Sui : Disappointment or Opportunity
Sui Crypto Project: A New Layer 1 Blockchain for Web3
Sui is a new layer 1 blockchain project for Web3. Web3 envisions a decentralized, secure, obvious, and consumer-centric internet. Sui ambitions to contribute to the multiplied adoption and development of Web3 with the aid of decreasing delays inside the execution of clever contracts, enhancing scalability, and reducing transaction expenses. Utilizing the Move programming language, Sui is a blockchain platform this is each developer and user-pleasant. Sui released its mainnet in May 2023 and added its local token, SUI, to the market. With a robust group, great help, and groundbreaking generation, Sui is showcasing a fresh attitude within the international of cryptocurrencies."
The Team and Support Behind the Sui Project
Behind the Sui mission is a agency called Mysten Labs, founded with the aid of former engineers who labored on Facebook's Diem (formerly Libra) project. Diem, announced through Facebook in 2019, aimed to expand a stablecoin price system for its social media structures. The Diem undertaking is constructed on a blockchain platform the use of the Move programming language, which guarantees steady and verifiable writing of clever contracts. Mysten Labs has leveraged its enjoy from the Diem venture, in addition to the Move programming language, within the development of the Sui mission.
In September 2022, Mysten Labs correctly raised a funding spherical of $three hundred million for the Sui challenge, raising its valuation to $2 billion. Notable members on this funding spherical blanketed leading names inside the cryptocurrency area such as Samsung Next, Circle, Binance Labs, Electric Capital, Coinbase Ventures, Polychain Capital, Dragonfly Capital, Multicoin Capital, Alameda Research, Pantera Capital, and Paradigm. These groups offer both economic and technical assist to the Sui mission."
Vision of Sui
"The goal of the Sui project is to be a brand new layer 1 blockchain for Web3. Web3 envisions a decentralized, secure, transparent, and person-centric net. Sui ambitions to make contributions to the extended adoption and development of Web3 by way of reducing delays inside the execution of smart contracts, enhancing scalability, and reducing transaction fees. Utilizing the Move programming language, Sui is a blockchain platform that is both developer and consumer-friendly. With a robust crew, widespread support, and groundbreaking era, Sui is showcasing a sparkling perspective inside the global of cryptocurrencies."
Sui Vs Diem
1. Purpose:
Diem become announced by Facebook in 2019 with the aim of growing a stablecoin price system for its social media structures. Diem seeks to create a worldwide payment community and increase economic inclusion.
Sui, on the other hand, is a new layer 1 blockchain undertaking for Web3. Web3 envisions a decentralized, secure, obvious, and person-centric net. Sui goals to contribute to the adoption and development of Web3 by way of lowering smart contract execution delays, improving scalability, and reducing transaction charges.
2. Structure:
Diem is a centrally managed blockchain platform led by way of a consortium. It is ruled by using an corporation called the Diem Association and subsidized with the aid of a fund named Diem Reserve. Diem plans to release a stablecoin referred to as Diem Coin, pegged to a basket of different currencies.
Sui, in assessment, is a totally decentralized and network-driven blockchain platform. Sui has its native token, SUI, which serves because the neighborhood gas and governance tool for the Sui network. The charge of SUI is decided based on marketplace conditions.
Three. Features:
Both Diem and Sui use the Move programming language for writing and executing clever contracts. Diem benefits from Move's security, verifiability, and modularity capabilities. Diem follows a traditional blockchain structure where transactions are sequentially finished and introduced to blocks. Diem utilizes the LibraBFT consensus set of rules.
Sui also employs the Move programming language however takes advantage of its flexibility, upgradability, and performance capabilities. Sui has an innovative blockchain structure wherein transactions are processed in parallel. Sui uses the HotStuff consensus algorithm.
In summary, at the same time as each Sui and Diem are blockchain initiatives making use of the Move programming language, they vary in phrases in their goals, systems, and features. Sui strives to be a new layer 1 blockchain for Web3, attaining enterprise-leading performance, price-effectiveness, programmability, and value. It is designed to empower creatives and builders to create studies catering to billions of customers within the Web3 area."
Features of Sui Project
"The technological features of the Sui undertaking stem from its position as a new layer 1 blockchain for Web3. Web3 envisions a decentralized, stable, transparent, and consumer-centric internet. The technological features of the Sui project consist of:
Move Programming Language:
Sui makes use of the Move programming language for writing and executing clever contracts. Move, first of all advanced for the Diem mission and later open-sourced, ensures stable, verifiable, and modular writing of clever contracts. It gives a structure that separates the information and code of clever contracts, consequently keeping statistics integrity. Move facilitates the clean updating and upgrading of clever contracts, reducing execution delays and improving transaction performance.
Parallel Transaction Execution:
Sui adopts an architectural layout that lets in transactions to be finished in parallel. In traditional blockchain systems, transactions are sequentially processed and added to blocks, limiting transaction speed and scalability. In Sui, transactions are prepared as impartial entities and processed in parallel, growing transaction capability and performance.
Rich and Composable On-Chain Assets:
Sui offers a vast platform for growing wealthy and dynamic on-chain property relevant in various fields, from gaming to finance. The flexibility supplied via the Move programming language allows different clever contracts and tokens to engage and be composed. This facilitates a higher person enjoy and the creation of more value for Web3 packages.
The technological functions of the Sui challenge showcase the advantages of being a brand new layer 1 blockchain for Web3. Sui stands because the handiest blockchain scalable with the increase of Web3, accomplishing industry-leading performance, price-effectiveness, programmability, and value. Designed to empower creatives and builders, Sui goals to facilitate the introduction of experiences catering to billions of customers in the Web3 area."
Sui Tokenomic
"The deliver of the SUI token is decided to be a complete of 10 billion SUI tokens. However, the modern circulating deliver of SUI is about 1.03 billion SUI[3][3]. The deliver of SUI tokens will boom through the years in step with the token distribution plan. The token distribution plan is as follows[4]:
Developer Fund: 30% (3 billion SUI)
Community Fund: 25% (2.Five billion SUI)
Management Fund: 15% (1.Five billion SUI)
Team Fund: 10% (1 billion SUI)
Advisor Fund: five% (500 million SUI)
Exchange Fund: five% (500 million SUI)
Launchpool Fund: 4% (400 million SUI)
ICO Fund: three% (300 million SUI)
Airdrop Fund: 2% (2 hundred million SUI)
Marketing Fund: 1% (100 million SUI)
The supply of the SUI token displays the cost and potential of the Sui challenge. The SUI token serves because the native gas and governance device for the Sui community. It is needed to get entry to merchandise, services, packages, and partnerships in the Sui community. The SUI token can be used to pay transaction prices at the Sui network, make contributions to the Sui community, attain vote casting rights in the Sui network, and generate income from the Sui community. The fee of the SUI token will recognize primarily based on the fulfillment of the Sui project, a new layer 1 blockchain for Web3."
Sources
https://twitter.com/SuiDailyTK
https://sui.io/
