Sui is a layer-1 blockchain that prioritizes blockchain transactions with minimal latency by allowing parallelization. Sui's emphasis on immediate transaction finality and fast transaction throughput makes it an ideal platform for real-time applications such as gaming and banking that take place on-chain. Move, a Rust-based programming language that emphasizes quick and safe transaction execution, is used to deploy Sui's smart contracts.

Sui's "horizontal scaling" is made possible by "transaction parallelization," which enables "parallel agreement" across several, independent transaction kinds. Transactions that are independent of each other are verified by Sui nodes using a byzantine fault-tolerant proof-of-stake (PoS) consensus mechanism since data is organized as separate items.

How Sui Blockchain Works:

Sui has a distinct consensus and transaction processing technique than other blockchains. Conventional blockchain validators add transactions to the blocks of the chain one after the other (sequential mode of execution) and restrict a blockchain's capacity to scale.

Sui adopts an alternative strategy. Sui eliminates the need for every transaction to be verified by every node in the network since many transactions are inherently not dependent on one another. Instead of verifying the complete chain, it simply looks at the pertinent portion of data. Sui employs an object-centric architecture, in which the chain data storage is oriented on things rather than accounts, to effectively do this.

Here’s how Sui's transaction broadcasting and validation works:

1. A transaction is disseminated to all validators by the sender.

2. Validators submit their votes depending on their stake after verifying the transaction's authenticity.

3. The sender publishes the result of the vote as a certificate to validators after gathering a majority that is resistant to Byzantine attacks.

This method allows Sui to process over 10,000 transactions per second which is relatively high compared to other traditional blockchains that utilize serial execution.

$SUI is the native coin for the Sui blockchain and it is used in various ways like governance (via staking), payment of gas fees for transactions happening on the blockchain, etc.