Sui

Sui (SUI) was founded in 2021 by Mysten Labs, a Web3 infrastructure company established by ex-Meta engineers. The team includes prominent figures such as Evan Cheng, Adeniyi Abiodun, George Danezis, Sam Blackshear, and Kostas Chalkias. Sui officially launched in May 2023 after extensive testing and development.

The native token, SUI, is used for gas fees, staking, and governance on the Sui blockchain.

Sui uses delegated proof of stake to choose its validators, which reach agreement through a DAG-based consensus protocol called Mysticeti (it replaced Narwhal and Bullshark in 2024) that is built for low latency and parallel transaction processing. This architecture allows for massive scalability and low latency. Unlike traditional blockchains, Sui uses an object-based data model rather than an account-based model. This approach makes it possible for assets (like NFTs or tokens) to exist as programmable objects with unique IDs and attribute By processing most simple transactions without consensus Sui can achieve significantly higher throughput and reduced confirmation times. The network is designed to scale horizontally as more validators join, with real-world test results showing tens of thousands of transactions per second under production conditions.

Sui provides a powerful platform for various applications:

• Scalability: Sui is built for horizontal scalability, allowing performance to improve as more validators are added to the network.
• Low Latency: Optimized for near-instant finality in simple transactions, making it highly sufficient for real-time blockchain applications.
• Programmability: Developers can build highly customized digital.
• Smart Contracts: Sui supports smart contracts, designed with safety, upgradability, and composability in mind.
• Interoperability: While native EVM compatibility is not available, bridges and third-party tools are being developed to support cross-chain interaction.