What is Sui?
Sui is a new blockchain network created by the founders of Novi Financial, the company building products for Facebook’s Libra project. After Libra (now renamed Diem) shut down in 2022, the Sui founders launched Mysten Labs and created the Sui blockchain.
How does Sui Work?
The Sui blockchain uses a delegated proof-of-stake consensus mechanism that is designed for high throughput of up to 300,000 transactions per second.
Speed and Scalability
Sui achieves its speed and scalability in several ways. It currently only has 100 validators, which makes it more centralized but faster. Validators only store the state and not the full transaction history. Simple transactions do not require consensus and are processed in parallel.
Sui’s main innovation is its use of object orientation instead of account orientation. This means it keeps track of objects (tokens) instead of accounts. This reduces transaction fees and speeds since tokens do not need to interact with smart contracts for every transfer.
The Move Language
Sui uses a modified version of the Move programming language called Sui Move. Move was created by a Sui co-founder. The use of Move gives Sui similarities to other blockchains like Aptos and Flow.
The Hype Around SUI
Prior to its launch, SUI gained hype in South Korea. Exchanges like Upbit announced plans to list SUI. Major exchanges quickly listed SUI, enabling investors to buy and sell. However, the SUI token nosedived from $3.5 to $1.5 shortly after the launch of the Sui mainnet on May 3. This volatility occurred due to high hype around the SUI token and major exchange listings.