Original Author: Trace, Figment Capital
Original compilation: 0x9F, czgsws, BlockBeats
On July 12, The Information quoted people familiar with the matter as reporting that Mysten Labs, a Wbe3 startup founded by former Meta Platforms employees, is seeking to raise at least $200 million in Series B financing at a valuation of $2 billion. This round of financing was led by FTX Ventures, At present, the project party has obtained 140 million US dollars of financial support in this round of financing. Previously, Mysten Labs announced in December 2021 that it had completed a US$36 million Series A round of financing led by a16z, with participation from Coinbase Ventures, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital and others.
Mysten Labs, founded by 4 former Meta engineers, announced its Layer 1 public chain project "Sui" in March 2022, and announced the economic model of the project's Token SUI in May.technology
technology
Based on years of research and development by Meta (formerly Facebook), Sui is unlike any blockchain we have ever seen.
The key to Sui's performance is transaction parallelization. In most blockchains, transactions must be ordered and put into blocks for sequential execution. Sequential execution unnecessarily limits throughput on these chains, since most transactions are independent of each other. Because Sui requires that transaction dependencies be explicitly stated, it is able to process them in parallel. In the case where a few transactions are intertwined, Sui can still sort them and execute them sequentially.
The key to Sui's performance is transaction parallelization. In most blockchains, transactions must be ordered and put into blocks for sequential execution. Sequential execution unnecessarily limits throughput on these chains, since most transactions are independent of each other. Because Sui requires that transaction dependencies be explicitly stated, it is able to process them in parallel. In the case where a few transactions are intertwined, Sui can still sort them and execute them sequentially.
Sui achieves consensus in two different ways:
1. Byzantine consensus broadcast for independent transactions
2. BFT consensus for transactions with affiliation
Since independent transactions can be verified in parallel, Sui can scale by adding more devices to each validating node to linearly increase throughput.
Not only has high throughput, Sui also has low latency. Its consensus algorithm focuses on minimizing the communication required between validating nodes to process transactions. This results in simple transactions being verified almost instantly, while complex transactions can be executed within 2-3 seconds. Of course, we need to see how this network performs in public deployments, but the early results are extremely encouraging.
Sui uses the Move virtual machine and the Move programming language to implement smart contracts. Move is as memory-safe as Rust, but more expressive than other smart contract languages. I wrote an article for Movebrief introduction. Sui uses a small variant of Move to improve network performance and simplify the developer experience.this documentwill tell you more about how Sui's Move differs from normal Moves.
While the storage of most blockchains is account-centric, Sui's storage is designed around objects. Each object is owned by an address, mutable by default, and can be made immutable or shared between multiple addresses. Sui's Move smart contract can receive these objects as input, operate on them, and return objects as output. This is a smart contract programming paradigm that is completely different from Solid or Rust.
One of Sui's engineersif sofirst level title
Token economics
The total supply of SUI Token is 10 billion, which will be used for distribution to the founding team, investors, public sale, Sui Foundation and future releases. The exact timing of the initial token distribution will be announced in the coming weeks.
Sui Token has 4 functions:
3. Governance
2. Transaction fees
3. Governance
4. Unit of Account/Transaction Intermediary
Most blockchains are subject to large fluctuations in Gas costs due to changes in network requirements. To keep gas fees low and predictable, Sui implements a novel gas market design: Sui operates in epochs, and every epoch (24 hours) the validator set changes. At that point, validators for the new epoch vote on the reference gas fee for the entire epoch. The protocol provides incentives for validators to keep transaction fees close to the reference price throughout the epoch. By providing a more stable gas fee, transactions submitted to Sui will execute at a more predictable rate, creating a better user experience.
But how to keep the gas fee low during network congestion? Because the throughput of the network scales linearly with more participants, validators can add more participants proportionally to the increase in network demand, thereby keeping the gas price close to the reference price.
Sui also solves the problem of state inflation (state bloat). Whenever users submit data on the chain, they must also pay gas fees and other fees to Sui's "storage fund". This fund is used to cover the real cost of validators storing user data. As the network matures and storage costs increase, validators will be paid by the storage fund. Additionally, once users no longer need to store this data, they can delete it and get a rebate from the storage fund.
The full economics of the storage fund is interesting, and you can find it at Mysten Labs'Recent AMAsteam
team
Sui's development team is Mysten Labs, a company building infrastructure for Web3. Founders includeEvan Cheng、Adeniyi Abiodun、Sam Blackshear、George Danezis、Kostas Kryptos, have participated in the Novi and Diem projects in Meta. These scientists and engineers are the key people behind many of Meta's innovations, including the Move programming language and the Narwhal/Tusk mempool and BFT consensus that are now being implemented on other blockchains.
The team envisioned four key applications for Sui:
1. Games
2. DeFi
3. Business
4. Social
All 4 applications will take full advantage of Sui's high throughput and low latency to provide the best user experience. There are also unique advantages for games and social applications built on Sui. Games can take advantage of the security and expressiveness of Move for digital avatars. Social media apps can leverage Sui's data storage economics to store all data directly on-chain.
Sui is currently running a public devnet and will launch an incentivized testnet next month. Expect more details on the mainnet launch in the coming months. If you're interested in learning more, check out theOriginal link。
