New public chain Sui: Layer 1 built by the former Facebook team with a valuation of 2 billion US dollars

Sui, based on years of research and development by Meta (formerly Facebook), is different from any blockchain we have seen.

First of all, the Sui blockchain has extremely high performance. Early data on running a Sui node on a MacBook Pro shows that it can process more than 120,000 token transactions per second.

The key to Sui performance is transaction parallelization. In most blockchains, transactions must be ordered and put into blocks for sequential execution. Sequential execution unnecessarily limits throughput on these chains, since most transactions are independent of each other. Because Sui requires that transaction dependencies be explicitly stated, it is able to process them in parallel. In the case where a few transactions are intertwined, Sui can still sort them and execute them sequentially.

Sui reached consensus in two different ways:

1. Byzantine consensus broadcast for independent transactions

2. BFT consensus for slaves Relational transactions

Since independent transactions can be verified in parallel, Sui can pass to each verification node Scale by adding more devices to linearly increase throughput.

Not only has high throughput, Sui also has low latency. Its consensus algorithm focuses on minimizing the communication required between validating nodes to process transactions. This results in simple transactions being verified almost instantly, while complex transactions can be executed within 2-3 seconds. Of course, we need to see how this network performs in public deployments, but the early results are extremely encouraging.

Sui uses the Move virtual machine and the Move programming language to implement smart contracts. Move is as memory-safe as Rust, but more expressive than other smart contract languages. I wrote a short introduction to Move. Sui used a small variant of Move to improve network performance and simplify the developer experience. This document will tell you more about the difference between Sui's Move and normal Move.

While most blockchain storage is account-centric, Sui's storage is Designed around objects. Each object is owned by an address, mutable by default, and can be made immutable or shared between multiple addresses. Sui's Move smart contract can receive these objects as input, operate on them, and return objects as output. This is a completely different programming paradigm for smart contracts than Solid or Rust.

One of Sui's engineers如何Visually describe using Move programming: When I explain at the bar When moving, I would say: "Here is a bottle of wine and a glass. Assuming they are both NFTs, if we have a function, it will be to "pour water" from the wine bottle into the glass, and receive these two parameters at the same time. After the function is executed, it will return you a glass of water. This intuitive programming method is very suitable for dynamic NFT and encryption games that constantly mix and modify digital images.

Token Economics

SUI Token The total supply of Sui is 10 billion, which will be allocated to the founding team, investors, public sale, Sui Foundation and future releases. The exact initial Token distribution time will be announced in the next few weeks.

Sui Token has 4 functions:

1 .Staking/Protection Network

2. Transaction Fee

3. Governance

4. Account Unit/Transaction Intermediary

Most blockchains are subject to large fluctuations in Gas costs due to changes in network demand. To keep Gas costs low and predictable , Sui implements a novel gas market design: Sui operates in epochs, and every epoch (24 hours) the set of validators changes. At that time, the validators of the new epoch vote on the reference gas fee for the entire epoch. The protocol will provide incentives to encourage validators to keep transaction fees close to the reference price throughout the epoch. By providing more stable gas fees, transactions submitted to Sui will be executed at a more predictable rate, creating a Better user experience.

But how to keep the gas fee low during network congestion? Because The throughput of the network is linearly related to more participants, and the verification node can increase more participants proportionally according to the increase of network demand, so as to make the Gas price close to the reference price.

Sui also solves the state bloat problem. Whenever users submit data on the chain, they must also pay gas fees and other fees to Sui's "storage fund". This fund is used to cover the real cost of validators storing user data. As the network matures and storage costs increase, validators will be paid by the storage fund. Additionally, once users no longer need to store this data, they can delete it and get a rebate from the storage fund.

The full economics of the storage fund is interesting and you can find it in Mysten Labs' < a href="https://twitter.com/Mysten_Labs/status/1540003555330899969">Recent AMA  for more information. The figure below is an overview of Sui Token economics.

Sui's development team is Mysten Labs, a company building infrastructure for Web3 . Founders include Evan Cheng, Adeniyi Abiodun , Sam Blackshear, George Danezis, Kostas Kryptos, both involved in Novi and Diem projects at Meta. These scientists and engineers are the key people behind many of Meta's innovations, including the Move programming language and the Narwhal/Tusk mempool and BFT consensus that are now being implemented on other blockchains.

The team envisioned 4 key applications for Sui:

1. Gaming 

2. DeFi 

3. Business 

4. Social

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All 4 applications will take full advantage of Sui's high throughput and low latency to provide the best user experience. Games and social apps also have unique advantages built on Sui. Games can take advantage of the safety and expressiveness of Move for digital avatars. Social media apps can leverage Sui's data storage economics to store all data directly on-chain.

Sui is currently running a public devnet and will launch an incentivized testnet next month. Expect more details on the mainnet launch in the coming months. If you're interested in learning more, check out the Sui documentation.

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