The Sui Blockchain is a highly funded layer 1 blockchain that is currently pre-token and pre-mainnet launch. Let’s find out if Sui Crypto is worth paying attention to, dissect the tokenomics and speculate on some possible early plays to get a Sui airdrop.
What is Sui Blockchain?
The Sui blockchain claims to be a “step-function change in blockchain design” re-organizing the way data is batched so that it can onboard the next billion users into the web3 ecosystem.
Are these just more blockchain buzzwords or does Sui have an edge to give it a fighting chance?
At first glance, we see that Sui, like Aptos, also emerged from the ashes of Facebook’s “Diem” blockchain experiment. So, Sui also uses the Move programming language.
Taking a look at the whitepaper, we see that Sui is a permissionless proof of stake blockchain that uses a DAG consensus model. They claim their setup can prevent denial of service attacks, which is great for security and uptime as we’ve seen dos attack problems with other blockchains like Solana.
However, we’re going to focus on the idea that Sui organizes data into independent objects so transactions can be executed in parallel.
Sui Parallel Transaction Processing
Basically, in a traditional blockchain, transactions from independent dApps still need to be ordered and grouped into each block relative to each other. With Sui, independent transactions do not need to be ordered relative to each other but can be executed simultaneously in parallel by various validators.
I.e one node is validating a set of transactions, while another node is validating a different set. This means that validators can scale horizontally, adding computing power to create more transaction lanes to their node.
The company states that recent tests have shown that an 8-core M1 Macbook pro can process 120,000 token transfer transactions per second.
On-Chain Sui NFT Gaming
Sui is focused on creating a tight feedback loop between fully on-chain assets and gaming.
Even at this early stage, there are Sui gaming SDKs, GitHub repositories and tutorials for creating fully on chain tic-tac-toe, and building games where your NFTs and their attributes evolve and grow in near real-time based on actions taken within the game.
And Sui doesn’t want to limit gameplay to Sui NFTs alone. Using Sui Echo, users can easily prove ownership of an NFT on a different network like Ethereum, and create a version of that NFT on SUI to use in gameplay.
Team Behind Sui
Mysten Labs is the team behind the Sui Blockchain. According to LinkedIn, as of late October 2022, the team has 82 members and is hiring.
The project has 5 co-founders, all of whom came from Meta’s blockchain project. They all seem to have great credentials. What we take as a good sign is that they all worked together for years and then spun off and decided to continue working together. Team chemistry and politics are key in start-up environments so we appreciate the history and experience of their working together.
Furthermore, the project has raised over $300 million in funding at a $2 bln valuation, from some of the biggest VC names in the business.
This level of funding shows trust in the team, and gives the project plenty of runway. However, many in the crypto community are wary of heavily VC-funded projects. Too often highly funded projects have become short lived hype. Then early VC investors dump their tokens on retail for a quick profit.
So let’s talk about the more-rare-than-normal Sui tokenomics and the possibilities of a future airdrop.
Sui Crypto Token
Like Bitcoin, but unlike Aptos or Ethereum, the Sui crypto token has a finite supply capped at 10 Billion Sui tokens. Sui crypto tokens are not released all at once.
Sui is used as incentives to secure the network in a proof-of-stake consensus system with validators and delegators. It is also used to pay gas fees on transactions and maintain a separate storage fund.
Sui Blockchain Storage Fund
This is where things get a little different. Sui is really focusing on being able to store a lot of data on-chain. for that they designed a separate storage fund that incentives validators to store data on-chain, and users to delete old data to receive rebates. The storage fund works in a way so that cost of storage is spread fairly amongst new and old validators, as storage, unlike transactions takes place across a longer time frame.
The exact split of the 10 billion tokens, between the team, investors, community etc. has not been released yet, but Sui does have a tokenomics whitepaper. The paper goes further into detail of a tokenomics system Sui hopes is “at par with its engineering design so that Sui delivers a flourishing economy with billions of participants.”
Sui Crypto Airdrop & Early Plays
At the time of this article, without the release of the token split amongst early participants, it’s too early to call bear or bull on Sui. However, it’s always fun to look for airdrops.
The team claims that there are no plans *yet* for an official airdrop. But we’ve heard that before, and there is an announced and functioning incentivized testnet open to the public.
Furthermore, for the technically inclined, Sui has launched a developer grants program to build out an early ecosystem of Sui Dapps.
If you want to test out Sui and possibly set yourself up for a Sui airdrop, download the Sui Wallet Chrome Extension.
From there, you can find tons of building tutorials on their website or play around on the test net with any testnet dApps you find.
One dapp is an NFT marketplace called Bluemove. It also has a faucet, so while we know little about it’s viability and plans for mainnet, it’s a good place to start testing out sui.
Thanks for reading!
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