DeFi: Sui Network launches its Testnet to open Web 3 to everyone

A new challenger put on the gloves – With their decentralized applications (dApps), smart contract platforms will form the backbone of the next evolution of the Internet, the Web3. If the network Ethereum (ETH) was forerunner in matterprojects promising new innovations emerge. This is the case of Sui Network (SUI) which promises strong advances in the field of scalability and the number of transactions per second (GST).

Sui Network, a competitor to Aptos for the next generation of Layer 1?

Sui Networkor Sui, is a blockchain of layer 1 (Layer 1) as Bitcoin or Ethereum. In contrast to so-called networks “Layer 2” (second layer) which is based on the networks of other blockchains, such as the Bitcoin’s Lightning Networkor Polygon for Ethereum.

This project explains the desire to develop the capacity to accommodate the “next billion users” from Web3. Its team, grouped within the company Mysten Labsis notably made up of former engineers from Meta (formerly Facebook).

The construction of the Sui network has recently passed a new stagesince the project has announcement the launch of sound Testnet November 17, 2022. The next step will obviously be the launch of a mainnet (Mainnet) in 2023.

“Hello dear validators! A milestone for the Sui history books: the Sui Testnet Wave 1 is live! This is a huge step towards a decentralized Sui Mainnet, as it is the first instance of a Sui network with non-Mysten Labs operators. (…)”

Twitter account @SuiNetwork

>> For your crypto purchases, register on the Bitget platform (commercial link) <<

Opening Decentralized Finance to Mass Adoption

Sui’s Testnet arrives a few weeks after the launch of the Aptos Mainnet (APT). The latter, also composed of former Meta, is also based on the same programming language: Move.

This language was originally developed for the project – now abandoned – crypto from Facebook, diem (formerly Libra). Move has a syntax that is intended to be easy to understand, and it allows compatibility/interoperability with other existing platforms. In any case, the Sui teams do not hide their great ambitions to bring the Challenge (decentralized finance) to all, thanks to their new conceptual approach :

“Sui’s intention is to set a new standard for Web3 infrastructure. Unlike other blockchains, Sui uses an object-oriented data model to represent digital assets. (…)”

The innovations in the cryptosphere arrive at a speed never seen before. Even the Internet revolution took a few decades to get to the mass adoption where it is today. If you want to know more about the Mysten Labs project, read this detailed technical guide from Sui Networkto find out what Ethereum’s new challenger is hiding under the hood.

The events of the past week and the bankruptcy of FTX are there to remind us that we must remain cautious in this still very young ecosystem. Get into the habit of healthy distrust. To buy your cryptocurrencies, sign up now on Bitget and start getting acquainted with the exciting world of blockchain technology (commercial link).

Leave a Comment