What is Sui?
Sui is the world’s first permissionless Layer 1 blockchain completely designed from the ground up. They are a decentralized, proof-of-stake blockchain with horizontally scaleable throughput and storage.
Ex-members of the Meta team came together to form Mysten Labs– the company behind Sui. They are also building Move, which is an open-source smart contract programming language.
However, Sui is not a derivative or an add-on of the Diem network. Instead, it is a step-function advancement in blockchain technology that is designed to allow creators and developers to build experiences for web3 users.
Who is the team behind Sui?
Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias co-founded Sui. They are co-founders are former senior leaders of Facebook’s (Meta) advanced blockchain research and development organization. They were responsible for delivering some of the most advanced open source components such as the programming language, execution engine and cryptography of the Diem network.
What are Sui’s main features?
Sui has the following main features:
- Sui is able to scale horizontally without any upper bounds. This enables them to meet application demand whilst maintaining extremely low operating costs per transaction.
- The design of Sui is groundbreaking in that it eliminates a critical bottleneck in existing blockchains. In traditional blockchains, transactions (though independent of each other) are pushed into sequential blocks which creates wasteful computational power. Sui’s innovation is that they will organise data into independent objects, meaning that transactions can be executed in parallel.
- The network is also able to scale throughput horizontally because it enables parallel agreement on causally independent transactions. They achieve this through Byzantine consistent broadcast, which eliminates the overhead caused by global consensus yet without sacrificing safety and liveness guarantees.
Sui’s unique features mean there will be unmatched scalability and instant settlement of transactions. The platform can scale horizontally to meet the increasing demands of applications. Sui’s authorities can add workers to increase processing power in order to meet growing network capacity. The result of this would be lower gas fees even when network traffic is high, and thus better user experiences for web3 apps.
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