The layer 1 proof-of-stake Sui blockchain was created by Mysten Labs, a business started by former Meta employees who worked on Facebook’s Libra Project. Sui has smart contract capabilities.
A permission-based blockchain and stablecoin payment mechanism were the goals of Project Libra, also known as Diem. Unfortunately, the project did not succeed as quickly as expected. However, most of the developers who worked on Project Libra have now moved on to work on other initiatives. SUI is one of the projects.
Sui’s team offers a high-performance decentralized platform for developing decentralized applications and smart contracts to improve user experience through scalability and low latency by allowing creators and developers to customize experiences for the typical user.
How does suy work?
A high-performance decentralized platform for developing decentralized applications and smart contracts is what the Sui blockchain project aims to offer. The network is controlled by a committee of permissionless validators that changes from era to era. Each epoch lasts for 24 hours. Users can transfer their shares to validators to increase their voting power and receive a share of transaction costs. The network maintains security as long as two-thirds of the total stake is given to trusted parties. To process more transactions and provide a better user experience, the network also allows validators to scale out through sharding between validators.
Nodes can scale by allocating more resources, including CPU, memory, and storage, thanks to internal validator sharding. This can be done on a single machine or on multiple drives simultaneously. This improves the user experience while allowing the network to handle more transactions.
Gas Costs and Prices
The fundamental problem preventing blockchain from being widely adopted is gas fees. This issue is addressed by the Sui blockchain, which makes gas rates more predictable for customers by adopting a pricing system where validators vote on a reference price for the entire network. Sui also charges other costs for transaction handling and data archiving; these fees are covered by a “storage fund” and increase as the network expands. Sui wants to improve the usability and accessibility of blockchain technology.
Parallelization of Transactions
Any blockchain technology must be scalable, as it affects the number of transactions that can be completed per second. Sui blockchain processes up to 120,000 transactions per second on a MacBook Pro, thanks to concurrent transaction execution. It is even more comparable to established payment systems like Visa, which can process 24,000 transactions per second, than other blockchains like Ethereum, which can only handle 7-15 transactions per second.
The amount of communication between validators required to complete transactions is also reduced with Sui’s method of parallel transaction execution. This means that simple transfers can be validated almost instantly and complicated transactions can be completed in two to three seconds. Sui’s method makes it a more effective and convenient option for both companies and individuals. It also represents a further step towards parity with established payment methods such as Visa.
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