5 min read

An Overview: The Sui Ecosystem

"Move" to a Web3 future!

Cover Image

Published on

29 Sep, 2023

Abstract:

Mysten Ecosystem aims to bring digital asset ownership to the next billion users in the web3 space. The use case is simple: from fintech to gaming assets all can be stored directly on their blockchain called “Sui”. The distinguishing features here are horizontal scalability, instant finality and low fees. It allows the building of dynamic on-chain assets and also aims to make it really simple for attracting and onboarding users. Sui uses the Move programming language to write smart contracts. The move programming language allows assets to be created as objects that may be owned by addresses. As for Sui, it is a green blockchain using proof of stake as a consensus protocol on its network. A native asset called SUI is used to pay for any operation performed on the blockchain and it’s also used by its owners to delegate stake to authorities to participate in the consensus mechanism provided by the protocol.

Sui Blockchain:

Sui is a permissionless layer 1 blockchain that is maintained by validators (stakeholders) who are synonymous with miners in other blockchain environments. Sui provides low latency for simple use cases, it processes transactions parallelly that utilize computational resources more efficiently and thus allows it to be horizontally scalable by adding more resources to the existing infrastructure.

Sui avoids using consensus protocols for its simpler transactions that boost its performance massively. Rather it chooses to replace such protocols with simpler primitives for use cases like payment transactions and asset transfers. This is a novelty in the blockchain space and allows a number of new latency-sensitive d-apps to function at scale. Sui is written in the Rust programming language and supports the deployment of smart contracts written in the Move programming language that was originally developed at Facebook to power the Diem blockchain. It is used to create assets that may have an owner, the programming language allows the developer to define operations on these assets.

SUI Token:

The native token of the Mysten ecosystem is called SUI. It’s used to pay for performing operations like deployment of smart contracts, basically the gas fees. It is also used as a delegated stake on validators for PoS consensus with an epoch. The voting power of validators is a function of the delegated stake. Fees collected at the end of the epoch through all the transactions that were processed are distributed to validators according to the contributions made to the operation. Validators can also choose to share fees as rewards to users that delegated stakes to them.

Transactions:

A transaction in Sui refers to a change in the blockchain, it might be a simple transaction that affects a single user or one address object, such as minting an NFT or a transfer of an NFT or a different token. Simple transactions bypass consensus protocols in Sui. Complex transactions on the other hand that affect objects that are shared or owned by multiple addresses such as asset management and many other decentralized finance use cases go through the Narwhal and Tusk DAG-based mempool and efficient Byzantine Fault Tolerant consensus scheme.

Elimination of Global Consensus:

A critical problem that is often pointed out in blockchain-based systems is the slow transaction processing times. This is a side effect of global consensus, which in the case of Sui is looked at as an overhead that is unnecessary for simple transactions. They consider this computation wasteful given many transactions are not contending for the same resource against other transactions.

The novelty in Sui that gives it unparalleled scalability and performance lie in the parallel agreement on casually independent transactions. Validators commit such transactions using Byzantine Consistent Broadcast, eliminating the overhead of global consensus without sacrificing safety and liveness guarantees. The breakthrough here is viable due to the data model developed by Sui. It's an object-centric view and moves strong ownership types that are discussed in the next section.

Move:

Move smart contracts are the backbone of Sui applications. The language was developed at Facebook for writing memory safe smart contracts, it is platform agnostic and enables the usage of shared libraries, tooling etc. across blockchains. The language prevents many vulnerabilities like reentrancy, poison tokens and spoofed token approvals that attackers have leveraged to steal millions on other platforms. The safety and reliability offered by move will allow developers to transition from web2 to web3 without understanding the underlying infrastructure.

Rich and Composable Assets:

Storage is a low cost and scalable on Sui, it’s an additional feature which is a side effect of the ability to define fairly complex assets with rich attributes that live directly on-chain mitigating the introduction of third-party layers of indirection into off-chain storage to save gas fee. The ability to move attributes on-chain allows the implementation of application logic that uses these attributes in smart contracts which increases composability and transparency for apps. Rich on-chain assets will enable new applications and economies based on utility without relying solely on artificial scarcity. Developers can implement dynamic NFTs that can be upgraded, bundled, and grouped in an application-specific manner, such as changes in avatars and customizable items based on gameplay. This capability delivers stronger in-game economies as NFT behavior gets fully reflected on-chain, making NFTs more valuable and delivering more engaging feedback loops.

Better UX:

Sui aims to be highly accessible, empowering developers to create great user experiences on web3 and to usher in the next billion users they provide various tools to take advantage of the power of the Sui blockchain. The Sui SDK will enable developers to build without boundaries.

  • Unmatched scalability, instant settlement
  • A safe smart contract language accessible to mainstream developers
  • Ability to define rich and composable on-chain assets
  • Better user experience for web3 apps
  • Narwhal and Tusk DAG-based mempool and efficient Byzantine Fault Tolerant (BFT) consensus

If you hold the SUI token, you can enhance your portfolio by staking to earn rewards. Leverage Luganodes' institutional-grade infrastructure to stake your holdings and create a passive income. Staking with us ensures ease of use, support, and safety while you earn, and also contribute to the security of the Sui chain.

Learn how to stake SUI tokens using this guide. You can learn more about staking on our website, and feel free to contact us for any queries!

About Luganodes

Luganodes is a world-class, Swiss-operated, non-custodial blockchain infrastructure provider that has rapidly gained recognition in the industry for offering institutional-grade services. It was born out of the Lugano Plan B Program, an initiative driven by Tether and the City of Lugano. Luganodes maintains an exceptional 99.9% uptime with round-the-clock monitoring by SRE experts. With support for 36+ PoS networks, it ranks among the top validators on Polygon, Polkadot, Sui, and Tron. Luganodes prioritizes security and compliance, holding the distinction of being one of the first staking providers to adhere to all SOC 2 Type II, GDPR, and ISO 27001 standards as well as offering Chainproof insurance to institutional clients.

Staking Guides

Blog thumbnail
Dymension — Delegate $DYM Tokens with Luganodes for RewardsDive into the world of Dymension, a network famed for its modular blockchains called RollApps, and discover how to leverage your $DYM tokens for rewards. This guide provides a step-by-step process for delegating your $DYM tokens with Luganodes, a trusted validator within the Dymension ecosystem. By following these simple instructions, you can start earning rewards and contribute to the security and efficiency of the network. Unlock the full potential of your $DYM tokens by staking with Luganodes today.
13 Feb, 2024

2 min read

Blog thumbnail
Persistence — How to Stake $XPRT Tokens with LuganodesPersistence is an innovative Layer-1 blockchain designed to facilitate a range of financial products and services. It's known for its robust ecosystem that includes NFT marketplaces, liquid staking, and DeFi solutions. This guide will provide you with clear instructions on how to delegate your $XPRT tokens with Luganodes. By staking your $XPRT tokens, you can earn rewards and become an integral part of the thriving Persistence community. Follow these simple steps to start staking your $XPRT tokens and explore the diverse opportunities within the Persistence network.
14 Jan, 2024

2 min read

Subscribe to get our latest updates!

New products & networks supported, staking research, blog updates, and exclusive offers directly in your inbox.

By subscribing, I accept the privacy policy.
Line pattern
© 2024 Luganodes | All rights reserved