Sui (SUI) is a layer 1 blockchain and decentralized, permissionless smart contract platform designed to support highly scalable and customizable decentralized applications (dApps). Developed by Mysten Labs, a team of former Meta (Facebook) blockchain and infrastructure engineers, Sui aims to address the limitations of current blockchain architectures by offering a platform with superior throughput, low latency, and enhanced user experiences for both developers and end-users.
The native utility token of the Sui network is SUI, which is utilized for transaction fees, staking, governance participation, and incentivizing various network operations, to provide on-chain liquidity.
Unlike blockchains that rely on a global state and sequential transaction processing, Sui employs an object-centric approach, using Move which is a smart contract programming language to define assets as objects. This model allows for parallel transaction processing and direct interaction with objects (data units), significantly improving the network's capacity to handle high volumes of transactions and interactions simultaneously without bottlenecks, speeding up processing.
The platform uses a Byzantine Fault Tolerant (BFT) consensus algorithm optimized for performance and scalability. This consensus model, combined with the object-centric approach, enables Sui to offer immediate transaction finality and reduces the computational overhead typically associated with maintaining and updating blockchain state. Sui is suitable for applications requiring real-time responsiveness and scalability, such as gaming, social media, and complex financial services.
Sui's architecture also emphasizes ease of development and deployment of dApps. It provides developers with robust tools and programming models designed to simplify the creation of scalable and interactive applications.
