crypto News Blockchain and cryptocurrency SUI: ambitious project of immigrants from META

Blockchain and cryptocurrency SUI: ambitious project of immigrants from META

Blockchain and cryptocurrency SUI: ambitious project of immigrants from META

Who is developing and financing project

SUI blockchain is developed by Mysten Labs, founded in September 2021 in California by a group of former top managers and developers of NOVI Research-META unit, which worked on DIEM blockchain and Move programming language. The co -founder and CEO of Mysten Labs is Evan Cheng, former director of research and development at NOVI Research.

What is blockchain and cryptocurrency Sui: project review

In turn, the procedure for performing transactions with common objects contains another stage – the search for consensus between validators using the Sui consum Engine mechanism. It consists of two components:

  • Narwhal – Mempool (“Waiting Hall” for unconfirmed transactions) with high throughput, which is responsible for ensuring synchronization and the availability of data presented to confirm the validators.
  • BullShark (or the older TUSK solution) – a consensus protocol based on a combination of technologies of the directed acyclic column and Byzantine Fault Tolerance. The peculiarity of BullShark is that it allows you to achieve consensus without the need to exchange information between validators.

This process provides not only high network performance, but also resistance to failures, since even a large number of faulty validators do not lead to a decrease in performance, as is the case in existing POS blockchains.

Tokensomics and functions of the cryptocurrency SUI

There is no data on the timing of launching the main network and native coin. However, the team has already shared the features of the project tokenomics. The maximum offer will be 10 billion coins. Each Sui coin will be divided by a billion units Mist.

When the maintenance is launched, only part of the SUI emission will fall into circulation, and the rest will be distributed between the Mysten Labs team, investors, community participants, validators and other goals. A significant share of coins will be received by SUI Foundation – an organization independent of Mysten Labs, which will finance hacatons, conferences, development of applications and teams of developers.

What is cryptocurrency and blockchain SUI: project review

It is planned that the SUI coin will have several ways to use:

  • validators bet;
  • delegation to the validators through stakeing (for ordinary owners of coins);
  • Payment of the commission for transactions;
  • means of exchange, calculations and accumulations in the Sui ecosystem;
  • Participation in the management of blockchain Sui through onchain-voting.

Each of the validators has a certain share of SUI coins, delegated by Sui tokens holders. Delegated coins are blocked throughout the era and receive part of the remuneration for the streaming when closing the era. Accordingly, the owners can withdraw their SUI or change their delegate only when changing the era.It is already known that the SUI team will reward the owners of full GCDs, developers and active participants in the test network. In particular, after the launch of the SUI protocol on the main network, the owners of the GCD will receive 2000 SUI, which will be blocked for sale within one year.

How the ecosystem develops around the Sui blockchain

The project team has already launched the basic infrastructure that allows you to interact with the Sui test network. In August 2022, the SUI Explorer blocks was launched with a detailed display of information on blogs, addresses and transactions.

Sui Wallet wallet also works, available in the form of an extension of Google Chrome. It allows users to create new addresses and restore existing CIDFRAs, view and manage all types of assets, including NFT, and also interact with decentralized applications. The wallet can be touched by SUI test tokens through one The EU continues of the “cranes”, for example, on the NFT market for Bluemove.

Third -party developers are developing more than 60 projects on the basis of SUI. Among them:

  • decentralized exchanges Suiswap, Movex;
  • Cetus Defi services, Porto Labs, Kxfinance, Leizd Protocol;
  • Wormhole and Axelar Network Cross-Moons;
  • Sui Name Service, Suins domain names;
  • Social platforms ComingChat, Askmex, Peenha;
  • NFT marketplaces Blue Move, Sui Art, Sui Gallery;
  • NFT collection Sui Punks, Sui Birds, Sui Droplets;
  • Games Tial Xtrem, F1 Dog, Netmarble.

Project prospects

In July 2022, at a session of the answers of Alonso de Gourtri, an employee Mysten Labs, said the company plans to conduct a public tokensil, and the launch of the main network and the SUI coin are planned at the end of the year. However, since then there were no announcements and additional comments from the project team on this topic.

The recently founded non -profit organization SUI Foundation on its portal announced a grant program for application developers in the Sui ecosystem. Grants in the amount of $ 10-100 thousand can get commands that create solutions for a wide range of applications-from social networks and games to payment systems, financial and legal services.

Promised by the reward team for the early owners of GCDs in the test network, as well as a large number of projects in the SUI ecosystem without their own tokens have already caused excitement among retroderps hunters. However, the chances of receiving remuneration by ordinary users of the Sui test network are unknown.

Leave a Reply

Your email address will not be published. Required fields are marked *