[NEWS] Sui Blockchain to launch mainnet next month

Sui, a layer 1 blockchain formed by engineers from Meta, Inc., announced on the 20th that it will officially launch its mainnet on the 3rd of next month.

Sui is a project that has been attracting attention since its development stage. The launch of the mainnet was previously scheduled for the second quarter of this year, and the project is proceeding as planned.

Last week, it was also announced that the native token SUI would be subject to an IEO on three overseas cryptocurrency exchanges, Kucoin, Bybit, and OKX.

Sui is being developed primarily by Mysten Labs, which was founded by engineers at Meta who were involved in the Diem project. The programming language used is Move, which was developed independently during the Diem project.

Sui is said to be a layer 1 blockchain with high processing power, and is said to be able to process as many as 120,000 transactions per second. Solana (SOL), which also has high processing power, is said to be able to process 50,000 transactions per second.

Many blockchains to date have had issues with transaction processing capacity and rising fees. Sui aims to solve these issues and build an infrastructure that allows many users to have a variety of Web 3.0 experiences.

Evan Cheng, co-founder of Mysten Labs, worked as a senior manager in various technical departments at Apple Inc. He then moved to the former Facebook and was involved in the development of Diem.

Mysten Labs currently has over 100 developers. In September last year, the company announced the completion of $300 million (approximately 40.4 billion yen) in Series B funding.

Reference:Sui official Twitter
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