Sui, the world’s first permissionless Layer 1 blockchain completely designed from the ground up.
Mysten Labs, a web 3.0 development company, unveiled its first product, Sui, in March 2022. Unlike most blockchains, Sui positions itself as a centralized blockchain platform. In addition, Sui’s main feature is its new programming language, Move. Together with high throughput, high transaction speeds, low fees, and a new language, Sui should expand the web 3.0 audience.
As we can see, interest in web 3.0 is growing very rapidly. But what prevents Web3 from fully developing? Yes, it is Ethereum and its problems with scalability. This leads to a negative user experience, and thus a decrease in interest in web 3.0 in general.
Thanks to the new Move programming language and other advantages of Sui, the platform promises to attract many new developers to web 3.0. In addition, the great speed of transaction processing, as well as their low cost, will attract to Sui a huge number of new users.
What is Sui?
Sui is the world’s first permissionless Layer 1 blockchain completely designed from the ground up. This is a decentralized, proof-of-stake blockchain with horizontally scaleable throughput and storage.
Sui provides parallel transaction processing, unlike other blockchains, where transactions are aggregated into sequential blocks, which leads to irrational use of computing power.
All of these features provide unmatched scalability and instantaneous transaction settlement.
Sui provides low gas even with high network traffic, which in turn will improve the user experience for web3 applications.
Where can Sui be used?
Primitive DeFi, allowing real-time online trading with low latency and low gas fees. This will allow Sui-based applications to fully compete with similar ones, only on other blockchains.
Rewards programs: deploying mass airdrop, involvement of a large number of people. Token developers will be able to greatly increase the decentralization of their asset. In addition, rewards programs will attract new audiences to the project.
Complex games: extending the functionality of NFT assets and ensuring their value through a variety of useful features, not just scarcity. Although it’s not exactly a new technology anymore, GameFi projects on Sui will be able to claim the cutting edge of the industry.
Asset tokenization services, allowing you to tokenize anything you want, from ownership documents for collectibles to medical records.
Decentralized social media: empowering media creators with privacy and interoperability in mind. It’s not innovative either, but with the right use of the technologies Sui offers, decentralized social media developers can both attract new bloggers and ordinary users.
“Current blockchain infrastructure is limited and is simply not meeting the needs of developers or consumers… Existing technology suffers from restrictive storage methods and inherently unsafe programmability models, which force developers to compromise on functionality and user experience. Sui solves the most notorious problems in blockchain by delivering unrivaled scalability, premium security, and simplified user experience at the lowest cost”. Evan Cheng, Co-founder & CEO of Mysten Labs.
Team
Here we come to the Mysten labs team.
Mysten Labs is a team of leading experts in distributed systems, programming languages and cryptography whose founders led Meta’s security research and helped develop the Diem blockchain and Move programming language. Mysten Labs’ mission is to build the underlying infrastructure for Web 3.0.
Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias co-founded Sui. With a combined 8 years of experience at Meta’s crypto R&D team Novi Research Project, as well as extensive individual expertise in technology and Web3, the team is looking to make a difference. The rest of the team members are also experts and have extensive experience in science, mathematics, technology, and cryptography. This is a team of real professionals, and they will prove it when Sui goes to mainnet.
What can Sui do now?
At the moment, the stimulated Sui test network has been launched, the wallet has been released as a browser extension and the Sui Explorer has been launched.
At the moment, the incentivized testnet has been launched, the wallet has been released as a browser extension and the Sui Explorer has been launched.
Incentivized Testnet
Stimulated test network Sui is launched in August 2022. It will gradually introduce key functions to stress-test the network before moving to the mainnet. The testnet will be divided into different waves, each of which will consist of two tasks: “sink” (operational task) and “swim” (developer task).
Sui Wallet
Sui Wallet was released on July 15, 2022. It is an open-source wallet that currently allows users to create an address, view and manage assets (tokens or NFTs), and interact with dApps in the Sui Developer Network.
Sui Explorer
Sui Explorer launches in August 2022. It is a reliable transparency tool for those who use Sui. Sui Explorer allows you to: view the most current and accurate data, online activity and metrics, transaction data with more detailed information such as gas fees paid, number of tokens (address data is divided into (1) coins; and (2) NFT for easy navigation) and the corresponding address.
Conclusions
The experienced team and their previous experience in the Meta project, their goal and continuous development process, and the investment in the project, indicate that Sui has a bright future.
We see that the L1 market is still very small, and Sui can become a really competitive blockchain.
Sui at least has a good chance of ripping off serious market share. Fast and cheap transactions will help decentralized app developers improve their work considerably. Creators of NFT collections may also be interested in Sui, as blockchain allows the creation of evolving, dynamic NFTs that can be unlocked, updated and merged depending on the game.
