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.
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.
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:
|Position at Sui
|CEO and CoFounder
|Former Apple Senior Engineer for ten years.
Former Director of Engineering, Programming Languages, and Runtime at Facebook 2+ years
|CoFounder and CTO
|Former Facebook engineer for 6+ years
|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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