Sui blockchain, a Mysten Lab product that focuses on creator incentivization, announced the launch of its testnet today via Twitter. With the testnet live, it will be possible for the developers to get a closer look at the features associated with Sui, which is supposed to pose as a competitor for the newly launched Aptos blockchain network.
Every blockchain requires a testnet before going at full throttle. Testnets help developers test the dApp, check for bugs, and try the chain out in real-world conditions. Sui’s testnet, called Wave 1, is also intended to identify operators for a core group that can deploy, monitor, and debug as and when required. It will focus on improving incident response and decentralized coordination between the validators and nodes.
Earlier this month, Mysten Labs, the crypto company behind Sui, received funds worth $15 million from NCSoft, a firm that specializes in gaming. The company first managed to attract VC funds worth $300 million in September this year.
Sui and Mysten Labs: The background story
The aforementioned $300 million funding was meant to get Sui up and running. Leading the funding round was the now-bankrupt FTX. The funding round did work wonders for Sui, and as a result, the value of Mysten Labs rose to $2 billion.
Then, in October, in an attempt to improve the blockchain’s payment setup, the developers concerned introduced Mist units. Mist units are similar to Satoshis in the case of Bitcoin. They make divisibility possible within the payment system and enable lower transaction fees.
With the arrival of the testnet, Sui has taken one step closer to an official launch.
Sui and Aptos
Sui and its potential competitor Aptos share many similarities. Like the recently launched and much discussed Aptos blockchain, Sui too is a layer-1 chain. Ex-Meta stalwarts were behind Aptos. The creators of Sui also have a similar background.
Both blockchains also use the Move programming language.