Sui is a groundbreaking layer-1 blockchain platform designed to support global adoption by offering a secure, powerful, and scalable development platform. It employs an object-centric data model and uses the Move programming language to facilitate secure smart contracts, while utilising parallel transaction processing for scalability. Additionally, it operates on a delegated proof-of-stake (DPoS) consensus mechanism.
Sui utilises a unique object-centric data model where data storage is centred around objects instead of accounts, allowing independent validation of uncorrelated transactions. It supports high scalability and efficiency through parallel transaction processing, bypassing the serial transaction processing of traditional blockchains. Sui's DPoS consensus mechanism involves users staking their tokens to support validators. The Move programming language, originally developed for the Diem blockchain, allows for secure and efficient smart contract development.
Sui's potential use cases range across various sectors due to its high scalability and low cost. In decentralised finance (DeFi), it supports applications like DeepBook and Turbos Finance. It also finds applications in gaming and NFTs, providing infrastructure for projects like SUI 8192 and Grand Cross: Metaworld. Its object-centric model is beneficial for supply chain management, enabling real-time asset tracking and updates. Additionally, Sui offers capabilities for fast and cost-effective retail payments.
Sui was founded by former engineers from Meta's Diem project after its discontinuation. Mysten Labs, founded in early 2022, aimed to address the scalability and performance challenges of existing blockchains. Sui's mainnet launched on May 3, 2023, and quickly gained traction, reaching over 1 million active accounts by July 2023. It introduced zkLogin in August 2023, a technology allowing logins to Web3 apps using existing credentials from platforms like Google. By November 2023, Sui had 9 million active accounts and a Total Value Locked (TVL) of $500 million. Key technological advancements include parallel transaction processing capabilities and the use of the Move programming language. Sui continues to expand with features like RPC 2.0 and Encrypted NFTs to enhance privacy and developer interactions.