**Sui** is a decentralized Layer 1 delegated [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) (dPoS) blockchain that redefines asset ownership, providing everyone with equal access to its programs.[\[15\]](#cite-id-2ic81jaurio) Sui was developed by [Mysten Labs](https://iq.wiki/wiki/mysten-labs), a company founded by [Evan Cheng](https://iq.wiki/wiki/evan-cheng), [Adeniyi Abiodun](https://iq.wiki/wiki/adeniyi-abiodun), [Sam Blackshear](https://iq.wiki/wiki/sam-blackshear), [George Danezis](https://iq.wiki/wiki/george-danezis), and Kostas Chalkias, and was launched on May 3, 2023. 
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# Overview And Name Origins 
 
Sui is the water element in Japanese philosophy. The power of the sui element lies in its fluidity, its ability to easily adapt to and transform any environment. Similarly, the Sui platform seeks to provide a flexible network that a user can leverage to shape the [web3](https://iq.wiki/wiki/web3) landscape. The Sui platform is built on Sui Move, which is derived from the core Move programming language. [\[1\]](#cite-id-nbd3mq350z) 
 
Sui could run on Sui [Mainnet](https://iq.wiki/wiki/mainnet), Sui Testnet, and Sui Devnet networks. Sui is a [smart contract](https://iq.wiki/wiki/smart-contract) platform maintained by a permissionless set of validators that play a role similar to validators or miners in other blockchain systems. 
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# Features 
 
## Parallel Execution 
 
In traditional blockchain networks, when a transaction is created, it is included in a block, and if someone trades the token on a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange), it is included after the first transaction, sequentially. But with Sui Blockchain's Parallel execution system, instead of executing one transaction after another, users can perform multiple transactions at the same time. It could handle up to 120,000 transactions per second. [7] 
 
## Gas Fee 
 
In traditional blockchain networks, gas fees rise and fall based on network demand. Sui runs in a sequence of 'epochs' (24 hours). Each epoch is managed by a validators' committee. From one epoch to the next, the validators set has no right to be reordered. Instead of gas prices fluctuating minute by minute, it remains stable over a 24-hour period. [6] 
 
## Features For Web3 
 
Few other features that the Sui blockchain supports are:[4] 
 
* On-chain [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) and traditional finance (TradFi) 
* Reward and loyalty programs 
* Complex game and business logic 
* Asset tokenization services 
* Decentralized social media networks 
* Upgradable NFT 
 
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# Components of Sui Blockchain 
 
* Objects - Sui has programmable objects built and managed by Move-powered [smart contracts](https://iq.wiki/wiki/smart-contract), also known as Objects. 
* Transactions - Any modifications and updates to the Sui ledger are described by transactions. Sui employs the state-of-the-art Bullshark [consensus](https://iq.wiki/wiki/list-of-consensus-mechanisms-in-blockchain) protocol to order transactions involving shared objects.[\[10\]](#cite-id-ad81fdqaw27) 
* Validators - Independent Validators manage the entire Sui network on different machines, each running a unique version of the Sui software. [\[5\]](#cite-id-0vkfsn0q39o) 
 
# Sui Move 
 
Move is a programming language specifically designed for the Libra blockchain, now known as Diem. It was developed by Facebook's Libra project, which aimed to create a global digital currency and financial infrastructure. Sui Move is an open-source language for writing safe [smart contracts](https://iq.wiki/wiki/smart-contract). Sui Move can define, create, and manage programmable Sui objects representing user-level assets.[\[12\]](#cite-id-bq3od1tlree) 
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## Features 
 
### Object Centric Global Storage 
 
In Core Move, global storage is part of the programming model. When a module is published, it’s stored in a newly generated module address inside Move. Current [blockchains](https://iq.wiki/wiki/blockchain) cannot handle storage-heavy applications such as marketplaces and social apps. There is no global storage in Sui Move. None of the global storage-related operations are allowed in Sui Move. When a module is published, it is stored in Sui storage, instead of Move storage. 
 
### Object ID's 
 
A special address type of 16 bytes is used to represent addresses in core Move. Core Move needs to know the address of an account when dealing with global storage. In Sui, the address type is used to represent the Object ID. 
 
### Key Ability 
 
In core Move, the key ability is used to tell that the type can be used as a key for global storage. Sui requires any struct with key ability that starts with ID field with the ID type. The ID type contains both the Object ID and the sequence number. 
 
### Module Initializers & Entry Points 
 
Core Move modules are published through Move kernels. It is called through global storage operators. Sui Move modules are published into Sui storage. It has entry functions that can be called directly from Sui. [\[13\]](#cite-id-g6tdizizi7p) 
 
# Organization & Community 
 
* SUInami DAO is a [decentralized autonomous organization](https://iq.wiki/wiki/dao) built on the Sui [blockchain](https://iq.wiki/wiki/blockchain). This innovative platform allows individuals and organizations to participate in a self-governing and transparent ecosystem that is designed to empower its members.[\[2\]](#cite-id-m0n31m1cndj) 
* 'Sui'piens is a one-stop community for all Sui blockchain news feeds. It provides updates on Sui ecosystem.[\[3\]](#cite-id-cnr0gl4twde) 
* The Sui Foundation is an independent organization that is dedicated to the advancement and adoption of the Sui network/blockchain. The Foundation fulfills its mission by educating, activating, funding, and promoting builders and creators within the Sui ecosystem. 
 
# Native USDC on Sui 
 
In October 2024, native [USDC](https://iq.wiki/wiki/usdc) went live on the Sui mainnet and was made available to developers and users, without requiring bridging. As one of the most widely used [stablecoins](https://iq.wiki/wiki/stablecoin), USDC brings stable value transfer and liquidity to the Sui ecosystem. [\[16\]](#cite-id-sqz8x53bdap)[\[17\]](#cite-id-aiyi56lrfl4) 
 
To get started with USDC on Sui, users can first go through Circle Mint. Eligible businesses and distributors who are Circle Mint Account holders can directly access and redeem USDC through Circle Mint, an effective and cost-efficient way to gain access to USDC. 
 
The second way is to swap assets for USDC via one of the [DEXes](https://iq.wiki/wiki/decentralized-exchange) built on Sui. The third way is to purchase USDC from an exchange that supports USDC on Sui, with Coinbase coming live soon. [\[17\]](#cite-id-aiyi56lrfl4)

In October 2024, native USDC went live on the Sui mainnet and was made available to developers and users, without requiring bridging

Native USDC on Sui

Evan Cheng

Adeniyi Abiodun

Sam Blackshear

George Danezis

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