031 – It is a blockchain designated as layer 1 proof-of-stake (dPoS), whose protocol uses a modified version of the Move programming language, initially created at Meta—formerly Facebook—before it decided to end its Diem project.
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It is a designated proof-of-stake (dPoS) layer 1 blockchain, whose protocol uses a modified version of the Move programming language, initially created at Meta (formerly Facebook) before it decided to end its Diem project.
Sui has been created by Mysten Labs, one of two spin-offs from Meta’s Diem project; the second is none other than the so-called Solana Killer, Aptos Labs, which launched its mainnet in October. Prior to its launch, Sui has raised huge amounts of money. In September last year, Mysten Labs had closed a $300 million Series B round and reached a valuation of $2 billion, according to CrunchBase.
The much-hyped Sui core network
officially launched on Wednesday, May 3, 2023. The team behind Sui has said it wants the network to become the leading NFT and video gaming platform for the cryptocurrency industry by virtue of its Move programming language, which the developers say is a more intuitive way to write smart contracts.
Although Move was not initially designed with NFTs in mind, Sui Move aims to change this by implementing certain NFT-specific functions. Unlike another popular language, such as Rust, which uses Solana and focuses on “accounts”, Sui focuses on “objects.” This has made it possible for objects in Sui to be owned by a single user or “shared,” which can be modified by users as long as they follow certain smart contract functionalities.
With that, the team behind Sui says the network is poised to become an “innovative, decentralized Layer 1 blockchain that redefines asset ownership.”
Sui Move has been widely praised for its speed and transaction performance, with Solana Co-Founder Anatoly Yakovenko, one of its main competitors, calling it “awesome” on Twitter.
Investors have been buying IOU versions of the tokens, albeit on four smaller exchange platforms: BitForex, DigiFinex, HotBit and SuperEx. As of Tuesday afternoon, IOU tokens were trading at $3.20, according to CoinGecko, and their price had soared 14% over the past day due to the buzz surrounding the mainnet launch. After launch, the tokens will be listed on OKX, Kucoin, Bybit and Binance.