SUI

What is The SUI (SUI)?

Sui is an innovative smart contract platform designed for decentralized and permissionless asset management, with a focus on low-latency operations. Sui utilizes the Move programming language to consider assets as unique objects that can be owned and managed by specific addresses. Move programs are complex and control how assets are created, moved, and changed, following specific rules.

The Sui platform is governed by a group of independent nodes, similar to validators or miners in other systems. This allows Sui to use a special broadcast method called the Byzantine agreement protocol, leading to faster operations and better performance. Sui employs this protocol for specific purposes like managing shared objects and governance operations, contributing to its robust and efficient infrastructure.

Who Created The SUI (SUI) ？

Mysten Labs, the pioneering force behind Sui, was established by former principal architects from Meta's blockchain research division:

Evan Cheng, serving as Mysten Labs' CEO, boasts an extensive track record in platform development, spanning over 24 years of crafting developer-centric technologies and steering engineering teams at prominent firms such as Apple and Facebook.

Adeniyi Abiodun, as Mysten Labs' CPO, brings forth a wealth of experience having overseen engineering and product teams across major players in the tech industry, including Oracle, VMware, and Facebook. His tenure in blockchain product leadership exceeds a decade.

Sam Blackshear, in his role as CTO at Mysten Labs, is a distinguished researcher and engineer specializing in programming language design, program verification, and developer tools. Notably, he is the mastermind behind the creation of the Move smart contract language.

George Danezis, the Chief Scientist at Mysten Labs, holds the prestigious position of Professor of Security and Privacy Engineering at University College London. His remarkable expertise, spanning over two decades, is focused on fortifying security and privacy in peer-to-peer systems.

Kostas Chalkias, entrusted with the role of Chief Cryptographer at Mysten Labs, brings over a decade of experience as a leading cryptographer in various tech giants, including Meta and R3.

How Does SUI (SUI) Work?

The operational backbone of Sui smart contracts relies on a parallel execution framework, significantly bolstering their operational speed and effectiveness. This parallelization is achieved through Sui's seamless integration of both light clients, adept at validating read operations, and full clients, capable of meticulously auditing all transactions for their integrity. Such a versatile structure paves the way for the seamless creation of trust-minimized bridges, fostering interconnectivity with diverse blockchain networks.

Move, the language underpinning Sui smart contract development, initially tailored for the Diem blockchain, stands out for its robustness and versatility. Renowned for its safety features and expressive capabilities, Move's type system and data model seamlessly align with Sui's parallel agreement and execution methodologies, thus fortifying its scalability. As an open-source and platform-agnostic language, Move not only serves as a cornerstone for Sui but also witnesses burgeoning adoption across various blockchain platforms.

Tokenomics

Token Utility

SUI token is Sui's native asset. It plays an important role within the Sui ecosystem, primarily covering transaction fees for various operations on the platform. SUI token holders have the option to delegate their stake to validators, a key element in Sui's operational management. The system is designed to periodically reconfigure these validators based on the stake delegated to them, ensuring a dynamic and responsive governance structure. Transaction fees within the network are distributed among validators and their delegates in proportion to their stake and their contributions to Sui's operations.

SUI serves as a versatile and liquid asset, supporting various decentralized applications, including traditional monetary functions like being a unit of account, medium of exchange, and store of value, as well as enabling more complex functionalities through smart contracts, fostering interoperability with other decentralized applications within and outside the Sui ecosystem.

Token Distribution

Total supply: 10 billion SUI

Token distribution includes Early Contributions (20%), Investor (14%), Mysten labs (10%), Community/Airdrop (6%), Community Reserves (50%)