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Update about-sui.md (MystenLabs#981)
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* Update about-sui.md

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Clay-Mysten authored Mar 21, 2022
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Sui is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in web3. Sui is horizontally scalable to support a wide range of application development with unrivaled speed at low cost.

## What Sui is {#what-sui-is}
## What Sui is

Sui is a smart contract platform maintained by a permissionless set of authorities that play a role similar to validators or miners in other blockchain systems.

Sui offers scalability and unprecedented low-latency for common use cases. Sui makes the vast majority of transactions processable in parallel, which makes better use of processing resources, and offers the option to increase throughput with more resources. Sui forgoes consensus to instead use simpler and lower-latency primitives for common use cases, such as payment transactions and assets transfer. This is unprecedented in the blockchain world and enables a number of new latency-sensitive distributed applications, ranging from gaming to retail payment at physical points of sale.

Sui is written in [Rust](https://www.rust-lang.org) and supports smart contracts written in the [Move programming language ](https://golden.com/wiki/Move_(programming_language)-MNA4DZ6)to define assets that may have an owner. Move programs define operations on these assets including custom rules for their creation, the transfer of these assets to new owners, and operations that mutate assets.
Sui is written in [Rust](https://www.rust-lang.org) and supports smart contracts written in the [Move programming language](https://golden.com/wiki/Move_(programming_language)-MNA4DZ6)to define assets that may have an owner. Move programs define operations on these assets including custom rules for their creation, the transfer of these assets to new owners, and operations that mutate assets.

Sui has a native token called SUI, with a fixed supply. The SUI token is used to pay for gas, and is also used as [delegated stake on authorities](https://learn.bybit.com/blockchain/delegated-proof-of-stake-dpos/) within an epoch. The voting power of authorities within this epoch is a function of this delegated stake. Authorities are periodically reconfigured according to the stake delegated to them. In any epoch the set of authorities is [Byzantine fault tolerant](https://pmg.csail.mit.edu/papers/osdi99.pdf). At the end of the epoch, fees collected through all transactions processed are distributed to authorities according to their contribution to the operation of the system. Authorities can in turn share some of the fees as rewards to users that delegated stake to them.

Sui is backed by a number of state-of-the-art [peer-reviewed works](https://github.com/MystenLabs/sui/blob/main/doc/src/contribute/research-papers.md) and years of open source development.
Sui is backed by a number of state-of-the-art [peer-reviewed works](../contribute/research-papers.md) and years of open source development.

## Parallel agreement - a breakthrough in system design

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