Review of the Sui Ecosystem
Sui Platform
Sui is a first-level decentralized blockchain platform that is designed to facilitate instant settlements. Here you can buy, sell and store cryptocurrency with maximum convenience and confidence in the security and confidentiality of transactions. The project is distinguished by its high bandwidth, it was originally created for the simultaneous work of billions of users. With a low transaction latency, their acceptable cost is pleasantly pleasing.
History of creation
The Sui platform was developed by Mysten Labs. Previously, five founders of the young corporation had experience in creating the Diem blockchain and the Move programming language. Now they have sent him to their own project.
It is known that four co-founders came from Facebook, constrained by regulatory restrictions. The strict framework pushed them to the idea of working on their own blockchain.
Key Features
The Sui platform is interesting because it is actually the first blockchain without Layer 1 permissions (Layer 1 blockchain), developed from scratch. It opens up great opportunities for creators and developers. This is a tool whose effectiveness is explained by parallel transaction processing. Due to this, resources are used with maximum efficiency. So the project provides scaling when performing everyday tasks, including a variety of payments and asset transfers.
Sui differs in that there is no need for temporary blocking due to calling the consensus protocol for objects with joint ownership. Due to this, transactions are completed instantly, without delay.
The platform is written in the Rust programming language. It also supports smart contacts that are created using Move, since it is based on Rust.
Learn more about architecture
In simple words, the Sui platform is a distributed registry. It serves as a repository for programmable objects. Each of the latter receives its own unique identifier. At the same time, if an object is assigned to one address, then one address can have any number of objects associated with it.
Transactions in parallel are possible due to serial broadcast transmission. Its high throughput makes it possible to process numerous operations instantly.
For greater speed and scalability, simple transactions are optimized. This ensures the addition of idempotence. When repeated, the properties and the result are preserved without increasing the load on the network. However, repeated receipt of the payment is excluded, as reliable protection against duplication of operations is provided.
The logic of Sui is such that each transaction is perceived as manipulation of assets or as a transaction between users. And this factor also contributes to low latency, optimizing operations.
The platform works with two types of assets:
- Objects in the property that are controlled by a specific owner, and therefore can only be changed by this owner.
- Shared objects that can be modified by multiple users.
With the first Sui works on the principle of rejection of consensus, this is the key to a short delay. Without blocking, the client immediately completes the transaction, and is limited only by the fact that it can create one transaction at a time.
More complex operations involving shared objects proceed with the involvement of the BFT consensus and the Narwhal and Tusk DAG mempool. Such solutions are effective, but have certain disadvantages:
- First of all, a two-protocol system requires more effort from developers, since the code base is very massive.
- The mechanism is more cumbersome, and therefore works with a delay — transactions with shared objects are completed within 2–3 seconds.
Although the platform is completely new, today we can talk about its prospects. The Sui architecture meets the requirements of the time: it is optimally suited for modern developments. When making simple payments, the system shows all its advantages, conducting them almost instantly and without restrictions. If necessary, horizontal scaling of the network is available. At the same time, the low cost per transaction remains, which can also be considered an important advantage of the technology.
Move Language
The use of the Move programming language made it possible to achieve high speed of operations, low transaction costs and ensure their security. It was originally developed for the Diem blockchain by Facebook. When they were being worked on, the developers set a goal to create a language specifically for secure operations with digital assets. It was successfully achieved, which is why Move compares favorably with Solidity.
Using this programming language, the authors of the Sui project are confident that users of the platform are not in danger of copying digital assets. Because it is technically impossible. A digital asset cannot have multiple owners at the same time, as each transaction is carried out once, duplication is excluded.
Also, thanks to the use of Move, performance reaches maximum performance. This is explained by the specifics of the data movement model. In parallel, the transaction is executed and committed. This is a significant difference from EVM data, which involves storing resources in dynamically indexed maps.
Security guarantees
The modern user logically prefers projects that ensure the safety of digital assets. This factor was taken into account by the developers when creating the Sui platform. For their part, they guarantee complete security, revealing in detail what they mean by such guarantees:
- The asset is available exclusively to the owner: access is carried out by means of an individual key with a signature.
- The transaction proceeds exclusively according to the rules prescribed in the smart contract.
- The operations are completely transparent: if necessary, you can check how accurately and correctly the process is proceeding.
Regarding common assets, separate rules have been established to ensure the safety of manipulation for all parties. They are managed by all owners. Additionally, you can create a smart contract to prescribe more precise specific conditions.
General operations are performed according to the Byzantine agreed protocol. It provides better scaling combined with minimal latency.
According to the logic of the platform, upon completion of the transaction, updated information is recorded. All changes in assets are saved so that you can continue working with them.
The platform uses a protocol that assumes a set of independent validators, which users choose by delegating $SUI tokens to them. However, if a small number of them do not follow the protocol, the security properties remain the same.
Project Tokenomics
The native coin of the platform is the $SUI token. This cryptocurrency is used to pay the commission charged for the transaction. It is also used in payments of rewards to POS (Proof-Of-Stake) participants. In addition, the $SUI token is needed during the protocol update process, and it will also be used during the management vote.
The total supply of the native cryptocurrency of the Sui platform is 10 billion tokens. So far, the authors of the project have not disclosed the details of its economic model. It is only known that when the main network is launched, part of the $SUI will be distributed as incentives for staking, and a certain percentage will be liquid.
Plus, the company announced the creation of its own fund — Storage Fund. There are plans to use it to distribute commissions received as payment for gas between future validators. It is supposed to pay an advance for calculations and storage, which goes to the fund. It will serve as a kind of incentive for validators to ensure the security of the network.
Sui Roadmap
After the launch of the stimulated test network in August 2022, the authors of the project promise to expand the functionality by introducing basic options for conducting a full-fledged stress test. After that, users will have access to the main product.
As part of the testing, two main goals will be studied:
According to the first point, testnet involves checking how well the genesis of tokens proceeds. Key network operations will also be tested.Plus, the validator configuration and operational coordination will have to be checked. The key economic mechanisms of the network will also fall under the scope, so that it can be checked how effectively and smoothly the implemented model functions. Operators are expected to be tested: it will be monitored how they work out key network operations. These include responding to events, receiving software updates, and changing the set of validators.
As part of the Swim, developers will be able to observe how the deployment takes place in the test network. They will also create and implement financial primitives, among which the basics of DeFi and derivatives staking are expected. Plus, the company promises to launch the Sui hackathon, which puts another important task on the developers to be solved within the framework of testnet.
I would like to see the deflation/burning mechanism.
The project is definitely worthy of attention!
