SUI could be the game-changer for Layer1丨The SUI knowledge you must understand

Sui is the first completely permissionless Layer 1 blockchain, characterized by its security, speed, and parallel transaction capabilities. During interactions, Sui does not require consensus but uses a simpler, faster settlement method, thus bringing immense possibilities to finance, digital commerce, and gaming. This also empowers Sui with the potential to be the next game-changer in Layer 1!

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Sui and the Layer 1 leader Aptos are both part of the Meta public chain family. Both companies’ teams and overall technology originated from Facebook’s now-dissolved Diem and Novi projects. Between 2019 and 2022, Facebook attempted to establish its own decentralized payment system. Although the endeavor ultimately failed, it left behind the Move language. Four co-founders then independently founded Mysten Labs and began the construction of Sui.

Mysten Labs modified the Move language, creating a special Sui Move, upon which they built Sui.

Sui and Aptos are both Layer 1 public chains, with founding teams from Diem and both part of the Move lane. Therefore, the two have been in competition from the very start. Unlike Aptos, Sui places more emphasis on innovation in underlying technology, aiming to become the first Internet-scale programmable blockchain platform.

While the current status suggests that Sui’s development progress is slightly slower than Aptos, this is due to Sui’s choice to build a Layer 1 network from scratch. However, projects driven by technological innovation often have potential in the long run. Sui has accumulated considerable technological advantages in the past few years. With the successful conclusion of the Sui Wave 2 test and the announcement that the mainnet is about to go live, the market has high expectations for its innovative perspectives in the next expansion cycle.

SuperEx has compiled Sui’s public information and summarized many knowledge points needed by participants who want to join the Sui ecosystem. This article is for reference only and does not constitute any investment advice.

Sui Overview

Sui is a Layer 1 public chain, redesigned and built from first principles, allowing creators and developers to more easily create experiences for the future 1 billion Web3 users. Sui is a decentralized proof-of-stake blockchain, with horizontally scalable throughput and storage, enabling high-speed and low-cost application development, with huge potential for commercial applications in finance, digital commerce, and gaming.

What is Move language

The development of Move was intended to serve the Diem blockchain, aiming to establish a global financial and monetary infrastructure. Therefore, Move must be capable of encoding the various assets and business logic that make up the financial infrastructure. This has shaped the positioning of the Move programming language: it is secure, modular, and enables the display, management, and transformation of digital assets.

The Difference between Sui Move and Move

The main difference between Sui Move and Move lies in global storage and key capabilities. In simple terms, storage is not in Move but on Sui’s own chain, assigning each programmable object a globally unique ID, while optimizing for efficient storage and rapid data access.

There are 5 main differences:

1. Resources are not deployed in Move, but are stored in Sui in an object-centric manner.

2. The address no longer represents the user account, but the ID of the object.

3. Sui objects have Key capabilities, with globally unique IDs, including an ID and version number.

4. Sui has module initializers (init), helping modules deploy rapidly.

5. Sui entry points take object references as input.

In conclusion, Sui fully utilizes the security and flexibility of Move and greatly improves throughput by changing the storage, reducing final confirmation latency, and making Move programming easier.

Sui Protocol Features

There are eight features of the Sui protocol:

1. Scalability with instant settlement.

2. Safe smart contract language that mainstream developers can use.

3. Ability to define rich and composable on-chain assets.

4. Providing a better user experience for Web3 applications.

5. Efficient Byzantine Fault Tolerance (BFT) consensus and memory pools based on Narwhal and Bullshark DAG.

6. Causal order and total order enabling large-scale parallel execution.

7. Sui’s Move variant and its object-centric data model make composable objects/NFTs possible.

8. The Move programming language for blockchain simplifies the developer experience.

Sui’s Transaction Classification

Sui uses DPoS for consensus proof, each transaction is verified individually, unlike traditional blocks that verify after bundling multiple transactions together. This means verification is carried out as soon as the client initiates the transaction, so there is no need to wait. At the same time, transactions are divided into two categories, simple transactions and complex contracts, executed in different ways to achieve efficiency and speed.

1. Simple Transactions: Byzantine Consensus Broadcast

Many times, on-chain transactions do not have complex dependencies. For example, fund transfers only need to update the owner of the funds, so transactions can skip consensus and only need to use an algorithm based on Byzantine consensus broadcast.

2. Complex Contracts: Narwhal and Bullshark Consensus Launch

Complex smart contracts are often shared objects, meaning not only one user can initiate changes to them, hence two rounds of consensus are required to complete a transaction.

Sui’s Ecosystem Situation

The current development of the Sui ecosystem is balanced and is in a healthy and positive state. The projects that have been granted by the official are based on the core demand of a public chain, aiming to help the entire ecosystem to be constructed and developed orderly. Up to now, Sui’s ecosystem is mainly concentrated in the fields of wallets, DeFi, NFT, and Web3. Let’s briefly introduce them.

Wallet

In the wallet sector, there are currently three projects with high activity, Sui Wallet is the official wallet, and Suiet and Ethos are third-party wallets.

DeFi

MovEX is the first AMM + order book hybrid liquidity DEX on Sui. It combines the advantages of AMM and the order book, creating hybrid liquidity pools to provide everyone with a liquidity trading experience.

NFT

1. Sui Punk is a Sui replica of Crypto Punk, which claims to be the first NFT series on Sui, with a total of 2992.

2. BlueMove is a platform that supports NFT creation and trading and has been successfully deployed on both Sui and Aptos networks.

Web3

ComingChat is a SocialFi product aimed at addressing the issue of fragmented experiences in Web3 products. The product has also incorporated some aspects related to ChatGPT. It provides users with a Web3 portal application that supports multiple public chains and offers DeFi and GameFi features.

Conclusion

Sui is the first permissionless Layer 1 blockchain designed from scratch, committed to providing a more friendly user experience for Web3 users. From the standpoint of Brian Hennessey-Hsieh, who is responsible for Sui’s developer relations, the future focus of Sui’s operational development will be on how to reward contributors in a fair, transparent, and verifiable manner to promote the sustainable development of the Sui ecosystem.