{"id":573421,"date":"2024-02-11T15:00:10","date_gmt":"2024-02-11T15:00:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=573421"},"modified":"2024-02-05T12:42:06","modified_gmt":"2024-02-05T12:42:06","slug":"what-is-sui-sui-network","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/sui\/what-is-sui-sui-network\/","title":{"rendered":"What Is Sui (SUI) Network?"},"content":{"rendered":"

[toc]<\/p>\n

What Is SUI?<\/h2>\n

Sui <\/span><\/a>(pronounced “Swee”) is a decentralized Layer 1 <\/span>proof of stake<\/span><\/a> blockchain, meaning it serves as the foundational infrastructure for verifying and processing transactions, similar to Bitcoin and Ethereum. Layer 1 <\/span>blockchains<\/span><\/a> are the backbone that supports a specific token or a network of different tokens.\u00a0<\/span><\/p>\n

Sui was developed by <\/span>Mysten Labs<\/span><\/a>, a group of former Meta employees. It is designed to limit how long it takes to execute <\/span>smart contracts<\/span><\/a> and support scalability for decentralized applications (dApps). The network believes it has cracked the code on smart contract execution in terms of speed, high security, and low gas fees. This is possible because of the programming language it was designed with called “Move”. <\/span>Move<\/span><\/a> is a Rust-based programming language that prioritizes fast and secure transaction executions.<\/span><\/p>\n

According to the <\/span>whitepaper<\/span><\/a>, the network is named after the element water in Japanese philosophy, a reference to its fluidity and flexibility that developers can use to shape the development of Web3. The network is focused on low latency and super scalability. This has seen it termed by supporters as \u201cthe Solana Killer.\u201d<\/span><\/p>\n

Related Reading: Solana Meme Coin Season: A Guide to Buying, Trading, And Profiting From SOL Tokens<\/a><\/div>\n

The Sui project was announced by Mysten Labs in September 2021, and in December 2021, Mysten Labs invested $36 million into the project. This was followed by a $300 million series B announcement led by a $140 million commitment by FTX in 2022, valuing the startup at $2 billion.<\/span><\/p>\n

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Reasons Why Sui Network Was Created<\/b><\/h2>\n

In the words of Sui Co-Founder and CEO, Evan Cheng, the current Web3 infrastructure is slow, expensive, and notoriously unreliable. Given this, Cheng said the network was created to change the Web3 game with some 5G level upgrades that would allow developers to create blockchain-powered applications with scalability that you can only associate with centralized technology hubs that dominated Web 2.0.\u00a0<\/span><\/p>\n

In other words, the Sui network was created to solve Web3 problems by simplifying and improving the creation of various applications and functions in the Web3 ecosystem, solving the most common problems in the Web3 industry: speed, security, and stability.<\/span><\/p>\n

How Does The Blockchain Work?<\/b><\/h2>\n

Sui operates as a Layer 1 blockchain focused on optimizing fast blockchain transfers. It places a high level of importance on immediate transaction finalization, making Sui an ideal platform for on-chain applications such as decentralized finance (DeFi), gaming, and other real-time use cases.\u00a0<\/span><\/p>\n

Unlike the existing Layer 1 blockchains where transactions are added one after the other, which makes it slow as more transactions are being added to the blockchain, Sui does not make every transaction go through all the computers in the network. Instead, it picks the relevant part of the data it needs to check, which eliminates the problem of congestion on the blockchain and drastically reduces gas fees to carry out transactions.<\/span><\/p>\n

The Sui network uses a <\/span>permissionless<\/span><\/a> set of validators to reduce latency and a protocol called the <\/span>Delegate Proof of Stake system<\/span><\/a>. It has epochs (each consisting of 24 hours), during which Sui holders select a set of validators with whom they store their staked tokens. The validators are then in charge of transaction selection and approval.<\/span><\/p>\n

Related Reading: How To Buy And Trade Tokens On The SEI Network<\/a><\/div>\n

Who Are The Brains Behind The Sui Network?<\/b><\/h2>\n

Co-Founder and CEO Evan Cheng:<\/b> Cheng previously worked at Apple for 10 years, and he was also the former Head of Research and Development at Novi and Technical Director of Meta.\u00a0<\/span><\/p>\n

The Chief Scientist George Danezis:<\/b> Former researcher at Novi, Meta, and previously worked at Chainspace, Microsoft.<\/span><\/p>\n

Adeniyi Abiodun, CPO:<\/b> Former Head of Product Development at Novi, Meta. Previously worked at VMware, Oracle, PeerNova, HSBC, and JP Morgan.<\/span><\/p>\n

Kostas Chalkias:<\/b> Former leading cryptographer at Novi. He previously worked at R3, Erybo, Safemarket, and NewCrypt.<\/span><\/p>\n

Sam Blackshear, CTO:<\/b> Former Chief Engineer at Novi, specializing in the Move programming language.<\/span><\/p>\n

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Investors and Institutions Backing The Network<\/b><\/h2>\n

Sui was valued at $2 billion after <\/span>FTX Ventures<\/b> committed $140 million to the project. However, Sui also has other credible investors who also committed, like <\/span>Binance Labs<\/b>, the largest centralized crypto exchange by daily trading volume, and <\/span>Coinbase Ventures<\/b>, the largest crypto exchange in the United States.<\/span><\/p>\n

Other investors included<\/span>\u00a0 Franklin Templeton<\/b>, a global leader in asset management with more than seven decades of experience, and <\/span>Jump Crypto<\/b>, an experienced team of builders, developers, and traders. Apollo<\/span>, Lightspeed Venture, Circle Ventures,\u00a0 Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O\u2019Leary Ventures <\/b>also invested in the blockchain.<\/span><\/p>\n

Uses of Sui Coin<\/b><\/h2>\n

SUI coin plays a crucial role within the ecosystem and serves various functions:<\/span><\/p>\n