Sui (SUI)

Sui is a L1 blockchain built with Move

Basics

• Based in:
• Started in / Announced on:
• Testnet release: "Sui is currently running a public devnet and is launching its incentivized testnet next month." (11-7-2022)
• Mainnet release:

History

• Building and extending on years of research at Meta (Facebook). From this twitter thread by Figment (11-7-2022):

"The business was founded by @EvanWeb3, @EmanAbio, @b1ackd0g, @GDanezis, @kostascrypto – all of whom were formerly building Novi or Diem at Meta."

Audits & Exploits

• Bug bounty program can be found [insert here].

Token

Token Allocation

• From this twitter thread by Figment (11-7-2022):

"The SUI token has a 10B total supply. It’s set to be distributed between the founding team, investors, a public sale, the Sui foundation, and future emissions. The exact initial token distribution will be released in the coming weeks."

Utility

• From this twitter thread by Figment (11-7-2022):

"Sui’s token serves 4 roles: 1. Staking / Security 2. Transaction fees 3. Governance 4. Unit of Account / Medium of Exchange"

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed here.

Implementations

• Built on:
• Programming language used: Move, "Sui uses a minor variation of Move to improve network performance and ease the developer experience. This intuitive programming is perfect for dynamic NFTs and crypto games that constantly mix and modify digital objects." (17-7-2022)

Transaction Details

• Capacity (TPS): "Early results running Sui on a MacBook pro were able to process over 120K token transfers per second." (11-7-2022)
• Latency: "Its consensus algorithms focus on minimizing the communication that’s needed between validators to process transactions. This leads to simple transfers being validated nearly immediately, while complex transactions are executed within 2-3 seconds."

How it works

• From this twitter thread by Figment (11-7-2022):

"Key to Sui's performance is transaction parallelization. In most blockchains, transactions must be ordered and placed into a block to be executed sequentially. Sequential execution unnecessarily restricts throughput on these chains – most transactions are independent. Because Sui requires that dependencies of transactions be explicitly stated, it’s able to process them in parallel. In the minority of cases where transactions are intertwined, Sui still allows them to be ordered and executed sequentially. This is done by using 2 different paths to consensus:

1. Byzantine Consistent Broadcast for independent transactions
2. BFT consensus for dependent transactions.

While storage on most blockchains is centered around accounts, Sui’s storage is designed around objects. Each object is owned by an address and is mutable by default, but can be made immutable or shared between multiple addresses. Sui’s Move smart contracts can receive these objects as inputs, manipulate them, and return objects as outputs. This is a fundamentally different smart contract programming paradigm than Solidity or Rust.

Whenever a user submits data on-chain, they must pay both gas fees and fees to Sui’s “storage fund”.  This fund covers the real-world cost for validators to store the user’s data. As the network matures and the cost of storage increases, validators are paid out through the storage fund. Additionally, once a user no longer needs to store that data, they can delete it and receive a rebate from the storage fund."

Fees

• From this twitter thread by Figment (11-7-2022):

"Sui runs in epochs. Every epoch (24 hours), the validator set changes. At that time, the new epoch’s validators vote on a reference gas price for the entire epoch. he protocol then provides a number of incentives to validators to keep transaction fees close to the reference price throughout the entire epoch. By providing more stable gas prices, transactions submitted to Sui are processed at more predictable speeds. Because the network’s throughput scales linearly with more workers, validators can add more workers proportionally to increases in network demand. This keeps prices close to the reference price."

Roadmap

• Can be found [Insert link here].

Team, Funding and Partners

Team

• Full team can be found [here].
• Mysten Labs (1-8-2022). From this twitter thread by Figment (11-7-2022): "The business was founded by @EvanWeb3, @EmanAbio, @b1ackd0g, @GDanezis, @kostascrypto – all of whom were formerly building Novi or Diem at Meta."

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