A buzz has been generated around a new layer one (L1) proof-of-stake blockchain initiative named Sui, following the network’s mainnet debut on May 3, 2023. The native token SUI has been listed on various cryptocurrency exchanges, drawing attention to the project. On the same day the network launched, SUI peaked at $2.16 per unit, but has since dropped by 37% from its record high.
Mysten Labs Launches Sui Mainnet, Draws Attention with Delegated PoS Blockchain and Move Programming Language
As established cryptocurrencies continue to compete for dominance, a fresh wave of digital assets has emerged in the crypto sphere. Among them is SUI, a new digital currency whose network went live on Wednesday. The founders of SUI hail from Mysten Labs, and like Aptos, its founders stem from Facebook’s crypto project.
SUI operates on a delegated proof-of-stake (dPoS) blockchain, utilizing the Move programming language. At present, there are 528,273,718 SUI in circulation, with a maximum supply of 10,000,000,000 slated for the future. Presently, the network has 2,122 nodes and 100 total validators. Validation is provided via a Byzantine Consistent Broadcast.
“Sui is a distributed ledger that stores a collection of programmable objects, each with a globally unique ID,” explains the Sui network documentation. “Every object is owned by a single address, and each address can own an arbitrary number of objects. The ledger is updated via a transaction sent by a particular address. A transaction can create, destroy, and write objects, as well as transfer them to other addresses.”
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Author: Jamie Redman
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