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SUI (SUI) - The high-performance cryptocurrency, whose main task is to make transactions instantaneous and easily accessible.
https://www.trubit.com/pro/crypto-spot-trading/SUI/USDT
SUI (SUI) is a high-throughput, low-latency platform that uses a Layer 1 chain. Its main goal is to achieve instant transactions, making it a leading choice for use cases on chains such as DeFi and GameFi. The SUI blockchain (SUI) is programmed in Rust, a programming language that focuses on fast and secure transaction executions. Rust is also the language used by Solana, another high-speed blockchain.
SUI's (SUI) primary mission is to "serve the next billion users on Web 3," offering superior implementation of decentralized applications (Dapp) and a more advanced smart contract architecture compared to rival blockchains such as Ethereum. To achieve this, the blockchain uses a process called "transaction parallelization," which allows transactions to be processed in a parallel arrangement. This "horizontal scale" approach, as described by SUI (SUI), improves data organization through a byzantine fault-tolerant system implemented in proof-of-stake (PoS) and its consensus mechanism.
Sui was founded by a team of engineers who previously worked at Meta: Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias.
Prior to establishing Mysten Labs, the company behind the Sui blockchain, ethis group of five worked at the Novi division. Mysten Labs managed to secure backing from prominent venture capital funds, including a16z, which invested $36 million in a Series A funding round in December 2021. Subsequently, a $300 million Series B funding round was announced, bringing the company's valuation to $2 billion. Funds that participated in Mysten Labs include Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Circle Ventures, LightSpeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O'Learning Ventures.
SUI (SUI) aims to outperform other layer one blockchains by using a different consensus and transaction processing mechanism. Rather than focusing on vertical scaling, Sui seeks to scale horizontally out of the box, which allows it to achieve the promised high performance that distinguishes this blockchain.
SUI (SUI) recognizes that many transactions are unrelated to each other. Instead of requiring each node to validate all transactions, nodes only examine the data relevant to them. This is known as an "object-centric model," where the data in the chain is centered on objects rather than accounts. This avoids the traditional blockchain approach where uncorrelated transactions are validated individually.
First, a sender sends all transactions, which are verified by the relevant validators. If the majority of validators agree, the result is sent back to the sender, who transmits it to all validators. Relevant ownership models include: ownership of an address (e.g., coins or NFT), ownership of another object (an NFT that is part of another NFT), and shared ownership (e.g., AMM groups).
This architecture allows Sui to focus on verticals such as NFTs, games, messaging services, social networks and decentralized identity platforms.
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