Sui is a new blockchain created by former Meta employees, positioned as a competitor to Aptos, another blockchain project created by former Meta members. Mysten Labs, founded by ex-Meta engineers, has announced the launch of the first level testnet of the Sui Network, called Wave 1.
The Sui Network testnet will allow for more thorough testing of the technology as it is the first instance of the Sui Network that will be operated not only by Mysten Labs but by other participants. The testnet will be used by validators and nodes to improve centralized coordination and incident response, as well as to identify the main group of operators with experience in deployment, monitoring, and debugging processes. The developer network (devnet) will also remain operational and be used by programmers to create and test decentralized applications (DApps).
The team acknowledges that they expect certain challenges and “teaching moments” in the operation of the first version of the decentralized network. Wave 1 will be a temporary solution that will be disabled after achieving its objectives. On the way to launching the main network, Mysten Labs engineers plan to use several more test iterations of the protocol.
The Sui network was built from scratch to allow developers to create an experience that meets the needs of the next billion users of Web 3.0. It uses a programming language called Move, which is also used in Aptos. According to the project’s website, the Sui Network will provide many tools for developing decentralized applications, such as tools for managing and protecting digital assets, analytical tools for improving the user experience, and tools for creating and managing digital identities.
Mysten Labs closed a $300 million Series B funding round in September 2022 at a valuation of $2 billion. In early November, the startup entered into a strategic partnership with one of its investors, South Korean online game developer and publisher NCsoft. The partnership aims to create entertainment applications on the Sui blockchain.
It is important to note that blockchain technology has become a key component of the development of the Web 3.0 industry and allows for the creation of decentralized applications that are not dependent on centralized intermediaries. As a result, blockchain technology enables new levels of security and transparency in working with data and assets. Recently, blockchain technologies have been applied in various industries, including banking and finance, healthcare, energy, logistics, government services, and other sectors.
The Sui Network blockchain is positioned as a tool for creating decentralized applications that meet the needs of the next billion users of Web 3.0.
What is blockchain technology?
Blockchain technology is a distributed database that allows information to be stored and transmitted in a secure and transparent manner without intermediaries.
What is Sui Network?
Sui Network is a first-layer blockchain network being developed to create decentralized applications.
What is the goal of Sui Network?
The goal of Sui Network is to create decentralized applications that cater to the needs of the next billion users of Web 3.0.
What programming language is used in Sui Network?
Sui Network uses the Move programming language.
Who created Sui Network?
Sui Network was created by the team at Mysten Labs, which consists of former employees of Meta.