A permissionless layer 1 blockchain
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The Sui blockchain, developed by the founders of Mysten Labs, is a layer-1 proof-of-stake (PoS) blockchain that launched on May 3, 2023, touting exceptional throughput, low latency, and parallel transaction execution.

Built on the Move programming language, it offers a platform for Web3 projects ranging from retail payments to gaming, with unique features like bypassing consensus for simple transactions. Its native token, SUI, functions in various capacities, such as payment for transactions or “gas” fees, staking, and governance, while the permissionless nature of its validators ensures decentralized integrity and robust security.

Sui’s dedication to scalability and user experience is reflected in its tools based on the Sui SDK, facilitating the development of sophisticated on-chain finance, decentralized finance (DeFi), and upgradable NFTs. Its approach to processing resources and parallelizing simple transactions differentiates it from traditional blockchain systems, enhancing efficiency and reducing latency.

Sui’s unique design and forward-thinking approach set a precedent for speed, scalability, and security. It recently processed 65.8 million transactions in a single day, setting the record for most transactions recorded on any blockchain in a 24-hour period. The network achieved this massive throughput without causing a spike in gas fees, which remained low and stable throughout the day. With its alignment with both developers’ needs and users’ expectations, Sui is positioning itself as a key player in the evolving blockchain landscape, serving the next wave of Web3 users and contributing to the ongoing revolution in blockchain technology.