What Is Sui (SUI) Network?

What Is SUI?

Sui (pronounced "Swee") is a decentralized Layer 1 proof of stake blockchain, meaning it serves as the foundational infrastructure for verifying and processing transactions, similar to Bitcoin and Ethereum. Layer 1 blockchains are the backbone that supports a specific token or a network of different tokens.

Sui was developed by Mysten Labs, a group of former Meta employees. It is designed to limit how long it takes to execute smart contracts and support scalability for decentralized applications (dApps). The network believes it has cracked the code on smart contract execution in terms of speed, high security, and low gas fees. This is possible because of the programming language it was designed with called "Move". Move is a Rust-based programming language that prioritizes fast and secure transaction executions.

According to the whitepaper, the network is named after the element water in Japanese philosophy, a reference to its fluidity and flexibility that developers can use to shape the development of Web3. The network is focused on low latency and super scalability. This has seen it termed by supporters as "the Solana Killer."

The Sui project was announced by

Mysten Labs in September 2021, and in December 2021, Mysten Labs invested

$36 million into the project. This was

followed by a $300 million series B

announcement led by a $140 million

commitment by FTX in 2022, valuing the

startup at $2 billion.

Reasons Why Sui Network Was Created.

In the words of Sui Co-Founder and CEO, Evan Cheng, the current Web3 infrastructure is slow, expensive, and notoriously unreliable. Given this, Cheng said the network was created to change the Web3 game with some 5G level upgrades that would allow developers to create blockchain-powered applications with scalability that you can only associate with centralized technology hubs that dominated Web 2.0.

In other words, the Sui network was

created to solve Web3 problems by

simplifying and improving the creation of various applications and functions in the

Web3 ecosystem.