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Investing.com – Today, May 3, 2023 was eagerly awaited in the blockchain world, because like the launch of ChatGPT last fall, the launch of Sui Network has the potential to spark a technical revolution.
Sui Network has a completely new blockchain architecture that even puts Ethereum’s killer in the background. It was none other than Sam Bankman-Fried (SBF), founder of the FTX and supporter of Solana, who seems to have considered Sui as the potential killer of Solana.
This is why SBF, through its crypto exchange FTX, was, along with Circle, Binance Labs and Electric Capital, one of the venture capitalists who enabled the development of Sui.
Many Sui developers had previously worked on the Libra project, the blockchain with which Mark Zuckerberg wanted to establish his own cryptocurrency on Facebook (NASDAQ:). This project, however, fell victim to the injunctions of the regulatory authorities and this is how the former employees of Meta founded Mysten Labs in 2021 to develop Sui.
What characterizes Sui is in the first place the enormous speed of data processing, which no other level 1 blockchain can match. In test mode, Sui has already reached more than 300,000 transactions per second (TPS), thus beating the 65,000 TPS announced by Solana, as well as the time taken to confirm transactions. What Solana takes about 20 seconds, Sui does in 450 ms. Regarding scalability, Mysten Labs claims that the design of the system is such that horizontal scalability is possible, with no upper limit. The blockchain is therefore already ready to meet the future requirements of Web3.
This speed advantage, coupled with the ability to run smart contracts in parallel in a single secure environment, takes blockchain technology to the next level and offers entirely new areas of application.
This is why specialists believe that Sui has what is called the advantage of the “first mover”. An advance that still benefits in the field of Smart Contract, because it is with that the Smart Contract functionality made its entry into the world of blockchain.
Another great advantage of Sui compared to Solana and Ethereum is that it is a highly decentralized blockchain, whose operation and security are ensured by many independent validators.
In view of this, the Solana Community Blockchain SafeCoin is also supporting the launch of Sui and has been working for the past few weeks to make trading of the Sui token possible from today’s launch at 2pm on SafeTrade. Other major cryptocurrency exchanges like KuCoin, Binance and Crypto.com have admittedly announced the listing of the new token, but will only start trading it when liquidity requirements are met, which may take a few days.
By Marco Oehrl