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Blockchain has led to an increase in on-chain transactions and assets. On-chain assets require management in real-time, with robust security. One of the newly launched blockchain networks Sui allows you to build powerful on-chain assets. Increasing competition in the blockchain ecosystem makes it imperative for individuals and businesses to gain an in-depth understanding of it.
The Layer 1 blockchain has a very different view of asset ownership. The network founded by MystenLabs founder Evan Cheng wants to make the most accessible smart contract platform. To empower developers with great tools and create a better user experience, there is a dedicated Sui Development Kit. The kit makes the deployment of the mainnet easier.
To know more about the Sui blockchain, continue reading. The guide will cover the working of the Sui network. Furthermore, you will know more about the advantages and disadvantages of the Sui blockchain and its use cases. Planning to create the next Great Web3 business, know more about it to partner with Sui.
Components of Sui Blockchain
In addition to being a Layer 1 blockchain platform, Sui also is a smart contract platform. It is designed with a bottom-up approach, the platform is to make digital asset ownership accessible to everyone. To make the accessibility hassle-free the network is divided into components. The three components of Sui are — objects, transactions, and validators.
Sui works on the DPoS or the delegated proof of stake mechanism. Here on the Sui network, any validator can join the validator set. In addition, the SUI token holder can influence the network’s operation by delegation to one or more validators.
Sui uses the Move programming language which gives:
Sub-second finality
Parallel execution
Dynamic on-chain assets
Sui is distinct as it has a separate transaction processing mechanism and consensus. Most blockchain networks have vertical scaling where they add the transactions sequentially. This means all the operations are on a single server which increases the risk of a single point of failure.
Sui only checks the pieces of data instead of examining the complete chain. It works on the object-centric model. The data isn’t centered around accounts but around objects. The transactions are managed individually. The Sui consensus engine is divided into two types, Bullshark which manages order involving shared objects and Narwhal which manages data.
Objects on Sui Blockchain
What are these objects on Sui? These are smart contracts that are created via programming. These objects have a global unique ID and are owned by a single address. Objects are divided into two types
Owned by another object: This can be used when a parent object signs transactions of child objects.
Owned by another address: This can be used when transactions are signed by the owner’s address
Immutable: An object cannot be modified or owned, but it can be read
Shared: Consensus is required to sequence reads and writes, further to implement their own access control.
Transactions
All the updates on the Sui ledger happen via transactions. As per Sui’s approach, all the transactions aren’t connected with each other. As a result, the transactions are validated in “multi-lanes”. So that independent transaction flows can proceed without interfering with one another.
Validators
There are independent validators each running its own version of the blockchain’s software on a different machine. Sui adopts the delegated PoS consensus. The token holders are rewarded for holding a token and delegating it to validators. Sui also supports the Zero-knowledge proof which means that one user can do a transaction from another group without any need for passwords.
Economic Model of Sui
The SUI token acts as a medium of exchange like every other token and can be used by you for on-chain voting. Users can stake the Sui token to participate in the consensus. By doing so, you will be able to take part in future governance. As usual, the tokens can be used for all trades. There are 10 billion SUI tokens in circulation, and it is distributed among the network. The SUI can be used for:
Used by validators to earn and secure the network.
The gas fee can be used to execute transactions.
The tokens provide on-chain liquidity and give a chance to participate in future governance.
Aptos and SUI
In the dynamic growing environment, Sui is often compared with Aptos. Both have been growing in popularity among the various blockchain platforms. While Aptos uses the original version of Move programming, Sui goes one step beyond by introducing object-centric storage. Due to its multi-layered architecture the scalability of the network is also better than Aptos.
Advantages of Sui
Composability
The network has brought composability to a whole new level. The complex assets with rich attributes remain on the on-chain — there is no need to direct them towards off-chain. This allows the implementation of app logic on-chain improving composability for the applications.
Infinite Scalability
Infinite scalability comes from the causal relationship between the transactions and if there isn’t any relationship between two transactions then they are traded in any order. Due to this, there is a parallel execution of the transactions on the Sui network.
Security
The network is designed to provide high security to the asset owners. The information gets stored directly on-chain. Thus, users have direct interaction with the assets and there is no reason to interact every time with smart contracts.
Horizontal Scaling
The transactions on the network are non-conflicting with each other. This allows horizontal scaling. The gas fee is also low on the network and smart contracts define asset types and their logic making the transactions secure.
On-Chain Data Handling
Sui has better on-chain data handling seamless. The development team has designed it so that anyone can use the on-chain storage and pay for it as per the usage.
Easy Share
Transferring the ownership of assets becomes easy as the owned assets belong to a single address the transactions of the owned digital assets is independent. If there is shared ownership.
Challenges in Sui Blockchain
Here are some of the challenges Sui comes with that the network will overcome with time.
A New Language
The smart contracts on Sui are written using the Move, an open-source language developed by Meta. Most of the developers need to be made aware of the Move language. There needs to be rapid onboarding and training of developers to work on the Move.
Adoption Journey
With so many competent blockchain networks already available for users. Sui has a long way to go. It will take time to make the blockchain accessible to everyone.
Slow TPS
The TPS is extremely slow as compared to other popular networks and thus requires more testing and upgradation.
Use cases of Sui Blockchain
Businesses should note that Sui is built for effortless transactions. The peer-to-peer payments, asset ownership or transfer, and NFT minting can be processed in parallel. The transaction happens outside the consensus with the help of “Byzantine Consistent Broadcast” which makes it fast for users. Some of the ways businesses can leverage Sui blockchain:
Asset tokenization services
Tokenization of the assets happens to be a convenient way for the companies to trade. Ownership of property, collectibles, records, etc. becomes convenient with Sui. It widens the functionality of all the assets.
Dapps
Sui allows low-latency, real-time trading and hosts various DeFi apps. 6% of the SUI tokenomics is for engaging on testnet and community rewards. Along with speed, Sui maintains an advanced degree of security for the dApps ecosystem.
Loyalty programs
E-commerce companies can opt for blockchain-based loyalty programs. Currently, Sui is working on deploying airdrops that reach the millions through low-cost transactions.
Games
Gaming platforms can leverage Sui for blockchain-based games. Again the object will represent the in-game items. Players would be able to trade, own and combine different in-game items.
Decentralized social media
Social media with blockchain brings privacy and interoperability. ComingChat which happens to be an all-in-one life tool uses Web3 and AI and has Sui as an underlying technology.
NFTs
Recently Sui did an event where the guests exchanged coffee for NFTs. The whole idea was to tell how NFTs can be redeemed on the Sui blockchain. The event put forward the real-world use case of NFTs. Companies choosing Sui as an underlying technology for NFT marketplace development will get built-in control, transferability, and programmable display.
Supply Chain Management
Businesses could use Sui for the supply chain management. Here the objects could be used to represent each element in the supply chain, updating their attributes as they move along the chain.
Prediction of Sui’s Performance in Upcoming Years
It would be too early to judge the testnet as it was launched in Nov 2022 and the mainnet was launched in May 2023. Among all the prominent contenders in the blockchain world Sui has so much to offer. The use of two consensus engines is a brilliant idea. However, the TPS of the network is steady and requires work.
Sui network also has a developer grant program. The program is there to achieve better transparency, openness, and community engagement in the coming years. As Sui continues to grow, its robustness and performance will elevate.
Partner With Zeeve
If you are in search of an open and decentralized layer 1 network. Sui will be a great choice. We at Zeeve work with enterprises, developers, and individuals to help them deploy blockchain infrastructure for their next project. We offer enterprise-grade Web3 infrastructure management for Sui and many other protocols.
We can also provide you with ZDFS which happens to be a decentralized file system. Join Zeeve’s Telegram to know more about our journey. Interact with our tweets and join some of the cool spaces on Twitter. Get in touch with our team if you want help with blockchain-based projects.
About The Author
Dr. Ravi Chamria is co-founder CEO of Zeeve Inc, an Enterprise Blockchain company. He has an experience of 18+ years in IT consulting spanning across Fintech, InsureTech, Supply Chain and eCommerce. He is an executive MBA from IIM, Lucknow and a prolific speaker on emerging technologies like Blockchain, IoT and AI/ML.
Passionate About: Blockchain, Supply Chain Management, Digital Lending, Digital Payments, AI/ML, IoT
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