Sui is a blockchain project that aims to reduce delays in the execution of smart contracts and provide high transaction capacity to ensure that decentralized applications run smoothly. The first-layer blockchain project Sui is designed based on Ethereum's underlying Proof-of-Stake (PoS) mechanism.
The #sui team argues that the limited transaction capacity of existing blockchains leads to congestion, high costs, and long delays, resulting in a poor Web3 experience for users. In this context, the project promises to provide fast, reliable, and user-friendly services by using a parallel execution system, a transaction fee mechanism, and a consensus system to improve the user experience.
Sui, which gained more popularity with the Arbitrum airdrop in recent months, decided to release its token, SUI, to the markets through a pre-sale, contrary to the community's direct airdrop expectation. This decision caused reactions from the community, but users who joined Sui's Discord servers before February 1, 2022, were given the opportunity to buy the token at $0.03. This privileged offer to early users helped to alleviate some of the disputes.
The founders of Sui, Evan Cheng, Sam Blackshear (CTO), and Adeniyi Abiodun (CPO), who took over the CEO position at Mysten Labs, came to work as senior executives at Meta. Sui, developed by Mysten Labs, raised $300 million in funding with a total valuation of $2 billion from the B-series investment round. Among the investors were companies such as Binance Labs, a16z, Coinbase Ventures, and FTX Ventures, the investment firm of the bankrupt FTX.
What are the differences between Sui and other blockchains?
Move language
Sui uses Move, a Rust-based bytecode language originally designed for the "Diem" blockchain program, which was discontinued by Meta. Sui's Move is an updated version of the Move language used by Aptos, another blockchain that is scalable, low-cost, and updatable. This language is designed to prevent double-spending and make Sui one of the most reliable networks while being coded to overcome the shortcomings of existing programming languages such as Solidity.
Parallel execution
One of the fundamental differences of Sui is that it allows transactions to take place in parallel, thereby enabling better use of the network's resources. When we examine other blockchains, we see that the network queues transactions one by one and then processes them. These individual transactions increase network traffic and cause delays in transaction processing. In Sui, transactions are processed in parallel, allowing users to perform multiple transactions simultaneously. While Ethereum processes 15 transactions per second, Sui has achieved 120,000 transactions per second in tests thanks to "Parallel Execution." In addition to exceeding the number of transactions per second of other blockchains, Sui performs five times more transactions per second than Visa, which provides banking services.
Transaction fee
When we look at other #blockchain networks, increases in transaction fees and slow network speeds are observed with increasing transaction congestion. However, Sui provides its users with low and predictable transaction fees through its gas pricing mechanism. In this system, the validators in the Sui network grow proportionally with the increase in transaction capacity, creating low transaction fees even during periods of high network usage. With this feature, Sui claims that it can achieve what broadband internet did for Web2 in Web3.
The increase in transaction fees, which is of great importance for blockchain networks, can cause difficulties for users. Vitalik Buterin, the co-founder of #Ethereum , recently stated, "If we don't fix scaling before the next bull run, people will have to pay $500 in transaction fees," expressing his concerns about scalability and high transaction fees.
