Sui Ecosystem Overview
What is Sui Network?
Sui is the first permission less Layer 1 blockchain solution designed for the development and creation of different expertise levels for launching innovative crypto solutions for billions of users. One of the most notable features of Sui is horizontal scalability, which enables efficient dApp development at a lower cost.
Overall, Sui’s architecture is known for its instant settlement and high throughput, rich on-chain assets, and outstanding web3 experience.
How Does Sui Work?
The blockchain operates at a speed and scale previously thought to be unattainable. Unlike some of its alternatives, Sui enables transactions to be run in parallel, providing low latency due to its requesters or proxies proactively reaching validators to successfully complete transactions. Finally, the support of Move-based smart contracts greatly benefits its security, scalability and more understandable programming model.
The architecture of Sui Blockchain
According to Sui’s architecture documentation, the ecosystem consists of three major components:
Programmable Objects — built and managed by smart contracts on the Move programming language, which also act as objects themselves. Additionally, all the objects are classified into variable data values and invariable packages.
Transactions — record any changes or updates within Sui’s ecosystem.
Validators — enables users to read the stored assets, historical records of the transactions processed and so on. Basically, that’s the backbone of Sui’s network.
Additionally, ecosystem Sui features the Sui Consensus Engine with Narwhal (which ensures the availability of the submitted data) and either Bullshark or Tusk solutions (responsible for setting up the ordering of such data).
Programming Language
The Sui ecosystem is based on the Rust-based Move programming language, the specific open-source bytecode language which is mainly used for the development of customizable transactions and smart contracts. Additionally, this language is highly valued for higher safety and security levels, as well as facilitating a smooth transition from Web 2.0 to Web 3.0 — the last one is extremely important for blockchain, cryptocurrencies and token-based solutions.
Basic Features of the Sui Ecosystem
Software development on the Sui blockchain can bring a variety of benefits, including a simplified coding process, reduced risks of errors in the initial stages of development and building applications regardless of the infrastructure specifics.
Talking about the features of the Sui blockchain, it’s worth mentioning the following aspects:
Enhanced productivity and lower latency. Sui can handle a large number of transactions per second (TPS) — 120,000 (based on the testimonials data on an 8-core M1 Macbook Pro device)
Parallel execution. With the data organized into separate objects, Sui supports parallel agreements on causally separate transactions.
Horizontal scalability. The network can also scale horizontally due to its parallel agreement on causally independent transactions.
Different participation options. In Sui, participants come in three categories: Users, Token Owners and Validators, which opens up a wider range of transaction-based actions.
Lucrative rewards and loyalty programs. Sets up large-scale airdrops, reaching millions of crypto users through low-cost transactions.
Realizing the potential benefits for business of the Sui blockchain, the technology has been intensively used across a variety of scopes. In particular, it has been implemented in complex games and business projects, on-chain DeFi and TradFi primitives, asset tokenization services, decentralized social media networks and many more.
Possible Drawbacks to Consider
Knowing the potential drawbacks of Sui will help you explore and get ready for the major pitfalls which might occur during the development process. Overall, there are three aspects to keep in mind:
Design complexity. Sui’s design is based on two protocols — a protocol based on Byzantine Consistent Broadcast (for simple transactions) and a consensus protocol (for transactions with shared objects). Therefore, developers will require a much larger programming codebase.
Sequential writing. Though this benefits the transaction speed, Sui users can only send one transaction at a time.
Complex total queries. At Sui, total queries can be more difficult than in traditional blockchain solutions, as it does not always impose the total order of transactions.
Also, it’s worth highlighting that Sui’s proprietary programming language is Move, which was introduced in 2020. This means there are relatively few developers with deep expertise in Move coding, which can potentially help you make the most of the Sui ecosystem.
Who Invests in Sui?
So far, Sui has raised $36 million in Series A funding, which was led by over a dozen market giants, including Andreessen Horowitz’s a16z. Other participants in Sui’s funding include Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Samsung Next, Slow Ventures, Standard Crypto, NFX, and Scribble.
The Sui blockchain has recently completed its $300 million in Series B funding, with major investments from Binance Labs, FTX Ventures, Jump Crypto, Circle Ventures, a16z and Andreessen Horowitz. It’s also worth mentioning that its creators have recently announced the upcoming launch of the SUI token, designed mainly for gas fees and staking.
How to participate on SuiEcosystem?
Here’s a step-by-step guide:
- Go to: https://suiecosystem.crew3.xyz/invite/mXJ7uYkzuMYyREmJ488l8
- Create an account using Discord
- Connect your Twitter account.
🌊 Rewards:
What members get for participating in our Crew 3 program:
. DeFi and Web 3.0 knowledge.
. In-depth knowledge of the Sui Ecosystem.
. Awards for contributions to ecosystem projects (WL, Airdrops, Freemints, POAPs, Special Roles and more) .
. A handy system of guides to participate in ecosystem projects .
. Crew-hunter” role, which gives you the right to Freemint unique NFT from Sui Ecosystem (its benefits will be described later)
(Moreover we are considering rewarding high performers of Crew with tokens and even stabelcoins)
🌊 Roles:
You can pick up your roles for the experience gained in Crew 3. They will give you access to 3 closed categories:
✨ Suimmer 🏊 (3 lvl)
✨ Suifer 🏄 (5 lvl)
✨ Suiman 🦸 (7 lvl)
For reaching 10 lvl the last Crew 3 Hunter role will open — for which you will receive the legendary NFT from the Sui Ecosystem.
🌊LET’S BUILD SUINAMI TOGETHER🌊
Epilogue
This article is written by Blue Dream (Twitter: @BlueDream989). Feel free to contact with me if you have any question while doing based on this guide. Please follow my Medium for more airdrops on next the future.
