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1/n The Sui Blockchain
What you need to know about the next major L1:
🧵👇
206
657
3K
1/n The Move Programming Language
What it is and why it’s the future of smart contracts:
🧵👇
45
196
822
1/n The Aptos Blockchain
Understanding the Layer 1 for Everyone:
🧵👇
21
119
468
Sui will have some of the fastest applications in Web3.
Here’s why 👇🧵
29
63
395
ZK Fundamentals:
What is proof aggregation, recursion, and composition?
4
47
216
Decentralized proving, proof markets, and ZK infrastructure.
Our latest research piece on emerging trends in ZK.
9
48
191
I’m excited to announce that I’ve joined the investment team at
@standardcrypto
, a venture capital firm with elite company-building experience and deep-rooted expertise in crypto.
34
1
196
At
@FigmentCapital
, we believe front-ends will become some of the most valuable businesses in Web3 🧵:
11
19
171
The Proof Supply Chain:
In our newest piece at
@FigmentCapital
, we examine the emerging proof supply chain, the pipeline from an application’s intent to generate a ZK proof to that proof’s on-chain submission.
7
18
117
Revisiting the Application Layer:
In our latest piece at
@FigmentCapital
, we introduce a framework for categorizing blockchain applications, and share our view on how to increase their adoption.
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16
104
4/n To start, the blockchain is extremely high-performance.
Early results running Sui on a MacBook pro were able to process over 120K token transfers per second.
7
1
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The curious thing about
@dwarkesh_sp
is not why The Lunar Society is so good, but why other podcasts are all so bad by comparison.
As saturated as the podcasting space is, "genuinely asking good questions" is still so under-explored.
It's weird.
4
3
90
5/n Key to Sui's performance is transaction parallelization.
In most blockchains, transactions must be ordered and placed into a block to be executed sequentially.
Sequential execution unnecessarily restricts throughput on these chains – most transactions are independent.
6
1
80
Although the math of ZK can be difficult, you really only need to understand a couple dozen papers to catch up to the state of the art methods.
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10
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2/n In this thread I'll give an overview of Sui's:
- Tech
- Tokenomics
- Team
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2
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11/n Sui uses the Move VM and the Move programming language for its smart contracts.
Move is memory-safe like Rust, but is more expressive than other smart contract languages.
I wrote a quick intro to Move here 👇
1/n The Move Programming Language
What it is and why it’s the future of smart contracts:
🧵👇
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196
822
1
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6/n Because Sui requires that dependencies of transactions be explicitly stated, it’s able to process them in parallel.
In the minority of cases where transactions are intertwined, Sui still allows them to be ordered and executed sequentially.
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3
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31/n The team is targeting 4 key applications for Sui:
1. Gaming
2. DeFi
3. Commerce
4. Social
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1
69
Every smart contract exploit in crypto moving forward builds the narrative for programming in Move
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5
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3/n Tech:
Building and extending on years of research at Meta, Sui is different from any blockchain we've seen.
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1
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11/n Enter
@Mysten_Labs
and
@aptoslabs
.
Sui and Aptos are 2 of the most exciting blockchains set to launch in 2022/23.
Both use Move.
3
9
67
7/n This is done by using 2 different paths to consensus:
- Byzantine Consistent Broadcast for independent transactions
- BFT consensus for dependent transactions.
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3
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18/n Tokenomics:
The SUI token has a 10B total supply. It’s set to be distributed between the founding team, investors, a public sale, the Sui foundation, and future emissions.
The exact initial token distribution will be released in the coming weeks.
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Best formalization of intents that I've seen to-date
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10
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8/n Since independent transactions can be validated in parallel, Sui can increase throughput linearly with more machines per validator.
Sui Scales.
6
3
50
12/n Sui uses a minor variation of Move to improve network performance and ease the developer experience
You can learn more about how Sui’s Move differs from normal Move here 👇
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36/n If you’re thinking of building on Sui or in the Move ecosystem, I’d love to hear from you!
My DMs are open.
22
1
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29/n Team:
Sui is built by
@Mysten_Labs
, a company building foundational infrastructure for Web3.
The business was founded by
@EvanWeb3
@EmanAbio
,
@b1ackd0g
,
@GDanezis
,
@kostascrypto
– all of whom were formerly building Novi or Diem at Meta.
2
3
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Why
@RiscZero
isn't moving to a folding-based scheme for now:
"When I think about what it would mean for us to move to a folding based system, the main challenge I see is the question of how to horizontally scale a folding-based system.
If you want to delegate some work to
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4
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10/n This leads to simple transfers being validated nearly immediately, while complex transactions are executed within 2-3 seconds.
Of course, we’ll need to see how the network performs in public deployment, but early results are extremely promising.
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1
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this is the most extreme market distribution in a long time.
there are only 3 builders.
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9
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13/n While storage on most blockchains is centered around accounts, Sui’s storage is designed around objects.
Each object is owned by an address and is mutable by default, but can be made immutable or shared between multiple addresses.
1
1
46
17/n This intuitive programming is perfect for dynamic NFTs and crypto games that constantly mix and modify digital objects
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0
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14/n Sui’s Move smart contracts can receive these objects as inputs, manipulate them, and return objects as outputs.
This is a fundamentally different smart contract programming paradigm than Solidity or Rust.
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9/n Sui doesn’t just have high-throughput.
It has low-latency too.
Its consensus algorithms focus on minimizing the communication that’s needed between validators to process transactions.
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1
44
18/n Next up: How Move will overcome Solidity / EVM network effects.
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1
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16/n ‘pour water’ from this bottle to a glass, you literally pass these two together.’ The function does it and returns you the full glass.”
Source:
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17/n To learn more about Move, check out some of these resources:
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6
44
Privacy is essential for blockchains' future adoption, but current solutions are insufficient
An excellent article by
@awasunyin
on the shortcomings of existing solutions, and how
@namada
's unified shielded set provides stronger privacy for everyone.
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35/n If you’re interested in learning more, check out the Sui docs!
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1
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22/n The protocol then provides a number of incentives to validators to keep transaction fees close to the reference price throughout the entire epoch.
By providing more stable gas prices, transactions submitted to Sui are processed at more predictable speeds.
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3/n It’s no secret that Solidity and the EVM have flaws.
Among them is their abundance of vulnerabilities that make securing Ethereum smart contracts so hard.
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19/n Sui’s token serves 4 roles:
1. Staking / Security
2. Transaction fees
3. Governance
4. Unit of Account / Medium of Exchange
1
1
37
6/n Enter Move.
Move was built for secure smart contracts. Like Rust, it’s memory-safe -- it prevents dangling references, provides referential transparency for immutable references, and prevents memory leaks.
These properties reduce the attack surface area of Move code.
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Race to the Pareto Frontier
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26/n As the network matures and the cost of storage increases, validators are paid out through the storage fund.
Additionally, once a user no longer needs to store that data, they can delete it and receive a rebate from the storage fund.
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2
39
App-specific rollups are a breakthrough over app-specific blockchains.
Beyond better scale, they're also far easier to bootstrap, requiring only a single sequencer (which can be operated by the team at first), versus a 100+ validator set.
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5
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21/n Sui runs in epochs. Every epoch (24 hours), the validator set changes.
At that time, the new epoch’s validators vote on a reference gas price for the entire epoch.
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Intents = Destination
Transactions = Path
Intents = Noun
Transactions = Verb
Intents = What
Transactions = How
Stop making it complicated.
3
6
42
20/n Most blockchains suffer from large fluctuations in gas costs due to changing network demand.
To keep gas prices low and predictable, Sui implements a novel gas market design:
1
0
36
2/n Move is a new programming language originally designed at
@Meta
for its
@DiemAssociation
project.
But why do we need another programming language?
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39
34/n Sui is currently running a public devnet and is launching its incentivized testnet next month.
Expect more details on mainnet launch in the coming months.
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25/n Sui also addresses state bloat.
Whenever a user submits data on-chain, they must pay both gas fees and fees to Sui’s “storage fund”.
This fund covers the real-world cost for validators to store the user’s data.
1
1
35
There’s been an explosion of new programming languages in Web3.
So here's an overview of existing smart contract programming languages:
👇🧵
3
12
39
13/n For example, Sui can process over 120K token transfers per second on a simple Macbook Pro.
The blockchain is able to process token transfers nearly instantly, and complex transactions within a few seconds.
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24/n Because the network’s throughput scales linearly with more workers, validators can add more workers proportionally to increases in network demand.
This keeps prices close to the reference price.
2
0
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4/n These issues are serious. Developers may spend months and hundreds of thousands of dollars to audit their code before deploying it. Upon launch, they often have temporary guardrails for additional protection.
Even then, exploit-free code can be guaranteed.
2
0
33
15/n Aptos is a similar high-performance blockchain also spun out of the Diem team. Aptos Labs recently announced a $200M funding round at a $2B valuation.
Both teams are backed by some of the most reputable crypto and traditional venture funds in the world.
1
1
33
27/n The full economics behind the storage fund are fascinating.
You can hear more on
@Mysten_Labs
recent AMA:
Join our Sui AMA: Tokenomics on our Twitter Spaces with our Head Economist
@alonsodegortari
here:
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15
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0
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7/n Move also has a formal verifier called the Move Prover. This tool allows developers to verify that their code executes exactly as intended.
The prover is also fast – developers can run tests within minutes, allowing them to rapidly iterate on their code.
2
0
35
@Andr3jH
Met a SWE last week who claims she’s most productive working out of a tent and just lives campground to campground
0
0
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went to a
@blackbird_xyz
coffee shop and the person in front of me and behind me were both also using the app
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2
31
5/n If smart contract code is permissionless to interact with, open-source, and can control hundreds of millions of dollars, its language should optimize for safety.
It should make it easy for developers to close the gap between what they intend, and what the code actually does
1
0
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30/n These scientists and engineers are the original minds behind many of the breakthroughs at Meta underlying Sui including the Move programming language and the Narwhal/Tusk mempool and BFT consensus that are now being implemented on other blockchains.
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1
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8/n Move isn’t just safer, it’s more expressive.
Instead of storing assets in hashmaps that are permanently locked in a contract like Solidity, Move allows users to define their own types for custom built digital objects.
1
2
30
15/n It’s way more intuitive – here’s how an engineer for Sui describes programming in Move:
“When I’m at the bar explaining Move, I’d say, ‘So here is this bottle and here is this glass. Imagine both of them are NFTs and if we have a function, which would be like...
1
0
29
9/n These objects can then flow through smart contracts by being passed in as arguments and returned by functions.
This intuitive design makes programming around digital objects easy for dynamic NFT projects and crypto games.
1
2
29
23/n This creates a better user experience.
But how do gas prices stay low during network congestion?
1
0
28
Excited to announce that I've joined
@FigmentCapital
as a Partner to help build the world's premier Web3 infrastructure venture fund. Backed by
@figment_io
, the leading Web3 infrastructure provider, we draw on a wealth of resources and expertise to help our projects succeed.
2
2
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Solana has definitively survived the FTX crash.
The past 12 months have given the protocol significant legitimacy.
4
1
29
16/n As Sui and Aptos gear up to launch their public testnets and mainnets in the coming months, expect interest in Move to increase.
1
2
26
14/n The blockchain supports general computation but the Mysten team is especially focused on gaming and DeFi applications.
1
0
26
The zk proof-as-a-service space has grown so fast.
But it's great to see the barrier to entry for building zk apps plummet as these platforms allow teams to outsource the complexity of zkp generation.
@RiscZero
and others are really an extension of the modularity thesis.
0
10
28
Everyone is bemoaning the industry's current focus on infra > apps, but infra innovation IS app innovation.
If your app is now cheaper, faster, more secure, and easier to use because of better infra, your app is better.
6
4
30
@VelvetMilkman
are fine places to start on STARKs and the Plonk family... though reading papers isn't the best way to start.
2
0
30
I’m more excited about MLZK than ZKML.
Verifiable inference is neat but imagine if we had GitHub Copilot for ZK circuit construction.
5
2
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33/n Gaming can leverage Move’s safety and expressivity around digital objects.
And social media applications can leverage Sui's data storage economics to store all their data directly on-chain.
2
0
25
This may seem complex, but it's what a real paradigm shift looks like.
There are few things in crypto as novel as
@anoma
1
8
28
32/n All 4 applications will heavily leverage Sui’s high-throughput and low-latency to deliver the best user experience.
But gaming and social applications are uniquely well positioned to build on Sui.
1
0
23
Prediction:
- the current infra meta is "AVSs"
- the next infra meta will be "layers"
- the infra meta after that will be "marketplaces"
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2
27
For smart contract developers who want to start programming in Move, this is the best place to start:
1
1
25
12/n Both projects were founded by Diem engineers and scientists after Meta disbanded the project and are some of the highest-performance blockchains ever designed.
1
2
23
Seems like there are 3 possible end-states for wallets:
1. One wallet per application
2. One wallet per blockchain
3. One wallet for all of web3
Most are betting on (3), but I’m not convinced. Which is most likely?
20
1
24
For smart contract developers wondering why they should code in Move, this is the best intro I've seen:
2
3
21
Data availability sampling with erasure codes is such an elegant way to scale block sizes without compromising security.
3
0
21
the industry heavily overrates mechanism design relative to product design
4
0
21
from my vantage, Solana doesn't have a major UX edge over other high-throughput surfaces like
@SuiNetwork
, it just has been around longer so it has more apps / brand awareness.
does anyone disagree?
8
3
21
Why are ZK proofs so slow, what are MSMs and NTTs, and how can we speed them up?
Check out our latest piece to learn!
4
3
20
There’s been a lot of excitement about
@Mysten_Labs
.
But many are still unaware of one of its most important features: single-writer applications
In this thread, we break down how single-writer apps work and what they enable.
1
3
19
while everyone is doom-posting:
- infra is getting commoditized
- infra is getting optimized
- infra is getting abstracted
- we're seeing successful failures on the app-layer
this is good, just not on your timescales
0
0
19
8/n Tech:
Aptos extends on Diem’s technology to deliver one of the most advanced blockchains we’ve seen.
It uses the 4th iteration of DiemBFT, a variant of HotStuff, which is one of the leading consensus protocols.
1
0
16
@mogarchy
@ChrisBlec
This is worth emphasizing
@ChrisBlec
.
What is your solution? Otherwise your criticism is vacuous.
2
0
17
Unbundling Attention
The impact of attention on a token’s price has been widely recognized. This “attention theory of value” is a powerful explanation of how and why certain token prices are what they are. But it's also an under-explored theory which should be evaluated in more
1
3
18