Blockchain I Sui project

Gepubliceerd op 24 september 2023 om 11:40

Sui Network is a layer one blockchain and many such blockchains did well in the 2021 bull run. The Sui blockchain project has an exceptional team and also has some unique features.

What is Sui Network (SUI)?
Sui Network is a layer 1 blockchain created by ex-Meta (Facebook) developers. Mark Zuckerberg's company planned to develop its own stablecoin, but the development of this coin called Diem ultimately never got off the ground. 

Currently, Sui Network is on the test network. Here they can investigate whether the technology is working properly and whether the blockchain is doing what it is intended to do. On the test net, for example, tests are being done to see if validating transactions is working properly. Errors discovered during this period can be fixed in time. This prevents errors on the future mainnet on which the project must run.

How does Sui's blockchain work?
Sui Network's white paper states that the blockchain is very fast and scalable. This is because of the philosophy of the team behind Sui Network. The team believes that blockchain transactions do not need to be chained together in a complex way in order for transactions to be sent or stored securely.

Sui Network's blockchain can optimize speed and scalability because the platform keeps network connections open longer. In simple transactions, users usually only want to send assets to another wallet. This wallet can be theirs or someone else's.

In these cases, the platform locks the sender's address, rather than the entire blockchain. In this way, it is possible to use the network to bypass the consensus mechanism for simple transactions. We haven't seen many such blockchains yet. The core of blockchain is that all transactions must pass the consensus mechanism. No transaction can be excluded from this, but with Sui, it can.

Sui works in a sequence of epochs (24 hours). A committee of validators manages each epoch. 

Users can delegate their deployment to validators. By delegating your crypto, you can consolidate voting rights and earn a share of the fees. In addition, the Sui network retains its security properties as long as a quorum of two-thirds of the total stakes is granted to honest parties.

Validators can scale horizontally via intra-validator sharding. This allows nodes to scale by deploying more resources. This can be done via CPU, memory, storage within a machine, or across multiple machines.

Sui consensus mechanism

Narwhal, Bullshark, and Tusk collectively create Sui’s consensus mechanism. These systems split the responsibilities of the network. This makes sure that the blockchain can be scalable. 

  • Narwhal: ensures data availability.
  • Bullshark or Tusk: agrees on the specific ordering of data.

Move as a programming language
Move is a programming language, like Python or Solidity, that is required to build on the Sui network.

Move is a relatively new programming language, with few blockchain projects yet using it. Besides Sui Network, Aptos (APT) is the only layer one blockchain that uses the Move programming language. Interestingly, both projects were started by former Meta employees.

Gas prices and fees
One of the biggest problems holding back mainstream adoption of blockchains is gas fees. Users pay gas to complete transactions and have their transactions recorded in blocks. Without gas, malicious parties would spam the network and cause a denial of service attack.

When a blockchain's network activity increases, transactions will compete for block space. This results in a spike in fees, network congestion and ultimately a poor user experience.

Sui takes a dynamic approach to fees through a pricing mechanism. At the beginning of each epoch, validators vote on a network-wide reference price. This method gives users more predictable gas rates.

Parallel transaction execution
One of the most interesting achievements of Sui's scalability is transaction parallelization. In most blockchains, transactions are executed sequentially - or one at a time. This avoids a form of competition between transactions and duplicate spending. However, this also limits throughput.

Thanks to parallel transaction execution, Sui can reportedly process up to 120,000 transactions per second on a MacBook Pro. By comparison, Ethereum can process 7-15 transactions per second. Visa can process 24,000 transactions per second.

Aptos vs Sui

Aptos and Sui have many similarities: they are both the successors to Diem, the founders of both blockchains came from Meta (Facebook), and they both use the Move programming language. They even share some of the same investors.

Aptos uses Move's core global storage, while Sui uses its own. Moreover, Aptos has no concept of resources or objects possessing other resources. Each Sui address can own an unlimited number of the same type of resources. A single Sui account can own 10 different Sui token objects, each with its own value.

Sui reportedly processes 120,000 transactions per second, while Aptos reportedly can process 160,000 transactions per second. 

Critical note
Currently, the mainnet is not yet live and this may have a major impact on the future of Sui Network. If there are problems with the mainnet, it could cause investor confidence to drop. Especially if this takes too long. However, thanks to using Move as a programming language, Sui Network has an advantage. 

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