What is Sui?

Libra was supposed to be a blockchain that will power a stablecoin native to Alphabet (Meta's ) incorporations -all the holdings under Meta.

So, we're talking about something that will be like Ton blockchain of Telegram. Libra would have been across Facebook, Whatsapp, Messenger, Instagram....you name it.

Mark's vision was : to make financial payments and transactions as easy as sending a message. Well, Libra was later named Diem on Dec., 2020. However, Diem shut down Jan. 2022. Quite tragic but wait for it....

Boom 💥💥💥 out of the ashes of eternal incarceration arose the fantastic 5.

Evan Cheng, CEO Chief Executive Officer

Adeniyi Abiodun, CPO Chief Product Officer

Sam Blackshear, CTO Chief Technology Officer

George Danezis, CS Chief Scientist

Kostas Chalkais, CC Chief Cryptographer

This five had been in meta since the inception of the Libra project working tirelessly...

Long story cut short...they left Meta and birthed Sui. 😀

Sui's native token is $SUI.

It's a utility token -it is used to pay the gas fees.

It's also used for governance in the ecosystem.

$SUI is also used to incentivize engagements in the Blockchain.

Of course, if you can recall, last week Friday we treated Arbitrum (an L2), SUI is L1.

Use this analogy, Arbitrum is a L2 built on a L1, Ethereum. So Ethereum is the baseblockchain. It's not built on any other blockchain, that's why it's layer 1. The same way, Sui is layer 1. It was not built on any blockchain.

Their consensus mechanism is the dPOS.

Delegated Proof of Stake.

Basically, it functions like POS in that validators (NB not miners this time, miners operate in POW) stake their tokens in order to validate and approve transactions with the accompanied addition of blocks to the Blockchain.

However, this time ie in dPOS, validators need to be delegated.

This is how it works...

Validators are chosen in each epoch. An epoch is 24hrs in the Sui ecosystem. They're chosen by users who delegate their staked coins (in this case $SUI). First, users stake their $SUI, and secondly they delegate it to a particular validator.

Every epoch -24hrs- (a) user(s) can delegate entirely different validators or same validator(s)

From my POV and myDYOR... Sui is geared at ensuring that web3 is largely scaled and massively adopted.

They have several mechanisms put in place to achieve this purpose.

Talk about

• Byzantine fault proof systems. bla bla bla 😂😂
• Directed-acyclic-graph-mempools you don't want me to go into it...it's maths and all
• narwhals and bullshark
• sponsored gas fees enabling gasless transactions
• object-centric...and horizontal transactions processing mechanisms...

It's a whole lot