What is the sui network?
What is the SUI Network?
We will elaborate on What is the sui network and some key unique features of the sui network.
Firstly it’s necessary to define what a block chain is being that SUI is a blockchain solution.
So I will try to paraphrase it in very simple terms, “I will say a Blockchain is a distributed database that maintains a continuously expanding list of ordered records, called blocks,”. These blocks are connected by means of cryptography.
Each block includes transaction information, a timestamp, and a cryptographic hash of the one before it.
This blocks are verified and broadcasted to the network by validators or those running nodes for each Blockchain.
Each Networks have their different criteria to become validators or run nodes for their networks.
Some require you to stake some amount of their tokens(POS) or some require you to solve some complex puzzles to be able to add blocks to their network(POW).
So since we now understand what a blockchain is what is the SUI Network?
Sui is a platform for smart contracts that is run by a group of permissionless validators, who function similarly to validators or miners in other blockchain systems.
For straightforward use cases, Sui delivers unparalleled low-latency and scalability. Most transactions can be processed in simultaneously thanks to Sui.
Sui forgoes consensus in favor of using easier-to-use, lower-latency primitives eschew straightforward use cases like the transfer of assets and payment processes.
This is unparalleled in the blockchain community and opens the door to a host of new latency-sensitive distributed applications, from gaming to physical point-of-sale retail transactions.
Being a robust asset-centric adaption of Move for the Sui blockchain, Sui is developed in Rust and supports smart contracts written in Sui Move to specify assets that may have an owner.
More on everything you Need to Know about the SUI Network
The native token for Sui is called SUI, and it has a fixed supply.
Users are able to use the SUI token to pay for gas by staking their SUI tokens with validators via a Delegated POS(proof-of-stake) method inside an epoch.
A validator’s voting power in this epoch is based on the amount of SUI in their staking pool, which includes both validator and user SUI tokens. In any epoch, the set of validators is tolerant to Byzantine faults.
At the end of the epoch, validators receive fees from all processed transactions based on their individual contributions to the running of the network.
Users can receive a portion of the fees as rewards in exchange for staking their SUI with validators.
There are some very unique qualities of the SUI network and it is as listed below;
- Unmatched scalability and speedy resolution.
- Better web3 app user experience comes from a secure smart contract language that is available to developers in general and defines rich and composable on-chain assets.
- With the Narwhal and Bullshark DAG-based mempool, efficient Byzantine Fault Tolerant (BFT) consensus.
- Sui is the only blockchain now in use that can scale with the growth of web3 and provide cutting-edge performance, cost, programmability, and usability.
- What we consider to be the first internet-scale programmable blockchain platform is Sui, a web3 foundational layer.