Sui is a layer-1 blockchain designed to be user-friendly and suitable for developers. It stands out for its quick processing and low costs.
What is Sui
Here's how it works:
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Dynamic Fields: Unlike other blockchains with fixed fields, Sui's fields can be changed or removed anytime, allowing different data types in one object. This is great for applications like games that need random numbers for fairness. Sui uses the League of Entropy’s drand beacon for random number generation.
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Innovative Smart Contracts: Sui's smart contracts are immutable package objects with Move modules. They can be updated as needed while keeping their core properties unchanged.
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Sponsored Transactions: To make things easier for users, Sui offers sponsored transactions. This means apps can cover the gas fees, removing this complexity for users.
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Zero-Knowledge Proofs (ZKP): For security, Sui uses ZKP, a technology that allows verification of statements without needing extra information. This ensures strong security.
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OpenID Connect Standard: Users can set up Sui accounts using familiar web2 services (like Google or Apple), making it easier for more people to join.
In summary, Sui combines flexibility, innovation, user-friendliness, and strong security, making it an attractive blockchain platform for a wide range of applications.
Team of Sui
Evan Cheng
Co-founder & CEO at Mysten Labs
Evan Cheng - former Head of Research and Development at Novi and Technical Director of Meta. Previously, he worked at Apple for 10 years. Now Evan Cheng is Co-founder & CEO at Mysten Labs.
Sam Blackshear
Co-Founder, CTO
Sam Blackshear - Former Chief Engineer at Novi, specializing in the Move programming language. Worked in Microsoft as a Researcher Intern, worked in Meta.
Adeniyi Abiodun
Co-founder & CPO at Mysten Labs
Adeniyi Abiodun - Former Head of Product Development at Novi, Meta. Previously worked at VMware, Oracle, PeerNova, HSBC, JP Morgan.
George Danezis
Chief Scientist
George Danezis - Former researcher at Novi, Meta. Previously worked at Chainspace, Microsoft. Was advisor for Vega Protocol.
Funding of Sui
$336,000,000
Total Funds Raised
$300,000,000
Series B
Led by FTX Ventures. Other investors were Jump Crypto, Binance Labs, Coinbase Ventures, Lightspeed Venture Partners, a16z, Circle, Apollo Capital and angels.
$36,000,000
Series A
Led by a16z. Other investors were Lightspeed Venture Partners, Electric Capital, Samsung NEXT, Slow Ventures, Standard Crypto, Hack VC, Redpoint Ventures.
Sui review
Pros
Customizable Blockchain
Allows adaptive structures and varied data types.
Fair Randomness
Uses League of Entropy's drand for unbiased outcomes.
Smart Contract Evolution
Permits updating contracts for adaptability.
Simplified Transactions
Enables apps to pay user gas fees, enhancing accessibility.
Privacy via ZKP
Offers secure, private transactions with minimal data sharing.
Advanced Cryptography
Implements state-of-the-art cryptographic features for security.
Easy Account Creation
Integrates with web2 services for simpler onboarding.
Cons
Development Complexity
Intricate features may pose a learning challenge.
External Dependencies
Relies on third-party systems, which may add vulnerabilities.
Centralization Concerns
Large apps sponsoring transactions could influence the network.
Emerging Technology Risks
Potential for undiscovered vulnerabilities or issues.
Integration Hurdles
Complexity could make system integration challenging.
Opportunities
Staking
APY: 2.5-3%
Sui
Check out how to stake SUI tokens to secure the network and earn passive rewards.