Sui is a new generation Layer 1 blockchain, being in the testnet phase. Like other new generation blockchains, Sui also aims to solve the “triangle of blockchain”: Sui introduces itself as a blockchain capable of handling all tasks and jobs on a single network with high performance. This means that Sui aims to focus on scalability and parallel transaction processing with low latency.
Sui is widely known as a fork from Diem, a blockchain development project of Meta (formerly Facebook). Sui’s goal is to expand the Web3 ecosystem, creating a platform capable of meeting the needs of millions of new users.
Sui chain is seen as a direct competitor in the future of Solana in the non-EVM chain segment. Sui targets the main segment of NFT, Game, then DeFi.
The key differentation of Sui are:
- Move programming language: As one of two projects that inherit Diem’s legacy, Sui also uses a new programming language specifically for Diem, Move. However, Sui also develops and uses a slightly different version of Sui Move.
- Sui raise more than $500M funds from big names of venture investment, such as a16z, FTX Venture, Coinbase Venture, Binance Labs, Jump Crypto; particularly Circle: it is expected that USDC or BUSD will mint in SUI chain early.
- Narwhal & Tusk Consensus Algorithm: To ensure that the network remains safe even if the nodes are manipulated and hacked, Sui uses the Narwhal & Tusk consensus algorithm.
- Impressive TPS: Sui is a blockchain with high performance and high throughput. According to the results of an experiment, the Sui blockchain was able to achieve a performance of 120,000 TPS. If this number could be achieved under normal conditions, this would be a very large number. For ease of visualization, we can compare it to Ethereum’s 15 TPS or even Solana’s 65,000 TPS.
- Scalability Scalability is one of Sui’s strong points, Sui does this thanks to its ability to process transactions in parallel
Personal perspective:
After Aptos, Sui is the most anticipated project in 2023. As we already knew, Aptos has a significant growth in this year, January; from $3 to $15, leading market capacity to more than $2Bil, standing in the top coin in by market cap. In the non-evm world, there are only a few direct competitors to Sui including: Solana, Near and Aptos. Other competitors don’t seem to stand out. After 1 year of downtrend, other projects are considered to have to start from scratch. Therefore, Sui has many opportunities to catch up with big names in non-evm and evm.
