorithms, allowing for parallel execution of multiple transactions.
Parallel Execution
Unlike many other blockchains that rely on ordered lists for transaction processing, Sui adopts a different approach to address efficiency concerns. Instead of strictly following a sequential ordering scheme, it adopts a more flexible approach by casually ordering transactions. This is made possible due to the object-oriented nature of Move, which enables parallel execution.
Sui does not aggregate transactions into blocks for processing. Instead, it individually validates each transaction and subsequently broadcasts a certificate to the network. This unique approach ensures transaction integrity and enhances the efficiency of the network.
The SUI token: fluidity in the ecosystem
At the heart of the Sui blockchain lies its native asset, the SUI token. This token serves as an incentive mechanism for participants within the decentralized network. Its primary utilities include staking, paying gas fees, providing on-chain liquidity, and governance.
Validators can stake SUI tokens to gain the power to vote on network upgrades, with voting weight directly proportional to the number of tokens staked. Sui also rewards token holders who delegate their tokens to validators, allowing them to allocate their votes to other users. Validators are motivated to act honestly as delegators retain the freedom to switch their allocation at the end of each epoch.
Token distribution follows a structured plan, with 20% allocated to early contributors, 14% to investors, 10% to the treasury, 6% to a Community Access Program and Sui app testers, and 50% to a community reserve managed by the Sui Foundation. The community reserve will support delegation programs, grant initiatives, research and development, and validator subsidies.<h2>What are projects building on Sui?</h2>
Game-Fi experiences
With its object-based blockchain design, Sui holds great appeal for game developers seeking to incorporate a multitude of in-game assets. As of May 2023, Sui has attracted approximately nine gaming projects. Notable titles include Abyss World, an action-packed high-fantasy adventure, and Run Legends, a dApp that combines fitness activities with gaming elements. Furthermore, Orange Comet, a prominent Web3 gaming and entertainment company, has partnered with Sui to launch immersive games on the platform.
DeFi Protocols
Sui Move's robust security features make it an ideal environment for developers constructing secure financial packages. Prominent DeFi protocols built on Sui include Turbos Finance, OmniBTC, Cetus, Aftermath Finance, Cetus Protocol, and many more. However, Sui still faces the challenge of increasing its throughput for payment and asset transfer to keep up with demand.
Decentralized Social Interaction
Perhaps owing to the founding team’s background, Sui hosts a variety of community-centric dApps, offering decentralized alternatives to traditional social networks. Polymedia Chat, for instance, enables on-chain conversations shielded from centralized censorship. Suia, another Sui-powered dApp, creates on-chain families by matching users with similar classes of NFTs, fostering social interaction.
NFT Projects
Sui plays host to an expanding array of NFT projects, including Cosmocadia, Haven's Compass, Abyss World, and Studio Mirai. Studio Mirai, in particular, focuses on fashion and lifestyle, facilitating various streetwear and fashion events. As Sui gains momentum, the number and quality of NFT projects are expected to surge.<h2>It’s not all smooth sailing</h2>
Despite Sui's impressive accomplishments, several challenges must be addressed for widespread adoption. Sui Move and its immutable package objects present a language barrier. Currently, only a limited number of developers possess the expertise to write robust Sui Move smart contracts. To overcome this challenge, a concerted effort is required to onboard more developers into the Sui ecosystem.
Sui also faces an uphill battle in convincing builders and users to adopt its blockchain. With established Layer 1 blockchains already in use, Sui must establish itself as a secure and popular choice for projects and users alike. It’s never too late to enter the game, but it doesn’t necessarily get easier either with so many blockchain networks having already built their market presence and developer communities.
Despite these challenges, Sui is looking at a promising future. The Layer 1 blockchain has already made significant strides in collaboration, acquisition, and ecosystem growth. As it continues to embed itself in the ever-changing Web3 ecosystem, Sui has all the hallmarks of another top tier chain playing a key role in making the decentralized future a reality.

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Introducing Sui: Diving into the Depths of a Promising Layer 1 Blockchain | MaskEX Blog