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@faropldd
August 5, 2022

Sui - the most promising blockchain of the future Web 3.0 Information about the incentivized testnet.

Only lazybones haven't been talking about Sui lately. Some people think it is a gem, others are sure that the project is not too good, and there is more hype than real breakthrough technology that can change the crypto-industry. Let's dig a little deeper into where it came from, who is leading and developing the project, and what its prospects are.

Who is behind the project and how it was born

We all remember, if not all then most, how in 2019 Facebook, now renamed Meta, announced the launch of its own cryptocurrency, Libra. This decision, even at the announcement stage, drew a lot of criticism from regulators, who feared Libra could influence the dollar and euro exchange rates or contribute to terrorist financing. In 2020, Facebook creates a subsidiary, Libra will now be owned by an association of companies called Diem, not just Facebook. Despite a lot of criticism, Diem announced in 2021 that it would issue a cryptocurrency with Silvergate Bank as the issuer. Immediately thereafter, the Federal Reserve said it could not certify the bank. That same year, members of the Senate sent a letter to Facebook and urged them not to issue their own cryptocurrency.

Due to such fierce resistance, Diem was forced to suspend its activities and subsequently closed the project. Some of the developers working on cryptocurrency projects in the Meta division left the company and moved to other projects or founded new ones. After leaving Meta, Evan Cheng and Sam Blackshear founded Mysten Labs, a crypto infrastructure company, and later they launched Sui, a new public network.

Evan Cheng is Co-founder & CEO of Mysten Labs. This man has a lot of experience in top companies; before founding Mysten Labs, he worked at Novi Financial (Facebook's digital wallet for the Libra ecosystem) for just over three years as Director of Research and Development, before that he worked at Facebook for almost three years as Director of Engineering, Soft Languages and Runtime, and before that he worked at Apple for ten years.

Sam Blackshear is a Co-founder and CTO at Mysten Labs. Sam also worked for almost four years at Novi Financial as an engineer, and also worked for about three years as an engineer at Facebook, and before that he was a research assistant at the University of Colorado, and also worked at Microsoft. And also, very importantly, he is the creator of the Move language, which we'll talk about in detail a little bit later, which Sui and other projects like Aptos are now developing on.

The rest of the team also includes a lot of people from Facebook's cryptocurrency divisions and people with experience in large global companies familiar with cryptocurrency development.

To summarize, Mysten Labs, which develops Sui, has a very serious team, mostly coming from Meta cryptocurrency divisions, which has experience in developing really cool and revolutionary things like Move programming language, which we will talk about next.

Move Programming Language

Move is an executable bytecode language used to perform user transactions and smart contracts. While Move is a bytecode language that can be directly executed in the Move virtual machine, Solidity (the Ethereum smart contract language) is a higher-level language that must be compiled to bytecode before execution in the EVM (Ethereum virtual machine). Move can be used not only for implementing smart contracts but also for user transactions, while Solidity is a language only for smart contracts in Ethereum.

A key feature of Move is the ability to define user-defined resource types using semantics based on linear logic: a resource cannot be copied or indirectly eliminated, it can only be moved between program storage locations. It is similar to Rust in this respect. Values in Rust can only be assigned to one name at a time. Assigning a value to another name causes it to no longer be available under the previous name.

At the moment, the coding of Move on github is mostly handled by the Mysten Lubs team. Move aims to become Javascript for Web 3.0, allowing developers to quickly build their product on the blockchain.

Sui Blockchain

Sui is a decentralized blockchain with horizontally scalable bandwidth and storage. It is a Layer 1 blockchain, just like Ethereum, has its own token and supports smart contracts, so you can create programs and put them at the core of any decentralized application.

In May 2022 there was the release of the first Sui DevNet and the project's tokenomics model, where it was announced that a total of 10 billion Sui tokens will be issued. As early as August, the project plans to launch an incentivized testnet.

As mentioned above, Sui uses the Move language for standardization and security. Because of this it is fast, simple transactions can be verified immediately and complex transactions take less than 3 seconds, it has high throughput and low transaction fees. You can create more utilities for NFT and store them directly on the network. In addition, Sui uses proof of stake technology, which makes it very environmentally friendly, and is designed for maximum efficiency.

Investors

In 2021, Mysten Labs received $36 million in a funding round led by Andreessen Horowitz, with participation from Coinbase Ventures, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital and others.

In July, it became known that startup Mysten Labs was preparing a $200 million round. The company expects to reach a valuation of $2 billion, which is significantly higher than the figure in the previous round. So far, investors have invested $140 million. The headliner is FTX Ventures.

Conclusion

Although the project is still only in the development stage, and it is impossible to fully assess its revolutionary nature, but considering the strong team with great experience in crypto, considering the top investors who believed in the project and invested very large amounts in them, we can say with absolute certainty that this project has all chances to become a gem.

Therefore, I advise you to take it for consideration and participate in all future activities, including the approaching testnet in August.

Incentivized testnet

At the beginning of August, Mysten Labs announced the beginning of registration for the incentivized testnet. Registration will last until about the end of August, but I would advise you not to procrastinate and fill out the form as soon as possible. Here is some information on the testnet:

- To register, you need to fill out the form (https://airtable.com/shr3phh3FCZYhZUDF)

- All participants will need to pass the KYC on Coinlist

- No one knows how many people will be taken - the testnet will consist of 4+ epochs

- For each successfully completed epoch, the Valiator will get 2000 tokens of $SUI

- The revards will be in place for one year after the launch of the minet

- Hardware requirements: 8vCPU, 32GB RAM) + 128GB SSD

Официальные страницы Sui:

@faropldd
August 5, 2022, 12:57
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