{"id":37852,"date":"2022-10-26T15:13:45","date_gmt":"2022-10-26T12:13:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=37852"},"modified":"2025-08-29T22:29:06","modified_gmt":"2025-08-29T19:29:06","slug":"sui-an-ambitious-blockchain-and-cryptocurrency-from-meta-alumni","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sui-an-ambitious-blockchain-and-cryptocurrency-from-meta-alumni\/","title":{"rendered":"Sui: an ambitious blockchain and cryptocurrency from Meta alumni"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Key points<\/h2>\n<ul class=\"wp-block-list\">\n<li>Sui is a high-performance layer-1 (L1) blockchain being developed by Mysten Labs to serve latency-sensitive decentralised applications.<\/li>\n<li>Like <a href=\"https:\/\/forklog.com\/en\/news\/aptos-the-next-generation-of-blockchain-platforms\">Aptos<\/a>, Sui leverages work from Diem, Meta\u2019s aborted blockchain platform. In particular, Sui\u2019s code uses a modified version of Move, the language created for Diem.<\/li>\n<li>The Sui network\u2019s operation and security are provided by a Proof-of-Stake mechanism with staking and delegation.<\/li>\n<li>Sui\u2019s consensus employs the Narwhal and Bullshark protocols, which enable parallel execution and give the network strong scaling potential.<\/li>\n<li>As of October 2022, Sui runs on a test network.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\"><strong>Who is building and funding <\/strong>the project<\/h2>\n<p>Sui is being developed by <a href=\"https:\/\/mystenlabs.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mysten Labs<\/a>, founded in September 2021 in California by former senior managers and engineers from Novi Research, a Meta division that worked on the Diem blockchain and the Move programming language. Mysten Labs\u2019 co-founder and chief executive is Evan Cheng, formerly director of research and development at Novi Research.<\/p>\n<p>The team <a href=\"https:\/\/medium.com\/mysten-labs\/announcing-sui-1f339fa0af08\" target=\"_blank\" rel=\"noreferrer noopener\">publicly unveiled<\/a> the project on March 22nd 2022, having started work in autumn 2021.<\/p>\n<p>As of October 2022 the startup had completed two funding rounds. An early-2022 series A of $36m was led by Andreessen Horowitz; a subsequent series B raised $300m, valuing Mysten Labs at $2bn.<\/p>\n<p>The Sui testnet was <a href=\"https:\/\/sui.io\/resources-sui\/announcing-sui-incentivized-testnet\/\" target=\"_blank\" rel=\"noreferrer noopener\">launched<\/a> in August 2022.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Sui\u2019s features and advantages<\/h2>\n<p>The developers pitch Sui as a general-purpose network with high throughput, fast and cheap transactions, and a user-friendly interface for <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a>. Mysten Labs aims to build a platform for high-performance decentralised applications.<\/p>\n<p>Sui\u2019s architecture is detailed in the <a href=\"https:\/\/github.com\/MystenLabs\/sui\/blob\/main\/doc\/paper\/sui.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">whitepaper<\/a> and <a href=\"https:\/\/docs.sui.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">technical documentation<\/a>. A distinctive feature is the use of Sui Move, the project\u2019s own programming language\u2014a modified version of Move created for Diem. Whereas many blockchains use accounts as the basic storage unit, Sui uses objects that are created and managed by smart contracts. An object can represent any asset type and has a unique identifier, an owner and a property indicating whether it is mutable or immutable.<\/p>\n<p>The Sui blockchain maintains a causal history for each object from its creation. If objects\u2019 histories do not intersect, transactions involving them can be processed in any order\u2014or in parallel. Thanks to this, Sui can handle batches of transactions in parallel without risking <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-51-attack\">double-spending<\/a>.<\/p>\n<p>This design enables horizontal scaling of throughput, with overall performance limited only by the number of nodes processing transactions. In tests, Sui <a href=\"https:\/\/mirror.xyz\/orangex.eth\/_8a8wgQ3WBNdB7vMYoRY2HxDLuDdzXPqIDdCdwOht4o\" target=\"_blank\" rel=\"noreferrer noopener\">reached<\/a> more than 120,000 transactions per second with average latency of about two seconds.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">How Sui works<\/h2>\n<p>Sui uses the <a href=\"https:\/\/forklog.com\/en\/news\/proof-of-stake-how-it-works-and-why-it-is-so-popular\">Proof-of-Stake (PoS)<\/a> consensus model. Transactions are processed by sets of validators<em>,<\/em> with membership rotating each epoch (24 hours) from among active full nodes. As of late October 2022 the testnet <a href=\"https:\/\/explorer.devnet.sui.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">has<\/a> four validators and more than 3,600 active nodes.<\/p>\n<p>How a transaction is handled depends on whether it touches a single-owner object (any asset type) or a \u201cshared object\u201d (for instance, public smart contracts).<\/p>\n<p>Transfers of coins, NFT issuance and voting belong to the first category. Such transactions follow a simplified Fast Pay procedure based on Byzantine Consistent Broadcast. It comprises four stages:<\/p>\n<ol class=\"wp-block-list\">\n<li>The transaction is sent to a node, which \u201cbroadcasts\u201d it to validators;<\/li>\n<li>Validators vote to approve the transaction and return the result to the sender;<\/li>\n<li>The sender creates a certificate containing signatures from at least two-thirds of validators;<\/li>\n<li>The certificate is distributed to validators, who confirm it. The transaction is then included in the blockchain.<\/li>\n<\/ol>\n<p>This process avoids validator-to-validator consensus, substantially reducing processing time.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"921\" height=\"228\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-1.png\" alt=\"What is the Sui blockchain and cryptocurrency: project overview\" class=\"wp-image-188861\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-1.png 921w, https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-1-300x74.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-1-768x190.png 768w\" sizes=\"auto, (max-width: 921px) 100vw, 921px\" \/><figcaption class=\"wp-element-caption\">Diagram of parallel transaction processing in Sui via Byzantine Consistent Broadcast. Data: <a href=\"https:\/\/docs.sui.io\/learn\/how-sui-works\" target=\"_blank\" rel=\"noreferrer noopener\">Sui<\/a><\/figcaption><\/figure>\n<p>By contrast, transactions involving shared objects add a consensus stage using the Sui Consensus Engine. It has two components:<\/p>\n<ul class=\"wp-block-list\">\n<li>Narwhal, a high-throughput mempool (\u201cwaiting room\u201d for unconfirmed transactions) that ensures synchronisation and data availability for validators;<\/li>\n<li>Bullshark (or the older solution<strong> <\/strong>Tusk), a consensus protocol combining a <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9E%D1%80%D0%B8%D0%B5%D0%BD%D1%82%D0%B8%D1%80%D0%BE%D0%B2%D0%B0%D0%BD%D0%BD%D1%8B%D0%B9_%D0%B0%D1%86%D0%B8%D0%BA%D0%BB%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B8%D0%B9_%D0%B3%D1%80%D0%B0%D1%84\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"\">directed acyclic graph<\/a> with <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%97%D0%B0%D0%B4%D0%B0%D1%87%D0%B0_%D0%B2%D0%B8%D0%B7%D0%B0%D0%BD%D1%82%D0%B8%D0%B9%D1%81%D0%BA%D0%B8%D1%85_%D0%B3%D0%B5%D0%BD%D0%B5%D1%80%D0%B0%D0%BB%D0%BE%D0%B2\" target=\"_blank\" rel=\"noreferrer noopener\">Byzantine Fault Tolerance<\/a>. Bullshark\u2019s novelty is that it reaches consensus without validators needing to exchange information.<\/li>\n<\/ul>\n<p>This delivers not only high throughput but also fault tolerance: even a large number of faulty validators does not drag down performance, unlike in some existing PoS blockchains.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Tokenomics and functions of the Sui cryptocurrency<\/h2>\n<p>No timetable has been set for the mainnet and the launch of the native SUI coin. The team has, however, outlined the project\u2019s <a href=\"https:\/\/medium.com\/mysten-labs\/announcing-sui-tokenomics-9cb829086e30\" target=\"_blank\" rel=\"noreferrer noopener\">tokenomics<\/a>. The maximum supply will be 10bn coins. Each SUI will be <a href=\"https:\/\/sui.io\/resources-sui\/announcing-mist\/\" target=\"_blank\" rel=\"noreferrer noopener\">divisible into a billion units called MIST<\/a>.<\/p>\n<p>At mainnet launch only a portion of SUI will circulate; the remainder will be allocated to the Mysten Labs team, investors, community participants, validator rewards and other purposes. A significant share will go to the Sui Foundation\u2014independent of Mysten Labs\u2014which will fund hackathons, conferences, application development and developer teams.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"521\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-2-1024x521.png\" alt=\"Tokenomics and staking scheme of the Sui cryptocurrency and blockchain: project overview\" class=\"wp-image-188862\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-2-1024x521.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-2-300x153.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-2-768x391.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-2-1536x781.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/sui-fl-2-2048x1041.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Staking and tokenomics scheme for Sui. Data: <a href=\"https:\/\/docs.sui.io\/learn\/tokenomics\" target=\"_blank\" rel=\"noreferrer noopener\">project website<\/a><\/figcaption><\/figure>\n<p>SUI is expected to have several uses:<\/p>\n<ul class=\"wp-block-list\">\n<li>validator staking;<\/li>\n<li>delegated staking to validators (for ordinary coin holders);<\/li>\n<li>payment of transaction fees;<\/li>\n<li>a medium of exchange, settlement and store of value within the Sui ecosystem;<\/li>\n<li>on-chain governance of the Sui blockchain.<\/li>\n<\/ul>\n<p>Each validator has a stake of SUI delegated by token holders. Delegated coins are locked for the entire epoch and earn a share of staking rewards when the epoch closes. Holders can therefore withdraw their SUI or switch delegates only at epoch boundaries. It is already known that the Sui team will<em> <\/em>reward full-node operators, developers and active testnet participants. In particular, after Sui launches on mainnet, node operators will receive 2,000 SUI each, locked from sale for one year.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">How the Sui ecosystem is developing<\/h2>\n<p>The team has already launched basic infrastructure for interacting with the Sui testnet. In August 2022 it rolled out the <a href=\"https:\/\/explorer.devnet.sui.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sui Explorer<\/a>, which displays detailed information on blocks, addresses and transactions.<\/p>\n<p>The <a href=\"https:\/\/chrome.google.com\/webstore\/detail\/sui-wallet\/opcgpfmipidbgpenhmajoajpbobppdil\" target=\"_blank\" rel=\"noreferrer noopener\">Sui Wallet<\/a> is also available as a Google Chrome extension. It lets users create new addresses and restore existing ones via a seed phrase, view and manage all asset types, including NFTs, and interact with decentralised applications. The wallet can be topped up with test SUI via a faucet, for example on the NFT marketplace <a href=\"https:\/\/sui.bluemove.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">BlueMove<\/a>.<\/p>\n<p>Third-party teams are building more than 60 projects on Sui. Among them:<\/p>\n<ul class=\"wp-block-list\">\n<li>decentralised exchanges <a href=\"https:\/\/suiswap.app\/\" target=\"_blank\" rel=\"noreferrer noopener\">Suiswap<\/a>, <a href=\"https:\/\/www.movex.exchange\/\" target=\"_blank\" rel=\"noreferrer noopener\">MovEx<\/a>;<\/li>\n<li>DeFi services <a href=\"https:\/\/cetusprotocol.crew3.xyz\/questboard\" target=\"_blank\" rel=\"noreferrer noopener\">Cetus<\/a>, Porto Labs, Kxfinance, Leizd Protocol;<\/li>\n<li>cross-chain bridges WormHole and Axelar Network;<\/li>\n<li>domain-name services <a href=\"https:\/\/sui-names.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sui Name Service<\/a>, <a href=\"https:\/\/www.suins.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">Suins<\/a>;<\/li>\n<li>social platforms <a href=\"https:\/\/coming.chat\/\" target=\"_blank\" rel=\"noreferrer noopener\">ComingChat<\/a>, AskMeX, Peeranha;<\/li>\n<li>NFT marketplaces Blue Move, Sui Art, Sui Gallery;<\/li>\n<li>NFT collections <a href=\"https:\/\/suipunks.xyz\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sui Punks<\/a>, Sui Birds, Sui Droplets;<\/li>\n<li>games Trial Xtrem, <a href=\"https:\/\/f1.dog\/\" target=\"_blank\" rel=\"noreferrer noopener\">F1 Dog<\/a>, Netmarble.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Prospects<\/h2>\n<p>In July 2022, during a Q&amp;A session, Alonso de Gortari of Mysten Labs said the company <a href=\"https:\/\/sui.io\/resources-tokenomics\/recap-sui-ama-tokenomics\/\" target=\"_blank\" rel=\"noreferrer noopener\">plans a public token sale<\/a>, with the mainnet and SUI launch targeted for year-end. Since then the team has made no further announcements or comments on the subject.<\/p>\n<p>The newly established non-profit Sui Foundation has announced a <a href=\"https:\/\/suifoundation.org\/#apps\" target=\"_blank\" rel=\"noreferrer noopener\">grants programme<\/a> for developers in the Sui ecosystem. Teams building applications across a wide range of use cases\u2014from social networks and games to payments, finance and legal services\u2014can receive $10,000\u2013$100,000.<\/p>\n<p>Promised rewards for early testnet node operators, and the large number of Sui-based projects without their own tokens, <a href=\"https:\/\/coinstats.app\/news\/Jc1pzHSH6D_Missed-the-Aptos-Airdrop-How-To-Be-Eligible-for-the-Potential-SUI-Airdrop\" target=\"_blank\" rel=\"noreferrer noopener\">have already stirred up<\/a> airdrop hunters. The odds of ordinary testnet users receiving rewards remain unclear.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Further reading<\/h2>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-are-starknets-blockchain-and-cryptocurrency\">What is the StarkNet cryptocurrency and blockchain?<\/a><\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/alien-worlds-an-in-depth-look-at-a-popular-blockchain-game\">Alien Worlds: a comprehensive review of the popular blockchain game<\/a><\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/brave-browser-and-the-bat-cryptocurrency-a-detailed-review\">The Brave web browser and the BAT cryptocurrency: an in-depth review<\/a><\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/ipfs-versus-http-the-future-of-a-decentralised-internet\">IPFS instead of HTTP\u2014is this the future of the decentralised internet?<\/a><\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-is-chiliz-chz-a-guide-to-the-leading-cryptocurrency-for-sports-fans\">What is Chiliz (CHZ)? All about the leading cryptocurrency for sports fans<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What sets Sui apart? How does it draw on Diem, Meta\u2019s aborted blockchain? Which projects are already being built on Sui? We explain in cards.<\/p>\n","protected":false},"author":1,"featured_media":37853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"3","_short_excerpt_text":"Sui is a high-performance L1 from Meta alumni using Move and PoS; here\u2019s how it works and who is building on it.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[2113],"tags":[2117,1652,1882,1293,1651],"class_list":["post-37852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptorium","tag-101-altcoins","tag-blockchain-platforms","tag-layer-1","tag-meta","tag-sui-sui"],"aioseo_notices":[],"amp_enabled":true,"views":"126","promo_type":"1","layout_type":"1","short_excerpt":"Sui is a high-performance L1 from Meta alumni using Move and PoS; here\u2019s how it works and who is building on it.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=37852"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37852\/revisions"}],"predecessor-version":[{"id":37854,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37852\/revisions\/37854"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/37853"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=37852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=37852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=37852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}