Sui has branded itself as the first permissionless layer-1 (L1) proof-of-stake (PoS) blockchain built from the ground up, allowing developers and creators to build Web3 projects that serve the next wave of Web3 users. Furthermore, Sui is a next-generation smart contract platform focusing on throughput and low latency. The blockchain utilizes an asset-oriented programming model based on the smart contract language known as Move.
The platform claims to offer unprecedented low latency and scalability for straightforward use cases. This is achievable since the platform enables the capability of parallel transactions. Consequently, Sui can use processing resources more efficiently.
The platform bypasses consensus when it comes to simple use cases such as asset transfers and payment transactions. Instead, it utilizes simpler and low-latency primitives, which, according to the documentation, is a process unheard of in the blockchain industry. Moreover, this strategy facilitates developers to build new latency-sensitive dapps in various areas, ranging from retail payment to gaming!
The blockchain platform is maintained by a permissionless collection of validators fulfilling the same role as miners or validators in other prominent blockchain systems. Furthermore, the native token of the platform is called “SUI”, which plays a vital role in the functionality of the network.
The purpose of SUI is multifaceted, and the token fulfills several functions within the Sui ecosystem.
Specifically, SUI has the following four main functions:
- First, SUI is used to pay gas fees for transactions and other occurring on-chain operations.
- Second, it is possible to stake the token in order to participate in the platform’s PoS mechanism.
- Third, SUI is an asset and works as a medium of exchange/to store value.
- Lastly, SUI plays an essential role in the governance of the Sui blockchain. As such, token holders gain the right to participate in on-chain voting.
How Does Sui Blockchain Work?
The blockchain does, according to their documentation, work at unprecedented speed and scale. The enhanced efficiency is partly an effect of Sui’s assumption that many blockchain transactions are without complex interdependencies with other parts of the chain. Consequently, the platform views blockchain transactions as simple transfers and has optimized its platform accordingly.
The blockchain is able to optimize speed and scalability as the platform holds network connections open longer, makes each request idempotent, and ensures that transactions are complete without any delay. In regards to simple transactions, users generally just want to send assets to a recipient. In these instances, the platform locks the address of the sender rather than the whole blockchain. As a result, the network can circumvent the consensus mechanism for straightforward transactions.
In addition, the platform validates transactions individually rather than accumulating them in traditional blocks. The main advantage of this strategy is the low latency, enabling each successful transaction to almost instantly get a certificate of finality. This high speed and scalability are an effect of the fact that Sui essentially sets up a two-way handshake between validators and requestors.