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Coin Watch: Sui ($SUI)

What is Sui?

Sui, a layer 1 blockchain designed to be both developer and user-friendly launched its mainnet last night. Sui supports a wide range of application development with unrivalled speed at a low cost.  

The project was developed by former Meta (Facebook) employees who worked on the now defuncted digital wallet program. One of the key technical innovations of Sui is its object-centric design, which uses objects as its basic unit of data storage rather than accounts as most other blockchains do. Objects have distinct attributes, including ownership, whose values can be updated based on the governing logic of the smart contract that created it. This makes Sui highly flexible and allows developers to build composable assets.  

Figure: Sui node locations across the globe. Source

There are currently over 2,000 nodes supporting the Sui network, in 42 countries around the world. The ecosystem comprises of over 200 projects building on the Sui network, with use cases including gaming, finance, and social networks. 

Applications and use cases

In gaming, Sui unlocks new gaming experiences with the power of expressive smart contracts. Players can truly own in-game assets that are only limited by the developer’s imagination. In finance, Sui enables near-instant settlement for peer-to-peer payments and asset transfers, allowing builders to develop fast, available, and accessible services. In social networks, Sui allows media, posts, and interactions to be owned by their creator and verifiable by users.  

Sui vs its competitors

Over the past 90 days, SUI code commits have been keeping up with Ethereum commits, and well ahead of Avax. In case you’re wondering, a code commit is a way of saying changes or additions made to a project’s source code, which are tracked and stored in a version control system, such as GitHub.  

Figure 2: Sui vs competitor layer 1 blockchains. Source Token Terminal.

You can buy SUI on Swyftx.

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