Sui

Sui is a Layer 1, decentralised, permissionless smart contract platform developed by Mysten Labs. It is designed to support high-performance applications through parallel transaction execution and a unique object-based data model.

Sui uses the Move programming language, which enables secure and expressive smart contract development. Assets on Sui are represented as programmable objects that can be owned, mutated, transferred, or shared. This model allows developers to define complex ownership structures and rules directly at the programming level.

The Sui network is maintained by a permissionless set of validators that operate under a delegated proof-of-stake (DPoS) system. Transaction processing is split between fast-path operations—relying on Byzantine consistent broadcast for low-latency execution—and full Byzantine agreement for operations involving shared mutable objects. This structure enables high throughput while preserving safety and finality.

Epoch-based validator rotation and a native storage fund mechanism are implemented to ensure decentralisation and long-term sustainability of the system.

SUI is the native token of the Sui network and supports the following functions:

• Gas Payments: SUI is used to pay for transaction fees, which cover execution and storage. Transactions must specify a gas object containing SUI to be consumed during execution.

• Staking: Token holders can delegate SUI to validators who participate in consensus during fixed-length epochs. The delegated stake determines validator selection and reward allocation.

• Validator Rewards: Validators earn rewards in SUI based on their contribution to transaction processing. A portion of these rewards can be shared with delegators.

• Storage Fund: A fraction of transaction fees is deposited into a protocol-level storage fund. This fund subsidises the long-term costs of on-chain data, encouraging responsible data usage.

• Governance: SUI holders can participate in protocol governance. Although governance mechanisms are in early stages, token holders are expected to vote on upgrades and key network decisions. Delegated stake is a component of governance authority.

Mysten Labs, the original contributor to Sui, was founded by former lead architects of Meta’s blockchain research team:

• Evan Cheng, CEO of Mysten Labs, has an extensive background in platform development, with more than 24 years building developer-facing technology and leading engineering teams at companies such as Apple and Facebook.
• Adeniyi Abiodun, CPO of Mysten Labs, has led engineering and product teams across Big Tech companies including Oracle, VMware and Facebook. He has led product teams within the blockchain industry for over 10 years.
• Sam Blackshear, CTO of Mysten Labs, is a researcher and engineer specializing in programming language design, program verification, and developer tools. He is the creator of the Move smart contract language.
• George Danezis, Chief Scientist of Mysten Labs, is a Professor of Security and Privacy Engineering at University College London with over 20 years of experience working on peer-to-peer system security and privacy.
• Kostas Chalkias - Chief Cryptographer of Mysten Labs, has over 10 years of experience in lead cryptographer roles in many big tech companies, including Meta and R3.