What is Sui Blockchain?
- SUI Token
- Sui Explorer Sui Global
Mysten Labs is the Web3 infrastructure organization behind Sui blockchain, which was initially introduced earlier this year. Mysten Labs consist of leading cryptography, programming language, and distributed system experts. Further, the founders used to lead Meta’s Novi Research and helped develop the Move programming language.
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. However, this guide returns to explore the intricacies of Move further in the ”Move Explained – What is Sui?” section below.
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.
Thanks for sharing your thoughts