SUI is a Layer 1 blockchain that uses Move, a programming language based on Rust, to provide high-speed transactions, instant processing, and scalability. It is an innovative, decentralized blockchain that redefines asset ownership. SUI is designed to provide instant settlement and high throughput while enabling a wide range of decentralized applications. Here are some key features of the SUI blockchain:
- Layer 1 blockchain: SUI is a Layer 1 blockchain launched in May 2023.
- Move programming language: SUI simplifies the smart contract development process with Move, a user-friendly programming language that’s both safe and expressive.
- High-speed transactions: SUI aims to provide high-speed transactions and instant processing.
- Scalability: SUI aims to solve the blockchain trilemma of speed, scalability, and security.
- Proof-of-stake consensus mechanism: SUI uses a delegated proof-of-stake consensus mechanism.
- SUI token: The SUI token is the native token of the SUI blockchain network, which is used for governance, paying transaction fees, and incentivizing validators for staking their tokens.
SUI was developed by MystenLabs, a company founded by former senior executives and architects for Meta’s now-defunct digital wallet program, Novi. The SUI Foundation oversees the blockchain, aiming to support ecosystem developers and creators through a host of grants. SUI has attracted attention from many in the crypto community, even before its mainnet launch. However, despite being built for high speed, SUI’s current network throughput is quite low, processing only 3 transactions per second.