Friday, May 24, 2024

What is SUI Network?

Sui is a smart contract platform maintained by a permissionless set of validators, playing a role similar to validators or miners in other blockchain systems. With a focus on scalability and low-latency, Sui provides efficient solutions for simple use cases. Supported by state-of-the-art peer-reviewed works and extensive open-source development, Sui ensures reliability and innovation.

A transaction in Sui is a change to the blockchain. This may be a simple transaction affecting only single-owner, single-address objects, such as minting an NFT or transferring an NFT or a different token. These simple transactions may bypass the consensus protocol in Sui.

Sui makes most transactions processable in parallel. This better utilizes processing resources and offers the option to increase throughout by adding more resources. Sui forgoes consensus to instead use simpler and lower-latency primitives for simple use cases, such as payment transactions and assets transfer. This is unprecedented in the blockchain world and enables a number of new latency-sensitive distributed applications ranging from gaming to retail payment at physical points of sale. 

Sui is written in Rust and supports smart contracts written in Sui Move—a powerful asset-centric adaptation of Move for the Sui blockchain—to define assets that may have an owner.

Sui Move programs define operations on these assets, including: custom rules for their creation, the transfer of these assets to new owners, and operations that mutate assets. 

Sui has a native token called SUI, with a fixed supply. The SUI token is used to pay for gas, and users can stake their SUI tokens with validators in a Delegated Proof-of-Stake model within an epoch. The voting power of validators within this epoch is a function of the amount of SUI in their staking pool, including both validator and user SUI tokens. In any epoch, the set of validators is Byzantine fault tolerant. At the end, fees collected through all transactions processed are distributed to validators according to their contribution to the operation of the network. Validators can in turn share some of the fees as rewards to users that stake their SUI with them.

Source : 

Reiff, N. (2023b, May 2). What is Sui? the latest “Solana Killer” from former diem devs. Decrypt. https://decrypt.co/resources/what-is-sui-the-latest-solana-killer-from-former-diem-devs

About sui. About Sui | Sui Docs. (n.d.). https://docs.sui.io/learn/about-sui 

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