Original Author: Zheng Zheng@linda_guagua
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Foreword - Move Twin Stars Born from Facebook
In the previous article, we introduced the Aptos public chain project founded by former team members of the Meta (formerly Facebook) stablecoin project Diem. Today, let’s take a look at the differences between the Sui public chain project, which was also founded by former Meta team members. ? (Aptos project introduction）
Background of the project
Background of the project
As a Layer1 blockchain, Sui has horizontal scalability and supports a wide range of application development with extremely fast speed and low cost.
Excellent founding team, Sui's five co-founders are all former Facebook big bulls in different fields, such as Kostas Chalkias is a big bull in cryptography, Sam Blackshear (Sui's CTO) is the de facto father of the Move programming language
project characteristics
project characteristics
Variant Move language:Sui, like Aptos, inherited the mantle of Diem and is also built by the Move language. Therefore, the two can be called the twin stars of the Move language, and together develop the ecosystem of the Move language; the Move language is more secure than the Solidity language of ETH. In terms of performance and reliability, Sui has transformed the Move language to make it object-centric and object-oriented programming.
Parallel processing (a breakthrough in system design):For most of the transactions on the chain will not compete with other transactions for the same resources (for example, two transactions for the same NFT), according to the current design of the public chain (such as ETH), a total sorted transaction list needs to be processed The consensus confirmation of the whole node has caused a lot of computational waste. Sui uses parallel transactions to break through this limitation, greatly improving the TPS of transaction processing
Scalability (just-in-time settlement):Sui's architecture design can increase the transaction processing speed of nodes by increasing machine resources. In an experiment on 2022.03.19, an unoptimized single Sui node running on an 8-core M1 Macbook Pro could execute and submit 120,000 transactions per second (TPS), with a transfer speed linear to the number of cores (the same machine is running on 25,000 TPS in a single-core configuration), so theoretically Sui can effectively expand the network throughput (that is, TPS) infinitely, so as to realize the ability of timely settlement, and provide strong network capacity support for the migration of Web2 applications to Web3.
Non-unanimous consensus (bypass consensus):According to Sui's architecture design, a transaction only needs 67% of node authentication to complete the confirmation of the transaction, rather than the confirmation of all nodes, which greatly improves the transaction processing speed.
Meta transaction (agent payment gas):Token Economics
Token Economics
Sui's native asset is called SUI:The total supply of SUI is capped at 10,000,000,000 (i.e. 10 billion tokens). A portion of the total SUI supply will flow at mainnet launch and the remaining tokens will be distributed over the next few years or distributed as a future staking reward subsidy.
There are 4 roles in Sui's economic model:
Users: Use the Sui public chain to conduct transactions, create and transfer digital assets, or interact with smart contracts
SUI token holders:Optionally delegate their tokens to validators and participate in proof-of-stake (POS). SUI owners also have the right to participate in Sui governance
Validator:Perform transaction processing and execution on the Sui public chain
Storage Fund:Used to compensate the cost of validator data storage on the chain
Gas pricing model:
A unique feature of Sui's gas mechanism is that,Sui users pay separate fees for execution and storage, where the execution gas price is determined by a three-step process that runs repeatedly in Sui epochs (each epoch lasts longer than 24 hours, called an epoch), and the storage gas price is set externally through governance proposals, targeting data Off-chain dollar cost of storage.
Let's briefly introduce the execution gas price confirmation mechanism in the epoch:
At the beginning of each epoch, each validator is required to submit a gas offer(that is, the minimum gas price that each validator is willing to process the transaction), Sui will set the price at 2/3 of the total gas quotation list as the reference gas price of this era, for example, there are a total of 100 validators who provide Gas quotation, sort all gas quotations from low to high, and the gas quotation provided by the 67th validator is the reference gas price of this era
When a user submits a transaction, the gas price can be set according to the reference gas price, but due to the inconsistency of each user's habits and the fluctuation of the network on the chain, the final actual gas price will be slightly different from the reference gas price
At the end of each epoch, rewards will be distributed based on the actual gas price performed by each validator, validators who submit low price quotes (i.e., lower than the reference price) or process transactions with actual gas prices higher than their gas quotes at the beginning of the epoch receive higher rewards. Conversely, validators who submit high bids (i.e. higher than the reference price) or process actual gas prices lower than their gas bids at the start of the epoch will be penalized with reduced rewards
Therefore, through this mechanism,One is to encourage verifiers to lower their gas price quotes, and the other is to allow users to have a reference price for their reference, to ensure that the gas transactions set by the user close to the reference price can be processed in a timely manner.
Storage Fund:
A key feature of Sui is that it can handle any amount of on-chain data, but requires sufficient storage resources to support it.Therefore, when the user conducts each transaction, he pays a storage fee to the storage fund immediately, and the storage fund will use this fund to reward future verifiers, because future verifiers also pay for the storage of current user data costs (that is, verifiers need to store the entire ledger). When on-chain storage requirements are high, validators are rewarded with substantial additional rewards to compensate for their costs. And vice versa when storage requirements are lower.
In the longer term, as technological improvements lead to storage cost reductions and changes in the SUI token price, the governance proposal will update the storage gas price to reflect its new target price.
Sui's storage model includes a "delete option", through which users can get a storage fee rebate (that is, return a sum of money from the previously paid storage gas) when deleting previously stored on-chain data (such as NFT metadata) , because your own data no longer needs to be stored)
POS entrustment model:
Holders of SUI can entrust their SUI to the verifier for pledge, and can obtain the corresponding share of rewards at the end of each epoch.
A validator's share of the total staking reward is tied to the amount staked, as it determines each validator's share of voting power in processing transactions. Each Sui transaction only requires 2/3 of the verifiers to process according to the equity share, so the verifier with a larger number of pledges will have more shares, thereby processing more transactions and obtaining more rewards. At the same time, when calculating the total reward, Sui will also allocate the storage fund, so the verifier will get more pledge rewards than the SUI delegator.
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Sui public chain ecological construction
Target areas:At present, the Sui team hopes that Sui can be better applied in the four fields of games, DIFI, business and social. Applications in these 4 domains 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 Monstars：LinkLinkIncentivized Testnet
Incentivized Testnet
Sui officially announced that it will open the incentive testnet in August. Sui's testnet activities are organized into a series of continuous "waves", each wave contains two challenges: "sink" (operational challenge) and "swim" (based on Move Sui Developer Challenge)
First Wave - Network
Sink: A multi-entity public Sui network will be linked together for the first time. This will test Sui's distributed genesis, validator configuration, operational coordination, and basic network operations.
Swim: The first opportunity for Sui developers to deploy their applications on a testnet. Sui will soon announce grand plans for this challenge; but for now Sui has just one cryptic hint: Capybaras (capybaras)!
Second Wave - Staking
Sink: The POS mechanism protects the Sui network through a series of network incentives that are closely related to all Sui stakeholders. Any individual can be allowed to accumulate enough SUI tokens and participate in Sui's DPoS mechanism as a validator. In this wave, Sui aims to test the design and implementation of Sui's key economic models.
Swim: A challenge focused on building and deploying financial applications, especially Staking derivatives and DeFi infrastructure.
Third Wave - Update
Sink: Operating a stable, secure, high-throughput network is no easy task. This wave will test Sui operators as they delve into key network operations such as validator set changes, software updates, and incident response capabilities.
Swim: Sui is about to announce a challenge related to the Move Hackathonblockchain sciencefirst level title
Facebook-Contemporary Fairchild Semiconductor?
Fairchild Semiconductor-Silicon Valley Origin:In 1956, Shockley won the Nobel Prize in Physics for inventing the transistor, which made the Shockley Semiconductor Laboratory famous all over the world, but later, because of Shockley's dedication to technology and distrust of his subordinates, eight young talents in the laboratory Jun resigned, and Shockley called him the insulting "Eight Traitors". With the support of a photographic equipment owner, eight masters founded Fairchild Semiconductor. With the continuous improvement of Fairchild's performance, the crisis has come quietly. Fairchild's continuous transfer of profits to the boss's photographic equipment company has caused dissatisfaction among many core members, and they have left to start their own businesses. A group of great companies such as Intel and AMD have almost dominated the entire semiconductor industry since then, thus opening an era in which a hundred flowers bloom in Silicon Valley.
Facebook-Metaverse Dilemma:From the sensational debut of Libra (the stable currency that Facebook plans to issue) in 2019, to the substantial downsizing and renaming to Diem, and the disbandment of the Diem team at the beginning of this year, Facebook’s metaverse road has been full of ups and downs. Recently, Zach Berg (the founder of Facebook) actually issued a "layoff warning" to employees. It is embarrassing that a Web2 company with global users has come to this point.
Facebook-Contemporary Fairchild Semiconductor:first level title
hidden risk
Summarize
Summarize
Sui, as an entrepreneurial team that left Facebook like Aptos, has also won the favor of many top VCs such as a16z and FTX. With the large-scale exodus of blockchain talents from Facebook to start businesses, whether Facebook will become a contemporary Fairchild Semiconductor, let us wait and see the changes! Sui and Aptos, as brothers in the same line of the Diem project, are jointly built using the Move language. Can the ecology of the Move language flourish and can create a public chain ecology that can benefit users around the world? Let us all look forward to it Hope!
However, Sui’s main network has not yet been launched. It remains to be seen whether the specific performance can meet expectations and whether the development of the public chain ecology can flourish. As for whether those who want to do evil can control the entire network through various means, so as to achieve the purpose of doing evil, perhaps it will also show us a story of ups and downs in the future!
