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Sui is a layer - 1 blockchain platform designed to support the needs of global adoption by leveraging an object-centric data model and Move programming language to address existing blockchain inefficiencies. Sui prioritizes user experience by eliminating barriers commonly associated with blockchain interactions. The SUI token is primarily used to secure the network and act as a unit of account and payment within the network.
Mysten Labs, the original contributor to Sui, was founded by former lead architects of Meta’s blockchain research team. The team looked to offer an architecture for low-latency transactions with stable transaction fees, high throughput through horizontal scaling and parallelized execution, and to empower developers with tools to craft the next generation of Web3 applications.
SUI's ICO took place on April 20, 2023, and Sui's Mainnet was launched on May 3, 2023.
Sui uses a delegated proof of stake (PoS) mechanism to secure the network. The unique element of Sui’s network level architecture is the protocols leading to consensus. Narwhal is the protocol developed to create and efficiently manage a mempool for a directed acyclic graph (DAG), which Sui uses. Bullshark, the consensus protocol, then pulls transactions from the Narwhal mempool to validate and finalize transactions.
