Are decentralized networks the future?
What is Sui Network?
The Sui Network is a new blockchain platform designed to address industry challenges such as scalability, speed and cost.
Launched in May 2023 by Meiston Labs, a company founded by ex-Meta engineers involved in Facebook's DIM project (formerly Libra), Sui was developed as a decentralized solution to process high-volume transactions with minimal latency.
One of Sui's standout features is its parallel transaction processing. While similar technology is used by other networks such as Solana and Avalanche, Swi differentiates itself by reducing the complexity of coordination between authenticators.
This streamlined approach makes the network more efficient and scalable, allowing for high throughput even during heavy traffic without the bottlenecks that typically affect other blockchains.
As part of this, Sui introduces an object-oriented model. This not only allows for more granular transaction processing. It also allows digital assets to evolve and change over time rather than remaining static.
This makes the platform ideal for intangible tokens (NFTs), GameFi, and decentralized finance (DeFi) applications that need to frequently update or upgrade their assets. In comparison, blockchains like Solana and Avalanche are optimized for speed but lack this flexibility in handling dynamic data.
In fact, as of September 2024, Sui has seen impressive growth, boasting over 18.19 million active accounts and processing over 4.58 billion transactions. These figures highlight Sue's strong acceptance among developers and users, especially for decentralized applications (DApps) that require high performance and low latency.
The core technology behind the Sui blockchain
Sui's core technologies, including its innovative Move programming language, advanced parallel transaction processing, and delegated proof-of-stake (DPoS) consensus mechanism, make it the most scalable and efficient blockchain.
Architecture and consensus mechanism
Sui's architecture is based on the Move programming language, which was originally developed for the Dim blockchain.
Compared to other popular languages such as Solidity (used by Ethereum), Motion enables the creation of smart contracts and digital assets in a flexible and secure way. This is what makes it ideal for gaming, DFI and NFTs looking for assets to exchange states without being disturbed by the usual trading hurdles.
At its core, Sui uses a Delegated Proof-of-Stake (DPoS) consensus mechanism. This mechanism allows users to upload their Sui tokens to support authenticators responsible for verifying and processing transactions. More later.
Did you know this? The Move programming language is specifically designed to prioritize resource ownership and security, and is particularly resistant to common vulnerabilities such as re-entry attacks. This focus on property ownership in the language ensures that digital assets are held more securely.
Technologies that support efficiency and effectiveness
Adoption of Sui's parallel marketing process is one of the most innovative technologies. Sui has been tested to handle up to 297,000 transactions per second (TPS), which is far beyond the capabilities of other blockchains such as Solana, Avalanche and Polkadot that enable parallel transaction processing.
In addition, Sui uses a new transaction distribution mechanism, whereby different transactions are processed by different validators on the network. In short, this method allows the blockchain to handle workloads more efficiently because the tasks are distributed across the network, reducing the risk of congestion and keeping transaction fees low even in high demand.
Ensuring security and low latency
To maintain low latency, Sui uses an optimized consensus engine called Mistity, which greatly reduces the final time for transactions.
In blockchain terms, “final” refers to the point at which a transaction is considered irreversible. Sui's consensus architecture enables sub-second completion, which is great for speed-critical applications like gaming or high-frequency DeFi trading.
Security is supported by multiple layers of protection. The network's object-oriented model allows developers to code more secure smart contracts by limiting the attack vectors typically associated with blockchain platforms. In addition, the Sui DPoS method ensures that validators are incentivized to work for the benefit of the network, and any malicious behavior can be quickly detected and punished.
SUI tokenomics
The SUI coin is a native token of the Sui blockchain and is used for staking, governance and incentivizing network participants. It has a closed supply of 10 billion tokens allocated for community development, contributors, investors and development.
The SUI coin plays a central role in maintaining the operation of the network and incentivizing participants. example –
Validators earn rewards for depositing SUI tokens and verifying transactions, which helps keep the network secure. Developers are supported by funding and incentives from the community, encouraging them to build DApps that drive innovation on the platform. Users can redeem their SUI tokens. Validators get rewards in return. In addition, users participate in the governance of the network by voting on key ideas so that they have a say in shaping Sui's future.
Finally, SUI has a total supply of 10 billion tokens, which are divided into different categories to support the long-term growth and decentralization of the network:
50% is reserved for the community, which includes representative programs, grants, research and development, and validation incentives. 20% is allocated to early contributors. 14% is for investors. 10% is reserved by Mysten Labs for development purposes. 6% is for app testers and the community. Access program is assigned.
Use Sui blockchain issues
From DeFi to gaming and supply chain management, Sui's architecture supports fast and efficient transactions, making it an attractive platform for developers looking to build on top of the blockchain.
Decentralized Finance (DeFi)
Sui has quickly become a strong contender in the DeFi space due to its benefits. Some of the key DeFi platforms integrated with Sui include:
DeepBook: Sui's native decentralized exchange (DEX) serves as a central limit order ledger, allowing users to trade assets with low fees and high liquidity. This infrastructure supports a growing number of DeFi applications and helps create a more seamless trading experience.Turbos Finance: An automated market maker (AMM) built on Sui, provides an off-the-shelf service for liquidity provision and token swaps. The project is supported by Jump Crypto and offers users an efficient DeFi environment with competitive products.
Gaming and NFTs
As discussed, Sui's object-oriented model makes it particularly useful for dynamic assets such as NFTs and in-game items whose properties can evolve over time. Here are two examples:
SUI 8192: A decentralized puzzle game built on the Sui network, where every player's activity is recorded as a blockchain transaction. The game features NFTs to represent player achievements, demonstrating Sue's ability to handle large-scale game operations.Grand Cross: Metaworld: Developed by Netmarble, this metaverse game uses Sue's low-cost infrastructure to support a large-scale gaming ecosystem. Players can create, manage and trade digital assets including NFTs directly on the Sui blockchain.
Did you know this? Unlike other blockchains where gas fees are determined solely by computational demand, Swi charges fees based on the amount of storage required for computation and transactions. This is particularly innovative for use cases such as NFTs and volatile assets, as users can receive storage refunds when deleting or updating on-chain data.
Supply chain monitoring
Sui can handle the complex data interactions required for transparent supply chain management by ensuring that each product's journey is securely and efficiently captured on the blockchain.
While similar projects like IBM's Food Trust on Hyperledger and VeChain for tracking luxury goods have been implemented on other blockchains, with its commodity-centric model, supply chain assets can be updated in real-time as they move through different stages of production. and distribution.
This means that while blockchain-based supply chain solutions are proven to be viable and effective, Sui has the right architecture to fully realize the potential of blockchain supply chain tracking.
History of the SUI blockchain
Launched in May 2023, the Sui blockchain has grown from 1 million active accounts to over 18 million in September 2024, introducing new features such as zkLogin and surpassing $500 million in total value locked (TVL).
Here is a glimpse of Sui blockchain history:
In the year Early 2022 — Launch: After the MetaDim project was abandoned, a group of former engineers founded Mysten Labs with the goal of building a new blockchain that could overcome the scalability and performance limitations of existing platforms. May 3, 2023 — Mainnet launch: Sui opened the platform to the public and officially launched the mainnet. It begins. Supported by over 100 validators and 400 nodes, developers can now build and deploy DApps on the network. July 2023 — 1 million active accounts: Two months after its launch, Sui achieved a significant milestone by registering more than 1 million active accounts. August 2023 — Launch of zkLogin: Sui introduces zkLogin, which allows users to log into Web3 applications using credentials from platforms such as Google and Facebook. This feature greatly improves user onboarding, bridging the gap between Web2 and Web3 November 2023 — 9 million active accounts and $500 million TVL: Sui grows exponentially, reaching 9 million active accounts and surpassing $500 million in total value locked (TVL) . Diffie protocols, which represent a huge leap in adoption.
How to buy SUI coins
The first step is to go to a cryptocurrency exchange. SUI is listed on several major exchanges, making it relatively easy to buy.
Some of the platforms where users can purchase SUI include:
Binance: One of the largest and most active cryptocurrency exchanges worldwide, supporting various SUI trading pairs such as SUI/USDT and SUI/BTC.KuCoin: A popular platform that also lists SUI and offers trading pairs such as SUI/USDT.OKX: Like Tether's USDt (USDT ) and USD Coin (USDC) are another major exchange that offers SUI trading.Kraken: Known for its user-friendly interface and SUI support.
A step-by-step guide to buying SUI
Many of the listed exchanges have similar user onboarding flows. So, here is a comprehensive step-by-step guide on how to buy SUI.
Create an account on a cryptocurrency exchange: Start by registering for an account on a SUI listing platform like Binance or KuCoin. Complete any necessary Know Your Customer (KYC) requirements for security.Deposit: Once your account is set up, deposit funds into your account via bank transfer, credit card or debit card. Most exchanges support a variety of methods for funding your account, including US dollars or euros, or popular cryptocurrencies such as USDt or Bitcoin (BTC). Find SUI on an exchange: Go to the trading section of the exchange and search for SUI by typing “SUI” in the search bar. . Place your order: You can buy the market or limit orders by placing SUI. A market order buys SUI at the current price, a limit order allows you to specify the price you want to buy. Confirm your purchase: After your order is filled, the SUI coins will appear in your exchange wallet.
Did you know this? For maximum security, you can transfer the purchased SUI to a secure wallet such as SUI Wallet or Ethos Wallet. Alternatively, you can use a hardware wallet as a ledger for added protection.
Sui's future
Looking ahead, Sui aims to enhance its already strong base by further streamlining its deal strategies and launching a number of initiatives.
Sui's blog provides updates on future plans and developments. The ecosystem can expand support for zero-knowledge aggregation and other Layer-2 solutions, improving transaction scalability and further reducing costs.
Sui is focusing on expanding the DeFi ecosystem to create innovative DApps with new financial products, services and improved developer tools.
Additionally, there are plans to strengthen collaborations with major gaming companies and explore artificial intelligence integrations for decentralized applications.
