Sui Network, a blockchain protocol for decentralized applications and digital assets, has announced the launch of its mainnet on May 3, 2023. The network’s native token, $SUI, will be used for network security, to pay for gas fees, and as a claim on future governance.
According to a report from Messari, a leading crypto research and data provider, Sui Network’s programming language Move was modified specifically for this model. Sui Move supports smart contracts and digital assets, with native support for resources expressed via bytecode verification removing the need for developers to write safety rules themselves.
1/ Born from the ashes of @Meta‘s Diem project, @SuiNetwork aims to address the three main problems of the blockchain: scalability, safe programming, & mainstream adoption.@CabronElBufon explains how Sui plans to become the principal base layer for smart contracts.🧵 pic.twitter.com/eXaYyHLtlj
— Messari (@MessariCrypto) May 2, 2023
In terms of consensus, Sui Network validators do not batch transactions into blocks like normal blockchains. Instead, transactions are grouped by objects, enabling validators to process different objects’ transactions in parallel, which allows for execution on a massive scale.
On Sui Network, all transactions require client communication. However, whether a transaction goes through Sui’s ordering and consensus mechanism depends on whether the object in the transaction is shared or non-shared.
Gas fees on Sui Network consist of two components: computation and storage. Computational gas fees are determined by a gas-pricing mechanism, while Sui’s storage fund receives storage gas fees and a portion of the network’s staking rewards.
Sui Network’s upcoming mainnet launch is expected to attract attention from both investors and developers. The maximum SUI supply is set to 10 billion, and the use of $SUI for network security and governance could potentially make it a valuable asset in the decentralized finance (DeFi) space.
Overall, Sui Network’s unique approach to consensus and gas fees, as well as its focus on smart contracts and digital assets, make it an interesting project to keep an eye on as it launches its mainnet in 2023.
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