During the last crypto Bull Run, many projects managed to gain a good amount of public attention by establishing themselves as ”Ethereum killer” and showing good price momentum. But since the beginning of the bear market, TVL i.e. total value Locked have slowly decreased from all these Leyar-1 projects and these projects have been plagued with various problems. Members of Facebook’s blockchain development team broke out of the project to establish a foundation called Mysten lab and invented a new layer-1 blockchain called the Sui Network – claiming to solve existing problems of security and scalability issue.
In this article we discussed about sui blockchain by Mysten Lab and what is its tokenomic team behind the project and how it compare with existing blockchain layer-1 Blockchain projects. By reading this article you will understand if this Sui Network can really establish itself as an ”Ethereum killer”. What can be made in the project in perspective of investment, What SUI is going to happen Next 100×. Let’s Dive into it.
What is Sui?
Sui is the permissionless Layer 1 blockchain develop by Mysten Labs designed 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. Sui Network is a smart contract platform maintained by a permissionless set of validators that play a role similar to validators or miners in other blockchain systems.
Sui offers scalability and unprecedented low-latency for simple use cases. Sui makes the vast majority of transactions processable in parallel, which makes better use of processing resources, and offers the option to increase throughput with 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 the Move programming language to define assets that may have an owner. 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 is also used as delegated stake on validators within an epoch.
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How Sui Works?
The Sui blockchain operates at a speed and scale previously thought unimaginable. Sui assumes the typical blockchain transaction is a simple transfer and optimizes for that use. Sui does this by making each request idempotent, holding network connections open longer, and ensuring transactions complete immediately. Sui optimizes for single-writer objects, allowing a design that forgoes consensus for simple transactions.
Instead of the traditional blockchain’s fire-and-forget broadcast, Sui ensures a two-way handshake between the requestor and approving validators, with simple transactions having near instant finality. With this low latency, transactions can easily be incorporated into games and other settings that need completion in real time. Furthermore, Sui supports smart contracts written in Move, a language designed for blockchains with strong inherent security and a more understandable programming model.
Sui Blockchain Components
Become familiar with these key Sui concepts:
A. Objects – Sui has programmable objects created and managed by Move packages (a.k.a. smart contracts). Move packages themselves are also objects. Thus, Sui objects can be partitioned into two categories: mutable data values and immutable packages.
B. Transactions – All updates to the Sui ledger happen via a transaction. This section describes the transaction types supported by Sui and explains how their execution changes the ledger.
C. Validators – The Sui network is operated by a set of independent validators, each running its own instance of the Sui software on a separate machine (or a sharded cluster of machines operated by the same entity).
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Sui Network Architecture
Sui is a distributed ledger that stores a collection of programmable objects, each with a globally unique ID. Every object is owned by a single address, and each address can own an arbitrary number of objects.
The ledger is updated via a transaction sent by a particular address. A transaction can create, destroy, and write objects, as well as transfer them to other addresses.
Structurally, a transaction contains a set of input object references and a pointer to a Move code object that already exists in the ledger. Executing a transaction produces updates to the input objects and (if applicable) a set of freshly created objects along with their owners. A transaction whose sender is address A can accept objects owned by A, shared objects, and objects owned by other objects in the first two groups as input.
Currently, the $SUI tokens has Four uses cases:
1. Gas Fees
2. Staking/ Validating
3. Storage Fund
Only a share of $SUI’s maximum 10 billion token supply will be liquid at launch. However, details on the initial allocation have not been announced at the time of writing.
Instead of burning tokens, transaction fees will go to validators as well as a storage fund. To compensate for validator’s additional costs with on-chain storage, the fund will redistribute past transaction fees to future validators. Users can also obtain a rebate from the fund by deleting data stored on-chain.
Sui Blockchain / Mysten Labs Team
Sui Blockchain developed by Mysten Labs, core team includes four co-founders, namely:
Evan Cheng (CEO)
Sam Blackshear (CTO)
Adeniyi Abiodun (CPO)
George Danezis (Chief Scientist)
With a combined 8 years at Meta’s crypto R&D team Novi Research Project, and long individual expertise in technology and Web3, the team is seeking to make a change. Also the rest of the team members are all experts and experienced in science mathematics technology and cryptography
Just last year, they founded Mysten Labs, a foundation that plans to improve Web3 infrastructure and accelerate adoption. Till date, they are working primarily on two core developments – the Sui blockchain, and Move – an open-source smart contract programming language.
On July 15, 2022, Sui announced and released the Sui Wallet, which is open-sourced. At present, the wallet allows users to create an address, view and manage assets (tokens or NFTs), and interact with DApps on the Sui devnet.
SUI Token and Mainnet Launch
As of the time of writing, there are no timelines for both the token and mainnet launches. With the incentivised testnet launching in August, we can look forward to developments on the Sui blockchain before any move for mainnet takes place.
How Sui Differs from Other Layer-1 Blockchains?
This page summarizes how Sui compares with existing blockchains and is intended for potential adopters of Sui to decide whether it fits their use cases. See How Sui Works for an introduction to the Sui architecture.
Here are Sui’s key features:
Causal order vs. total order enables massively parallel execution
Sui’s variant of Move and its object-centric data model make composable objects/NFTs possible
The blockchain-oriented Move programming language eases the developer experience
Traditional blockchain validators collectively build a shared accumulator: a representation of the state of the blockchain, a chain to which they add increments over time, called blocks. In blockchains that offer deterministic finality, every time validators want to make an incremental addition to the blockchain, i.e., a block proposal, they sequence the proposal. This protocol lets them form an agreement over the current state of the chain, whether the proposed increment is valid, and what the state of the chain will be after the new addition.
This method of maintaining common state over time has known practical success over the last 14 years or so, using a wealth of theory from the last 50 years of research in the field of Byzantine Fault Tolerant distributed systems.
Yet it is inherently sequential: increments to the chain are added one at a time, like pearls on a string. In practice, this approach pauses the influx of transactions (often stored in a “mempool”), while the current block is under consideration.
Sui’s approach to validating new transactions
A lot of transactions do not have complex interdependencies with other, arbitrary parts of the state of the blockchain. Often financial users just want to send an asset to a recipient, and the only data required to gauge whether this simple transaction is admissible is a fresh view of the sender’s account. Hence Sui takes the approach of only taking a lock – or “stopping the world” – for the relevant piece of data rather than the whole chain — in this case, the account of the sender, which can only send one transaction at a time.
Sui further expands this approach to more involved transactions that may explicitly depend on multiple elements under their sender’s control, using an object model and leveraging Move’s strong ownership model. By requiring that dependencies be explicit, Sui applies a “multi-lane” approach to transaction validation, making sure those independent transaction flows can progress without impediment from the others.
This doesn’t mean that Sui as a platform never orders transactions with respect to each other, or that it allows owners to only affect their owned microcosm of objects. Sui will also process transactions that have an effect on some shared state, in a rigorous, consensus-ordered manner. They’re just not the default use case.
A collaborative approach to transaction submission
Sui validates transactions individually, rather than batching them in the traditional blocks. The key advantage of this approach is low latency; each successful transaction quickly obtains a certificate of finality that proves to anyone that the transaction will be processed by the Sui network.
But the process of submitting a transaction is a bit more involved. That little more work occurs on the network. (With bandwidth getting cheaper, this is less of a concern.) Whereas a usual blockchain can accept a bunch of transactions from the same author in a fire-and-forget mode.
Sui Network transaction submission follows these steps:
A. Sender broadcasts a transaction to all Sui validators.
B. Sui validators send individual votes on this transaction to the sender.
C. Each vote has a certain weight since each validator has weight based upon the rules of Proof of Stake.
D. Sender collects a Byzantine-resistant-majority of these votes into a certificate and broadcasts it to all Sui validators, thereby ensuring finality, or assurance the transaction will not be revoked.
E. Optionally, the sender collects a certificate detailing the effects of the transaction.
While those steps demand more of the sender, performing them efficiently can still yield a cryptographic proof of finality with minimum latency. Aside from crafting the original transaction itself, the session management for a transaction does not require access to any private keys and can be delegated to a third party.
A different approach to state
Because Sui focuses on managing specific objects rather than a single aggregate of state, it also reports on them in a unique way:
Every object in Sui has a unique version number.
Every new version is created from a transaction that may involve several dependencies, themselves versioned objects.
As a consequence, a Sui validator — or any other validator with a copy of the state — can exhibit a causal history of an object, showing its history since genesis. Sui explicitly makes the bet that in many cases, the ordering of that causal history with the causal history of another object is irrelevant; and in the few cases where this information is relevant, Sui makes this relationship explicit in the data.
Causal order vs. total order
Unlike most existing blockchain systems, Sui does not always impose a total order on the transactions submitted by clients, with shared objects being the exception. Instead, many transactions are causally ordered–if a transaction T1 produces output objects O1 that are used as input objects in a transaction T2, a validator must execute T1 before it executes T2. Note that T2 need not use these objects directly for a causal relationship to exist–e.g., T1 might produce output objects which are then used by T3, and T2 might use T3’s output objects. However, transactions with no causal relationship can be processed by Sui validators in any order.
Where Sui excels
Summarizes the main advantages of Sui with respect to traditional blockchains.
Sui’s main selling point (USP) is its unprecedented performance. The following bullet points summarize the main performance benefits of Sui with respect to traditional blockchains:
Sui forgoes consensus for many transactions while other blockchains always totally order them. Causally ordering transactions allows Sui to massively parallelize the execution of many transactions; this reduces latency and allows validators to take advantage of all their CPU cores.
Sui pushes the complexity at the edges: the client is involved in a number of protocol steps. This minimizes the interactions between validators and keeps their code simpler and more efficient. Sui always gives the possibility to offload most of the client’s workload to a Sui Gateway service for better user experience. In contrast, traditional blockchains follow a fire-and-forget model where clients monitor the blockchain state to assess the success of their transaction submission.
Sui operates at network speed without waiting for system timeouts between protocol steps. This significantly reduces latency when the network is good and not under attack. In contrast, the security of a number of traditional blockchains (including most proof-of-work based blockchains) need to wait for predefined timeouts before committing transactions.
Sui can take advantage of more machines per validator to increase its performance. Traditional blockchains are often designed to run on a single machine per validator (or even on a single CPU).
Performance under faults
Sui runs a leaderless protocol to process simple transactions (i.e. containing only owned objects). As a result, faulty validators do not impact performance in any significant way. For transactions involving shared objects, Sui Network employs a state-of-the-art consensus protocol requiring no view-change sub-protocol and thus experiences only slight performance degradations. In contrast, most leader-based blockchains experiencing even a single validator’s crash see their throughput fall and their latency increase.
Contrary to many traditional blockchains, Sui does not make strong synchrony assumptions on the network. This means that Sui maintains its security properties under bad network conditions (even excessively bad), network splits/partitions, or even powerful DoS attacks targeted on the validators. Sustained network attacks on synchronous blockchains (i.e., most proof-of-work based blockchains) can lead to double-spend of resources and deadlocks.
Efficient local read operations
The reading process of Sui enormously differs from other blockchains. Users interested in only a handful of objects and their history perform authenticated reads at a low granularity and low latency. Sui creates a narrow family tree of objects starting from the genesis allowing it to read only objects tied to the sender of the transaction. Users requiring a global view of the system (e.g., to audit the system) can take advantage of checkpoints to improve performance.
In traditional blockchains, families are ordered with respect to each other to totally order transactions. This then requires querying a massive blob for the precise information needed. Disk I/O thus becomes a performance bottleneck, and some blockchains now require SSD drives on their validators as a result.
Sui’s architecture makes it an ideal platform for these DeFi, gaming, and payment protocols as these protocols typically conduct simple transactions. These simple transactions can be conducted with near real-time finality, and are not limited by underlying block times. Furthermore, the network can be scaled horizontally as needed, keeping transaction costs low.
Experienced team members and their prior experience on Meta Blockchain project, Their goal and continuous development process and the pace of raising money from very good venture capitalists suggests that this project can perform well in the future. However, the future of Sui blockchain will depend on how the ecosystem can develop after the launch of Mainnet and how all developers can turn themselves into Sui blockchain Ecosystem. But looking at their mission vision experience team and development, it can be said without a doubt that this project can be the next Ethereum killer.