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    Home » Mysten Labs Calls for Early Supporters of Sui L1 Blockchain to Join Testnet
    Mysten Labs Calls for Early Supporters of Sui L1 Blockchain to Join Testnet
    News

    Mysten Labs Calls for Early Supporters of Sui L1 Blockchain to Join Testnet

    By DamoclesAugust 3, 2022Updated:August 3, 2022No Comments3 Mins Read
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    Sui, the hottest new proof-of-stake (PoS) and general purpose layer 1 (L1) blockchain, has finally rolled out its Incentivized Testnet, which will offer developers, validators, and Sui supporters an opportunity to be its early participants.

    If you’re not familiar with the protocol, check our full guide on the Sui blockchain. 

    We're happy to share that registration to participate in Sui Incentivized Testnet is now open! If you are a validator, developer or Sui Enthusiast, we highly encourage you to apply. You can read about the details HERE: https://t.co/C60gjka1zC pic.twitter.com/OPUinr2K94

    — Sui by Mysten Labs (@Mysten_Labs) August 2, 2022

    Through this testnet, Sui will finally start selecting and building its foundation of validators and full node operators in order to become one of the most secure platforms in the web3 industry. 

    Testnet Rewards 

    One of the main attractions of this testnet, aside from being spearheaded by a promising blockchain, is its “incentive” part. 

    The Sui Foundation has already allocated 2,000 SUI tokens for participants and will stake up to 10% of its token supply on validators who can show top-notch performance and continuous support for the blockchain’s mainnet. 

    To join in Sui’s incentivized testnet, here are the requirements you need to follow: 

    • Hardware and bandwidth requirement of m5.2xlarge (8vCPU, 32GB RAM) + 128GB SSD
    • Must be 18 years old and above. 
    • Must go through Coinlist’s identity verification and sanction screening process and create an account. Current CoinList users must use their existing accounts to speed up their KYC approval. 
    • For would-be participants residing in the U.S, they must acquire an accredited investor status. 

    Participants who can achieve the minimum participation requirements for each “testnet wave” are the only ones who can receive SUI rewards. Moreover, the tokens will have a one-year lockup period. Click this link to register for the incentivized testnet. 

    Sui Blockchain: The Basics You Need to Know 

    Sui Blockchain was created by Mysten Labs, a web3 company founded by former Facebook (now Meta) developers. They have previously worked for the social media network’s Novi/Diem blockchain project. 

    The new platform is capable of processing more than 100,000 transactions per second (TPS), which is double that of Solana’s, as well as possesses low latency and fees, instant finality, and a 10 billion token supply. Sui also uses MOVE, a novel smart contract programming language based on Rust and is currently turning a lot of heads in the web3 world.

    Andreessen Horowitz, Coinbase Ventures, and Samsung NEXT are some of Sui’s biggest backers, adding a layer of legitimacy for its potential in the future. 

    Will it be the next layer-1 blockchain to dominate the industry? Only time will tell.

    Here’s a quick look at some of Sui’s team members: 

    Name Position at Sui Experiences 
    Even Cheng CEO and CoFounder Former Apple Senior Engineer for ten years. 
    Former Director of Engineering, Programming Languages, and Runtime at Facebook 2+ years 
    Sam Blackshear CoFounder and CTO Former Facebook engineer for 6+ years 
    George Danezis Co-Founder and Chief Scientist Former Researcher in Cryptography in Microsoft for 6+ years 
    Previously taught security and privacy engineering at the University College London for 8+ years.

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    Damocles
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    Damocles is a self-imposed web3 nomad with a background in journalism and education. Having served as a freelance writer for three years, he decided to focus on one area he loves: the blockchain industry. He enjoys the drama, controversies, and pleasant surprises of this growing arena, pumping him to write more daily. To this day, he still considers himself a newbie who is dead set on honing his skills and being more involved in web3 projects.

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