What is Sui Blockchain(SUI)?

Since the beginning of the bear market, Total value locked (TVL) from most Layer-1 projects has gradually decreased, and these projects have been plagued with various problems. Members of Meta's blockchain development team left the project to form the Mysten lab and create the Sui, a new layer-1 blockchain that claims to solve existing security and scalability issues. The first thing to note about Sui is that it runs smart contracts written in Move, a programming language based on Rust that was created by Meta to support its Libra cryptocurrency (which was later rebranded Diem and ultimately abandoned in January 2022). Move lives on and is available on GitHub as a programmable blockchain platform.

What is SUI？

Sui is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in Web3. Sui is horizontally scalable to support a wide range of application development with unrivaled speed at low cost.

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 explicit representation of transaction affiliations, 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.

Fundrasing History

Series A

• Amount: $36,000,000 US dollars
• Date: 12月,2021
• Investors: NFX、Scribble Ventures、Redpoint、Lightspeed、Electric Capital、Samsung NEXT、Slow Ventures、Standard Crypto、Coinbase Ventures

Series B

• Amount: $200,000,000 US dollars
• Date: Unknown
• Investors: FTX Ventures ...

SUI Blockchain Team

• Evan Cheng (Co-Founder, CEO)
• Adeniyi Abiodun（Co-Founder, CPO）
• Sam Blackshear （Co-Founder, CTO）
• George Danezis （Co-Founder, Chief Scientist）
• Kostas Chalkias （Co-Founder, Chief Cryptographer）

With a combined 8 years of experience at Meta's crypto R&D team Novi Research Project, as well as extensive individual expertise in technology and Web3, the team is looking to make a difference. The rest of the team members are also experts and have extensive experience in science, mathematics, technology, and cryptography.

Is Sui Safe?

Sui promises enhanced security as a result of the way Move structures smart contracts, while also theoretically improving ease of implementation. "Move's design prevents issues such as re-entrancy vulnerabilities, poison tokens, and spoofed token approvals that attackers have leveraged to steal millions on other platforms," Abiodun said. "Its emphasis on safety and expressivity makes it easier for developers to transition from Web2 to Web3 without understanding the intricacies of the underlying infrastructure." This sounds similar to the way Dean Tribble of Agoric characterizes its use of hardened JavaScript for smart contracts.

What Makes SUI Unique?

1. Sui uses the Move virtual machine(VM) and the Move programming language to implement smart contracts. Move is memory safe like Rust, but more expressive than other smart contract languages. Sui uses a small variant of Move to improve network performance and simplify the developer experience. This document will tell you more about how Sui's Move is different from a normal Move.
2. Sui validates transactions one at a time, rather than in batches like traditional blocks. The main benefit of this approach is its low latency; each successful transaction quickly obtains a certificate of finality, which proves to anyone that the transaction will be processed by the Sui network.However, submitting a transaction is a bit more involved. A little more work is done on the network. A traditional blockchain can accept a large number of transactions from the same author in a fire-and-forget mode.
3. Sui's reading process is vastly different from that of other blockchains. Users who are only interested in a few objects and their history perform authenticated reads with low granularity and latency. Sui constructs a narrow family tree of objects beginning with the genesis, allowing it to read only objects associated with the transaction's sender. Checkpoints can help users who need a global view of the system (for example, to audit the system) improve performance.

Closing Thought

Experienced team members and their prior experience on the Meta Blockchain project, their goal and continuous development process, and the rate at which money is being raised from very good venture capitalists all indicate that this project has a bright future. However, the future of Sui blockchain will be determined by how the ecosystem develops following the launch of Mainnet and how all developers can integrate into the Sui blockchain Ecosystem.

It's still early days for L1, and the smart contract market is undoubtedly competitive. Both were launched at about the same time. Likewise, the L1 projects themselves are months apart. While there is a lot of overlap between Aptos and Sui, there are also some interesting technical differences.

The technology of Sui is fascinating, but it ultimately needs to solve meaningful problems that give people a reason to pay for it; technological innovation must be an improvement significant enough to afford the switching costs of existing technologies. Nor is it the only single determinant of success -- technical superiority alone almost never wins, according to Jason Choi -- success also depends on growing the business and entering the market. Technology needs to translate into performance, then results.