The Significance of the Sui Network’s 0.29.0 Version Update

03/30/2023 02:55 • NFT Newsflash • 124 views

On March 30th, the Layer1 blockchain Sui Network released a 0.29.0 version update, which includes increasing the Sui address length from 20 bytes to 32 bytes.

Sui increased the address length from 20 bytes to 32 bytes

As technology keeps on evolving, blockchain networks have to adapt to newer and more sophisticated systems. The Layer1 blockchain Sui Network recently released a 0.29.0 version update that includes a significant change – increasing the Sui address length from 20 bytes to 32 bytes. This article will discuss the significance of this update and how it affects users.

Background Information on the Sui Network

Before diving into the specifics of the update, let’s briefly discuss what the Sui Network is. This network is a layer one blockchain that aims to solve the issues of scalability, high transaction fees, and low transaction speed that users of other blockchain networks experience. The Sui Network achieves this through a unique sharding mechanism that divides the network into smaller groups, making transactions faster and cheaper.

What is Changed in the 0.29.0 Version Update?

The most significant change in the latest version of the Sui Network is the increase of the Sui address length from 20 bytes to 32 bytes. The address is used to identify the recipient or sender of transactions on the network. The updates made to the Sui address will affect how users’ identities are represented on the blockchain.
Another update is the implementation of a new feature – compatibility. With the new updates, users of the Sui Network will have more options on how to store their tokens. The update will also make it easier for developers to integrate the Sui Network into their applications.

The Significance of the Changes

The change from a 20-byte to a 32-byte address offers something important- more address space. The previous version of the Sui Network had approximately 1.1 quintillion addresses. With the current version, this number has increased to approximately 3.4×1038 addresses.
This increase is significant because addresses are not reused in the Sui Network, alá Bitcoin. The new address space provided by this update will enable the Sui Network to accommodate more users than before without crashing. It will also allow for larger applications that require more unique keys to function.

What Users Need To Do

The good news is that users do not have to do anything on their end after the update. The changes are handled automatically by the network. Wallet and exchange users should not be worried since the update will not affect their balances.
However, if you are a developer planning to integrate the Sui Network or already have applications that utilize the Sui Network, you can take advantage of the new 32-byte address length to accommodate the new changes.

Conclusion

In conclusion, the 0.29.0 version update of the Sui Network represents an important milestone in the evolution of blockchain technology. The update’s most significant change – increasing the Sui address length – will enable the Sui Network to accommodate more users than before and larger applications that require more unique keys to function. Users do not have to do anything after the update, and wallets and exchanges will not be affected. Developers should take note of the changes to take advantage of the new address space.

FAQs

1. Are users of wallets and exchanges worried about losing their balances after the update?
No, users of wallets and exchanges do not have to worry about their balances. The changes do not affect the balances in these platforms.
2. Will developers have to make changes after the update?
Developers will have to make changes to their applications to take advantage of the new address length if they plan to integrate the Sui Network into their applications.
3. Is the Sui Network the only blockchain that uses a unique sharding mechanism in its operations?
No, other blockchains use sharding. However, the Sui Network is unique in its approach to sharding since it shreds individual transactions, unlike other blockchains, which shred the state.
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