The second testnet will be released
Mysten Labs, founded by ex-Executives of Diem (formerly Libra), announced on the 20th that the second testnet of the high-speed L1 blockchain “Sui” will be released in advance.
🥳Testnet Wave 2 is coming soon! We’ll share more details next week, but here’s a sneak peak:
—Sui (@SuiNetwork) January 19, 2023
“Sui Testnet Wave 2” aims to test the staking delegation function and validator management function for each period (epoch) related to the use case of the crypto asset (virtual currency) SUI that will be released in the future.
The Sui Foundation, which supports the Sui ecosystem, just announced a “token allocation plan” for the virtual currency SUI in December 2022.
Relation:Sui Blockchain Announces Allocation Plan for Cryptocurrency “SUI”
Testnet Wave 2 will feature a game to experience tokenomics and staking features that anyone can play.
Mysten Labs also emphasized that SUI staking will be available from self-managed wallets on the new testnet. General investors can also see how they can easily participate in the security of the Sui network through delegation to validators, he added.
What is staking
A system in which rewards can be obtained by depositing a certain amount of crypto assets (virtual currency) for a predetermined period. A validator is a node (computer) responsible for storing data, processing transactions, adding new blocks to a “Proof of Stake” blockchain, and receiving token rewards.
Sui users can contribute to PoS chain consensus building through delegation to validators and receive distribution of staking rewards.
Launched in May 2010, Sui’s devnet is operated by a Mysten Labs validator and is still in existence today and is used for building and testing dApps (decentralized apps).
📢: Sui DevNet is LIVE! This is just the beginning of our Sui developer experience. Join us and let’s build without boundaries: https://t.co/eIMiqNOR6G
—Sui (@SuiNetwork) May 5, 2022
General users will be able to obtain testnet SUI tokens from Sui-dedicated wallets such as Sui and Suiet, and mint the testnet version of NFT. Mysten Labs has previously stated that they have no plans for airdrops, and that connecting to the testnet will not give them gifts.
What is Sui
Led by Mysten Labs, founded by ex-Executives of Diem (formerly Libra), the Sui blockchain uses Move, a new programming language developed by Meta (formerly Facebook). It is characterized by its high processing power, which is said to reach 120,000 transactions per second (TPS).
Sui, which is positioned as a competitor to Solana (SOL) and Avalanche (AVAX), had about 160 full-time developers as of December 2010, and has grown rapidly by 3,000% over the past year.
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Mysten Labs completed a ¥43 billion ($300 million) Series B round led by FTX Ventures in September 2022. FTX’s stake in Sui is only $1 million, according to sources familiar with the matter.
Mysten Labs released the first testnet “Sui Testnet Wave 1” in November 2010. Through the first round, we are inviting an external validator group and checking the full node operation in order to stabilize the network infrastructure.
Unlike devnet, the Sui Testnet Wave series has a limited lifespan. Wave 1 is closed after about 2-3 weeks of operation and a new wave is installed depending on the target.
Relation:Sui Blockchain Opens First Testnet