Sui Network Debuts Testnet Following Market Collapse
- Sui Network has launched its testnet and the Wave 1 of the testnet will last for around three weeks and this marks the first time the Network has collaborated with operators beyond the Mysten Labs.
- Testnet Wave 1 includes roughly 500 Full Nodes and 20 independent validators chosen through an open application procedure and data on these nodes may be deleted after software updates.
- Sui has positioned itself as a major competitor to Aptos, another blockchain project which was spearheaded by Meta employees and debuted its mainnet in October.
Sui Network, a layer-1 blockchain developed by ex-Meta programmers, moved closer to its eventual release to the world with the launch of its testnet. Wave 1 of the testnet was released with third-party validators as a primary interest.
A testnet is an instance of a blockchain powered by the same or a newer version of the underlying software and provides an insight into the capabilities of the project.
The initial phase of the testnet will last for around three weeks. This is a crucial step toward a decentralized Sui Mainnet, as it is the first time the Network has collaborated with operators beyond the Mysten Labs.
“This is a huge step towards a decentralized Sui Mainnet, as this is the first instance of a Sui Network with non-Mysten Labs operators,” the platform tweeted.
Mysten Labs maintains four validators as part of devnet to ensure the integrity of all network transactions. Testnet Wave 1 includes roughly 500 Full Nodes and 20 independent validators chosen through an open application procedure. Nevertheless, data on these nodes may be deleted after software updates. In addition, Epoch management, tokenomics, and stake allocation will be the main subjects of Wave 2.
Furthermore, the Network stated that there are no plans for a SUI airdrop at present, and that users would not receive any rewards for participating in the Testnet. In addition, Sui’s devnet will remain operational for developers to use in testing and creating DApps.
The company explained on Twitter about the “Wave 1” testnet which is intended for validators and full nodes to “improve decentralized coordination + incident response, and identify a core group of operators who have experience in deploying, monitoring, and debugging.”
Sui Making Huge Moves
Over the past several months, Sui has acquired significant progress, positioning it as a potential rival to Aptos, another layer 1 blockchain also formed by ex-Meta employees. The programming language, Move, is utilized by both Aptos and Sui. Aptos recently debuted its mainnet following the “Genesis Transaction” which happened on Oct. 12.
The developer of the Sui Blockchain, Mysten Labs, secured $300 million in a funding round organized by the now bankrupt FTX’s Ventures back in September. Mysten labs was valued at $2 billion in the funding round. The venture of crypto exchange Coinbase, Coinbase Ventures also took part in the Series B funding round along with Andreessen Horowitz (a16z), Jump Crypto, Circle Ventures, O’Leary Ventures, and Binance Labs.
“We believe in a future where every major digital exchange of value will be done via public ledgers. Public blockchains usher in a world of greater transparency & seamless composability of assets that will ultimately benefit end users,” claimed Sui Blockchain in a post.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
