Started by PocketOption, Jan 31, 2023, 10:31 am
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The layer 1 proof-of-stake blockchain Sui was created by Mysten Labs, a business started by former Meta employees who worked on Facebook’s Project Libra. Sui has smart contract capabilities.
A permission-based blockchain and stablecoin payment mechanism were the goals of Project Libra, also known as Diem. Sadly, the project did not succeed as quickly as was anticipated. Most of the developers who worked on Project Libra, nevertheless, have now moved on to work on other initiatives. SUI is one of the projects.
The Sui team offers a high-performance, decentralized platform for developing decentralized applications and smart contracts to improve user experience through scalability and low latency by enabling creators and developers to customize experiences for the typical user.
A decentralized, high-performance platform for developing decentralized applications and smart contracts is what the Sui blockchain project intends to offer. The network is controlled by a permissionless committee of validators that switches from epoch to epoch. Each epoch lasts for 24 hours. Users can transfer their stakes to validators to increase their voting power and receive a cut of the transaction costs. The network maintains security as long as two-thirds of the total stake is given to trustworthy parties. In order to process more transactions and provide a better user experience, the network also enables validators to scale horizontally via intra-validator sharding.
Nodes can scale by allocating more resources, including CPU, memory, and storage, thanks to intra-validator sharding. This can be carried out on a single machine or several units simultaneously. This enhances the user experience while enabling the network to handle more transactions.
The fundamental issue preventing blockchains from being widely adopted is gas fees. This problem is addressed by the Sui blockchain, which makes gas fees more predictable for customers by adopting a price-setting system where validators vote on a network-wide reference price. Sui also levies other costs for handling transactions and archiving data; these fees are covered by a “storage fund” and rise as the network expands. Sui wants to improve the use and accessibility of blockchain technology.
Any blockchain technology must be scalable since it affects how many transactions can be completed per second. Sui blockchain processes up to 120,000 transactions per second on a MacBook Pro, thanks to simultaneous transaction execution. It is even more comparable to established payment systems like Visa, which can process 24,000 transactions per second, than other blockchains like Ethereum, which can only handle 7 to 15 transactions per second.
The amount of communication between validators necessary to complete transactions is also decreased by Sui’s method of parallel transaction execution. This indicates that straightforward transfers can validate virtually instantly, and complicated transactions can be carried out in two to three seconds. Sui’s method makes it a more effective and convenient choice for both enterprises and people. It also represents a step closer to parity with established payment methods like Visa.
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