Sui Network Schedules Official Mainnet Launch For the 3rd Of May

Layer-1 protocol Sui Network has announced that it will officially be launching its mainnet on the 3rd of May, 2023. 

The protocol announced the news of the launch via their official Twitter handle. 

The Sui Network has garnered significant attention from the larger cryptocurrency industry, despite it still being in its developmental stage. The reason for this is the protocol’s innovative approach to decentralized finance (DeFi), which has the community jostling to get their hands on the SUI token. Mysten Labs back the Sui Network. Mysten Labs is a Web 3.0 infrastructure organization that was founded by former senior executives at Meta’s Novi Research. The company also consists of experts in cryptography, distributed systems, and programming languages. 

The Sui Network is a permissionless Proof-of-Stake-powered layer-1 blockchain that aims to provide instant settlement, high throughput, and a host of next-generation decentralized applications. Mysten co-founder and CEO Evan Cheng believe that Web 3.0 is currently in what is called the “dial-up” phase. This phase is characterized by slow processes which are expensive and challenging to build. 

Sui looks to counteract this by eliminating intermediaries and allowing users to integrate and interact with products seamlessly across multiple applications. Sui also enables users to conduct faster transactions at far lower costs. 

The SUI token is the protocol’s native token and has a total supply of 10 billion. The token serves four primary functions. 

• Users can stake the SUI token and participate in the Proof-of-Stake consensus mechanism.
• Users can use the SUI token to pay for gas fees during transactions and other operations. 
• The SUI token can also act as a medium of exchange. 
• SUI token holders can also participate in on-chain voting. 

The SUI Network will not be utilizing a public airdrop as predicted by the community. Instead, it would be using the community access plan. This option has upset some community members, with early adopters in particular disappointed. However, major exchanges, including the likes of Kucoin, Bybit, and OKX, have confirmed that they will be participating in the token sale, scheduled for the 23rd of April. 

The Sui Network has significant potential, with several blockchain enthusiasts and proponents endorsing its goals, innovative technological, and development features. However, the network faces stiff competition from other platforms to grow and gain wider popularity and adoption.  

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.