What is Sui Blockchain? An Explanation From Sui Station Twitter Account

What is Sui and how is it different from the other layer 1 blockchains?                                                                     

Introduction

Sui Network is a new generation of layer 1 blockchain. Sui is similar to Aptos that its founders are former members that used to work for Meta (Facebook).

Sui Founders

1. Evan Chang (Co-founder and CEO)

Former Head of R&D at Novi and Director of Engineering at Meta; previously worked at Apple for 10 years.

2. Sam Blackshear (Co-founder and CTO)

Former Principal Engineer at Novi

3. Adeniyi Abiodun (Co-founder and CPO)

Former Product Lead at Novim and Meta. Previously worked for VMware, Oracle, PeerNova, HSBC, and JP Morgan.

4. George Danezis (Co-founder and Chief Scientist)

Former Research Scientist at Novi and Meta. Previously worked for Chainspace and Microsoft.

3 Key Technologies

1. Fast, low latency, low cost, and scale horizontally.

Sui can scale horizontally without any upper bounds. That enable Sui network to meet dApp demand while maintaining low operating costs per transaction.

In blockchains, independent transactions are push into sequential blocks that creates wasteful computational power which reduce speed and increase cost.

2. Parallel Execution

In Sui, data is organized into independent objects, so transactions can be executed in parallel. Because of this, simple transactions can be executed instantaneously, whereas complex ones take a few seconds.

They achieve this through Byzantine consistent broadcast. Thus, eliminating the overhead causes by global consensus without sacrificing the safety.

3. Move

Sui uses a programming language called Move.

Capital and Fund Raising

Sui raised a total of $336 million. Only after two rounds of fund raising, from high-profile investors at a $2 billion valuation.

December 2021: $36 million led by a16zcrypto

September 2022: $300 million led by ftxventures plus 15 top tier venture firms such as jumpcapital, Coinbase, and Binance Labs.

Tokenomics

-Native token: SUI

-Total supply: 10 billion, no token emissions.

-Token utilities

1. Staking for network security

2. Transaction fees

3. Storage costs

4. Governance votes and medium of exchange.

Sui Ecosystem

Many early-stage projects are developing on Sui.

Sui shares the same purpose with Solana. It focuses on scalability and speed. Sui uses a technology called Parallel Execution in which transactions are being process independently. Simple transactions take a second and complex transactions take a few seconds. Sui mainnet will go live on May 3, 2023.

Reference
twitter.com/Sui_Station/status/