As the first qualified custodian to provide custody and staking services to The Sui Network ecosystem, BitGo is pleased to announce new services for SUI holders: Qualified Custody, hot wallets, and staking.
What is Sui?
Sui is a Layer 1 blockchain and smart contract platform maintained by a permissionless set of validators, similar to validators or miners in other blockchain systems. Sui relies on an object-centric model that uses the Move programming language to achieve safety and reliability.Learn more: https://sui.io
How does Sui work?
Sui has three core elements that work together to allow it to operate: Objects, parallel transaction execution, and the Sui Consensus Engine.
Objects
Sui’s smart contracts are designed around programmable objects, as opposed to smart contracts designed around accounts. These objects can be mutable or immutable, shared among multiple people or owned by one person. Objects owned strictly by a single user won’t have to undergo the verification process, allowing them to have near-instant finality.
Parallel Transaction Execution
Sui validates transactions individually, rather than batching them into blocks, enabling parallel transaction execution. By validating transactions in parallel to each other, and allowing simple transactions to skip consensus, the result is near-instant finality.
Move Language
Sui blockchain uses the Move programming language, which is specifically designed for building smart contracts and dApps. The Move language is based on Rust, “a multi-paradigm, high-level, general-purpose programming language that emphasizes performance, type safety and concurrency”.
The language is also designed for developers to write smart contracts and dApps. It includes features such as resource ownership, which seeks to ensure that resources are not consumed or modified by unauthorized parties. Additionally, the language supports the creation of custom data types and functions, which can be used to create complex contracts and applications.
Gas Pricing
Sui’s gas pricing mechanism is intended to achieve three stated outcomes:
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Delivering users with low, predictable transaction fees;
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Incentivizing validators to optimize their transaction processing operations;
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Preventing spam and denial of service attacks
Validators agree via survey on a network-wide reference price at the start of each epoch, and Sui seeks to incentivize validators to propose credible prices via use of the tallying rule to determine which validators are processing transactions at the current gas price.
Reaching Consensus
The Sui blockchain has two consensus protocols to handle different types of transactions.
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Byzantine Consistent Broadcast to handle simple transactions
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Narwhal and Bullshark consensus protocol to handle transactions or set of transactions that have strongly held interdependencies
Sui distinguishes between two types of assets to run these consensus mechanisms in parallel:
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Owned objects that can only be modified by their specific owner
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Shared objects that have no owner and can be modified by more than one user
Sui forgoes consensus on owned objects which it classifies as simple transactions. Shared objects, which would be classified as transactions or sets of transactions that have strongly held interdependencies would go through consensus.
Key Takeaways
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Sui is a L1 blockchain and smart contract platform that uses the Move programming language, designed for building smart contracts and dApps, and includes features such as resource ownership and custom data types and functions.
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Sui’s smart contracts are designed around programmable objects, which can be mutable or immutable, shared among multiple people or owned by one person.
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The Sui blockchain processes transactions in parallel, and simple transactions aren’t required to undergo consensus, resulting in near-instant finality.
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Sui has structured its gas pricing mechanism with a stated goal to deliver predictable transaction fees, incentivize validators to optimize their transaction processing operations, and prevent spam and denial of service attacks.
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Sui has two consensus protocols to handle different types of transactions, with shared objects undergoing consensus and owned objects classified as simple transactions and forgoing consensus.
BitGo is excited to support the Sui ecosystem with custody and staking services for holders of the SUI token.
Learn more about our connection with The Sui Foundation.
To learn more about BitGo’s custody and staking offerings, including SUI, schedule time with our team.
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