Sui-next layer-1 blockchain
Hello everyone, this post will explain you about a new layer-1 project called Sui network, which was written in the newest programming language Move.This language was developed by programmers from the company Novi research.][The Sui project is being developed by a company called Mysten labs, whose worked at novi research, and the company in the twenty-first year received 36 million dollars of investment from Andreessen Horowitz, and many others.Let’s talk about the composition of the team:
Team/Investors:
Ivan Chang is the CEO of the project, Sam blackshirt Technical Director,Adeniyi Abiodun Chief Product Officer, George Danezis Chief Scientific Officer.The team has worked on important projects such as blockchain dim, the move programming language and the high-performance consensus and execution methods.In addition, the Mysten labs team has 53 officially working employees.
In September of this year, Binance labs, Coinbase ventures, Ftx, red point, lightspeed ventures, samsung next were added to the investors of the project.
Documentation:
The documentation currently shows for partners and developers a detailed description of the advantages of the sui blockchain and practical guides to prove that smart contract technology is really scalable and the project strongly supports developers of games or financial services to start writing code on their network.
Tokenomics:
I want to introduce whole sui economy system that has five main elements to work:
· First is the SUI token that Sui platform’s native asset.The total supply of Sui is capped at 10 billion tokens.
· Gas fees are charged on all network operations and used to reward participants of the proof-of-stake mechanism
· Sui’s storage fund is used to shift stake rewards across time and compensate future validators for storage costs of previously stored on-chain data.
· The proof-of-stake mechanism is used to select, incentivize, and as a reward honest behavior by the Sui platform’s operators
· On-chain voting is used for governance and protocol upgrades.
Activity:
Sui recently have announced officially community access program, they are:
· Developer Grant Program:Sui Provides funds for teams building native, open source apps.
· SUI Delegation Program: Delegates SUI tokens to community-run validators in order to help bootstrap their operations.
· Ambassador Program: Empowers community members with tools and resources to promote Sui projects and technology and share Sui knowledge with local communities.
· University Outreach Program: Taps into the developers of tomorrow in order to unleash the next wave of builders in Sui’s ecosystem.
· Educational Program: Rewards those who spend time learning and researching Sui, sharing knowledge with the wider Sui community.
Also Few days ago Sui have started mini-contest with capybaras.You will need to buy box and get capybara,then share your favorite Capy on Twitter with the hashtag #CapyHolidays. Include a screenshot along with the Capy’s name and backstory. See example below:
Capys that receive the most community votes will receive special Capy merch and 1000 SUI tokens each. The remaining 15 runner-up bracket participants will receive 100 SUI tokens each.
To know full information I will leave links in the description.The contest will finished after 2 weeks. (Deadline 9 January)
Conclusion:
And so I want to say that Sui is now at an early stage of its development, so I recommend that you actively follow the project and take part in it, especially in the ambassador program.Well, I’ll see you in the next video,good bye!
