Sui
By Geoffrey Lyons
Sui is the project behind the fast and scalable Sui blockchain, its native cryptocurrency SUI, and the programming language Move.
Pronounced "soo-ee", it derives its name from the Japanese word for water, since it’s designed to be fluid and versatile.
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Cheat sheet
Launched: 2023 CEO: Evan Cheng Cheng co-founded Mysten Labs (the company behind Sui) in 2021 after 15+ years at companies like Apple and Meta. HQ: San Francisco |
3 things to know about Sui
- It’s built for speed and scale. Sui’s blockchain uses parallel processing, when multiple transactions are processed simultaneously.
- It introduced a new programming language called Move, a secure and flexible option for building dApps (apps that run on blockchains instead of centralized servers).
- Its token, SUI, fuels the network. Users trade SUI, stake it for rewards, and use it to pay gas fees.
Interesting fact
Tiny fractions of SUI are called MIST. 1 SUI = 1B MIST.
Visualizing Sui
Think of the Sui blockchain as a waterfall that processes a constant gush of transactions.
Trickle | Cascade Parallel processing allows Sui to process up to 300K TPS. |
Think of SUI as cheap fuel that powers the Sui network.
Costly Other blockchains have more costly transaction fees because of all the network congestion. | Cheap SUI transaction fees are low due to the network’s efficient design. |
Think of Move as a wave, strong but malleable.
Rigid Legacy coding can be difficult to learn, overly restrictive, and vulnerable to security risks. | Flexible Move is designed to be intuitive, flexible, and secure, so devs can create more freely. |
Rising from the ashes
Sui’s founders are ex-Meta researchers from the Diem project (formerly Libra): Facebook’s short-lived stablecoin initiative that was axed following regulatory scrutiny. The Move programming language was actually developed for Diem but was repurposed for Sui, proof that some setbacks pave the way for success.
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