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Sui is a platform that aims to reduce the time it takes to execute smart contracts and prioritize scalability for its decentralized applications (dapps).
Sui is a platform that aims to reduce the time it takes to execute smart contracts and prioritize scalability for its decentralized applications (dapps).
To differentiate itself from other blockchains like Ethereum, Solana, and Polkadot, Sui introduces several architectural designs to increase its speed and scalability without sacrificing the blockchain’s security. These include the Sui consensus motor, parallel transaction execution and Sui’s Move smart contract programming language.
Sui’s delegated proof of stake (dPoS) network allows validators to stake SUI, the platform’s native cryptocurrency, to validate transactions. SUI also ties the platform together by being used to execute custom programs, acting as a medium of exchange, and by incentivizing users that support its development.
Who created Sui?
Sui is developed by MystenLabs, a company founded by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias. The founders form a collection of executives and architects that led the development of the Diem blockchain and stablecoin payment system as well as the Facebook wallet program Novi, both of which have since been discontinued.
MystenLabs is also responsible for developing and maintaining the Move smart programming language that is native to several platforms. This includes Sui Move, a variation of Move that is essential to running the Sui blockchain, and essential for developers who wish to create dapps.
Lastly, Sui is overseen by the Sui Foundation, an independent organization that aims to support ecosystem developers and creators through a host of grants.
How does Sui work?
The Sui network offers many features common to other blockchain platforms such as smart contract processing and dapp development, transaction settlement, and token issuance. However, several features separate i…