Saturday, December 9, 2023
No menu items!

Blockchain and cryptocurrency Sui: an ambitious project from Meta

Must Read

Sui Blockchain is a decentralized, open-source, and permissionless blockchain platform. The name “Sui” has Japanese origins relating to water, and it was specially chosen to reflect the fluidity of transactions on the blockchain. This explains the water insignia that’s currently the protocol’s token symbol.

It aims to provide swift, affordable, and scalable transactions for people and companies.

The developing personnel created Sui to tackle scalability issues faced by several other blockchain platforms, most notably Bitcoin and Ethereum. Sui exists to offer an easy user interface so that it may be a popular choice for blockchain and cryptocurrency newbies.

The protocol uses a model of a modified version of the Ethereum blockchain to make that happen. This suggests that the developing team used a similar underlying technology and consensus mechanism. However, Sui has included some notable improvements to increase its scalability and reduce transaction costs.

Sui also uses a system of validating transactions called Epoch. This, together with the technology that permits parallel transaction execution, makes it possible for Sui to record a transaction-per-second rate of 120,000 tps. The parallel transaction happens through horizontal scaling, a better alternative to vertical scaling.

In the context of Sui Cryptocurrency and Blockchain, an epoch refers to a fixed period within the blockchain’s lifecycle. Each Epoch is divided into a series of smaller units called “blocks,” which record and validate transactions on the Sui network. The timeframe for this transaction is 24 hours.

The system has been programmed to understand transactions as individual and unique data. Therefore, it focuses on gathering data specific to each one.

Problem solved! This technique saves time and energy because the network doesn’t need an army of nodes to calculate technical algorithms before validating a transaction.

One of the key features of Sui’s epoch-based validation system is that it utilizes a decentralized network of “validators” to verify and record transactions within each Epoch. These validators are chosen through a randomized selection process, which helps to ensure that the network remains secure and resistant to malicious attacks.

In a PoS system, validators or “stakers” earn rewards for validating transactions and adding them to the blockchain.

To become a validator on the Sui network, you stake a certain amount of Sui cryptocurrency as collateral. The more you offer the network, the higher your chances of becoming a validator. Validators are chosen randomly to validate transactions, and you’ll earn rewards for your efforts in the form of Sui tokens.

Cryptographic techniques, decentralization, and consensus protocols are other strategies that prevent ecosystem disputes and ensure the network operates smoothly.

The team that developed Meta’s Libra project also created this cryptocurrency and blockchain. However, they did not commence the Sui blockchain and cryptocurrency project until after their resignation from Meta.

Sui shows that the development was designed to enable fast and secure transactions. It uses a unique consensus algorithm called Delegated Proof of Stake (DPoS), the reason behind fast transaction speeds and cheaper fees.     

Sui is the cryptocurrency the Sui blockchain platform offers. You need it to engage in transactions on the network, and you can buy and sell the token on cryptocurrency exchanges.

Like other cryptocurrencies, Sui is decentralized and not controlled by any central authority. It is based on blockchain technology and uses cryptography to secure its transactions.

You can also use Sui to pay for goods and services or as a store of value and for transactions between individuals and businesses. It can also be used to participate in the Sui network as a validator and earn rewards.

What else makes Sui special?

For starters, it employs a series of DApps and DEXs to improve scalability and user experiences on the network. For instance, in addition to the network’s security, Ethos is an impenetrable wallet where you can store your coins.

Another DApp it uses is SuiNS or Sui Name Service. This software was developed to oversee the conversion of wallet addresses or details from human-readable to what the computer understands.

It’s also interesting to mention how Sui will work with several Web3 gaming developers like Gaggle Studios, Talofa Game, and Lucky Kat Studios to improve your experience when the vision finally comes alive.

The network has latency advantages over other blockchains because of its parallel transaction execution, and this will make Web3 games more fun and realistic. Wait and see.

If you’re interested in using Sui, there are a few steps you can follow to get started.

First, you need to buy Sui. It’s available on cryptocurrency exchanges using various payment methods, including credit cards, bank transfers, and other cryptocurrencies.

Then, choose a wallet. Sui recommends using a hardware wallet, such as the Ledger Nano, to store your Sui tokens. This is the most secure option, as it keeps your crypto offline and reduces the risk of them being stolen or lost.

However, if you don’t have access to that, you can store your tokens on the software wallet on Sui. Your coins are also safe there.

Finally, you’ll be able to start trading Sui. You can use it to make transactions, participate in the network as a validator through staking, or build applications and solutions on top of the Sui platform.

Of course, you’re curious about how many Sui tokens are circulating. After all, how do you tell if it’s a worthy investment or not? Well, nobody except the Sui developing team knows how many coins are in circulation.

The Sui project promises to reveal the information after the launch.

While Sui’s epoch-based validation system has many benefits, there are also some potential drawbacks. One of them is the complexity of the technical details of Sui’s epoch-based validation system. This may make it difficult for non-technical users to understand. So it is less user-friendly for some people.

Another potential problem is dependence on validators. Sui’s epoch-based validation system relies on a network of validators to verify and record transactions within each Epoch. If these validators don’t perform their duties properly, it could compromise the network’s security and integrity.

Finally, the issue of limited scalability also arises. Sui’s epoch-based validation system may have limited scalability because the proof-of-stake consensus algorithm limits the number of validators participating in the validation process. This may make it difficult for the network to handle large volumes of transactions.

In conclusion, Sui Blockchain and cryptocurrency are innovative technologies that may revolutionize how we conduct financial transactions.

Latest stories

Quant crypto: an innovative technique of using a single token to represent multiple assets on different blockchains

Quant crypto is a unique project introduced in 2018 by Gilbert Verdian, Colin Paterson, and Paolo Tasca. These are...

More Articles Like This