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A Comprehensive Interpretation of the New Public Chain Sui: Performance and Token Economy
Summarized by AI
Original Title: "Move With Sui"
Original Author: Gustavo Lobo, The TIE Research
Original compilation: wzp, BlockBeats
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Introduction
With last week's Solana and Nomad hacks, the need for secure and Extended blockchain. We discussed Aptos in our previous report, which was developed by a Meta (ex-Facebook) employee Create and use a blockchain in the Move programming language. Aptos is not the only new public chain in recent times. Below we discuss Sui, the first internet-scale programmable blockchain platform developed by Mysten Labs.
Due to the blockchain trilemma, including the fact that the current blockchain network is not efficient enough to meet Large-scale application needs, Sui came into being. It should be noted that Sui is not a derivative of Diem, built from the ground up. Developed with fundamental scalability in mind to enable instant settlement while high throughput, low latency, and low cost for applications serving billions of users.
Team and Background
Similar to Aptos, Sui was founded by a group of researchers who previously worked at Novi Research (Meta's advanced encryption R&D team). The current CEO of Sui, Evan Cheng, is also a co-founder, and he was in charge of the development of the Meta encrypted wallet. Sui founders include:
Evan Chang, CEO
Sam Blackshear, CTO
Adeniyi Abiodun, COO
George Danezis, Chief Scientist
During their tenure at Novi Research, team members had the opportunity to delve into the complex areas of blockchain networks, to improve performance and efficiency. Like most crypto-related stories, the Sui team was attracted by the tantalizing potential of blockchain technology and decided to leave their job at Novi Research, eventually forming Mysten Labs. The Sui team has three years of experience working on advanced blockchain projects such as Diem, cryptographic proof of solvency, high-performance consensus/execution strategies, and Move programming language development.
Funding
2021 On December 6th, Mysten Labs announced the completion of $36 million in financing, led by a16z, with participation from Redpoint, Lightspeed, and Coinbase Ventures. The valuation of the Series A round was not disclosed. In addition, Mysten Labs is in talks to raise at least $200 million in Series B funding at a $2 billion valuation, led by FTX Ventures, The Information reported.
Structure
Sui Uses an asynchronous consensus protocol called Narwhal and Tusk. The double name aptly illustrates the system's division of responsibilities, with Narwhal responsible for ensuring the availability of submitted consensus data, and Tusk responsible for and agreeing on a specific ordering of data. Since this is done in a two-layer module, Narwhal can be combined with external consensus algorithms such as HotStuff, Istanbul BFT or Tendermint. Narwhal is currently being integrated into the Celo and Sommelier blockchains.
One of the main differences between Sui and other L1s is less reliance on the consensus protocol . Sui only runs consensus as needed to periodically check its state, and transactions that require total ordering. Unlike other blockchains, Sui forgoes consensus on most transactions by using "causal ordering". This means that Sui does not always require consensus. When Sui runs, transactions are causally ordered, whereas other blockchains always order them completely.
Mysten Labs (Sui) Github
This consensus architecture is Performance has been greatly improved, enabling Sui to execute many transactions in parallel. This reduces latency while allowing validators to utilize all of their CPU cores. According to the team, the architecture will make Sui "the first and only public chain with horizontal scalability and no upper limit for the entire network."
Scalability
Due to network throughput constraints, as on-chain activity increases, users need Pay high gas fees. Additionally, high latency can become a limiting factor as application requirements expand. Sui scales horizontally to meet the needs of decentralized applications. A recent test showed that a single unoptimized Sui validator running on an 8-core M1 Macbook Pro can execute and submit over 120,000 transactions per second (TPS). The number of validators is proportional to the processing power of the nodes, which reduces gas fees even during periods of network congestion. In theory, Sui's node infrastructure is capable of infinitely scaling network throughput as demand and utilization increase.
Developer User Experience
For more information about the SDK and the first three iterations, see article.
Security
The application of the Move programming language aims to create a secure, programmable foundation for Sui's vision of scalable financial infrastructure. Achieving a high level of security is one of the most important factors in determining the success of a project. Based on this, Mysten Labs implemented security guarantees by applying the Move programming language. Move’s architecture prevents “reentrancy bugs, token contamination, and fraudulent token authorizations that could lead to the theft of millions of dollars.” Additionally, Move's emphasis on security makes it easy for developers to transition from Web2 to Web3 for building.
Move Programming Language
Move is the ability to customize resource types. Resources can never be copied or implicitly discarded, and can only be moved between program storage locations. Significantly improved security by effectively preventing problems such as the above-mentioned vulnerabilities. Resources are then managed by the mobile module, which controls the process of encoding the rules for creating, updating, and deleting declared resources, similar to a smart contract. The benefit of mobile modules over smart contracts is that they enforce data abstraction, i.e. resources are transparent inside their declaring module but opaque outside it.
Furthermore, with the expressive specification language, Move Certifier can efficiently verify the features of the Move module and can be used for continuous integration testing. Sui's object-centric model and storage system is very different from Move and Aptos. At the time of writing, the developers are reporting in their discord that there are issues updating the docs fast enough to keep up with the latest branch. That said, it's easy to fix, and the developers expressed confidence building on top of the MOVE programming language.
For more information on the Move programming language, please refer to documentation.
Token Economics
The following will provide a high-level overview of Sui's Token economics. For more information about SUI Token economics and Sui's economic model, it is recommended to read Token Economics White Paper.
SUI Token Use Case
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The Sui Economy – Tokenomics Github
SUI can be used to Stake for a period of time to participate in the Proof of Stake (POS) mechanism.
SUI can be used to pay for the gas fees required to perform and store transactions or other operations on the chain (similar to other native blockchain tokens). In addition, Gas fees are used to reward participants in the proof-of-stake mechanism and prevent SPAM attacks and denial-of-service attacks.
SUI can be used as a liquid asset for various smart contracts and monetary policy applications.
SUI can be used for on-chain voting governance on key issues such as protocol upgrades.
SUI Supply
The total supply limit of SUI is 10,000,000,000 (10 billion Tokens). Part of SUI will participate in circulation when the main network is launched.
The remaining Token will be allocated as future staking reward subsidies. The exact percentage allocated has not been announced. However, there is a mention on SUI's discord and this information will be announced in the next few weeks.
According to SUI's Token Economicsdocument, SUI has no built-in deflation mechanism to offset inflation. However, since the total supply is limited, increased on-chain activity will significantly increase the demand for tokens. In addition, there is a storage fund design in the SUI economics design. Higher on-chain data will translate into a larger storage fund, reducing the number of SUI in circulation and creating important currency vitality.
Ecology
Although Sui is still a public chain in its infancy, but since its first incentivized testnet launch in late June, developer activity has grown exponentially.
Conclusion
Scalability has been a frequently discussed topic in the blockchain space for the past few years. Clearly, many widely used blockchains are not fundamentally optimized to continually improve technology and applications. In this article we provide a high-level overview of the Sui blockchain. Sui is a Layer 1 public chain with POS (Proof of Stake) consensus, allowing creators and developers to build applications that specifically serve Web3 users. Additionally, Sui addresses major pain points of existing blockchains by applying its architecture and a new approach that focuses on performance, scalability, and user operability.
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