Greg Siourounis, CEO of the Sui Foundation, announced the official launch of the Sui Network mainnet on Wednesday.
The main blockchain network developed by former Meta Platforms employees, Sui Network, is now up and running.
In a Press release, Sui Foundation CEO Greg Siourounis confirmed the launch of the Sui mainnet, almost 6 months after the launching your testnet or testnet in November of 2022.
According to Siourounis, the launch of the Sui Network mainnet represents a monumental milestone for the entire community supporting the project and for the digital asset community in general.
Sui Network is a Layer1 (L1) smart contract blockchain focused on scalability and speed of transactions. This blockchain promises a speed of 480 milliseconds using parallel transaction technology and very low commission fees.
Sui Network, a layer 1 smart contract blockchain
Sui's architecture, based on the Proof of take (PoS) consensus protocol using the Move programming language, is one of its main advantages over other blockchains. According to the chain's developers, Sui Network allows the processing of parallel transactions with a finality of less than a second, making it capable of supporting a wide range of applications with unmatched and unprecedented speed at very low cost.
Through Sui Network, developers and creators can deploy secure, efficient and accessible decentralized applications to unlock new possibilities and offer users increasingly unique experiences.
In addition to this, the chain of former Meta employees also maintains a focus on application developers. In this sense, the Move programming language allows building in a simple and dynamic way while guaranteeing security, highlighted the Foundation.
A growing Web3 community
The Sui Network crypto community has grown exponentially in recent months. To date, more than 750.000 people are registered in Sui Network channels on Discord. On the social network Twitter, one of the most influential in the world, the number of followers exceeds 560.000 people.
Sui Network is powered by former members of the Diem team, the cryptocurrency that was developed by Meta (formerly Facebook), but which It was abandoned last year due to pressure from regulators.
At press time, Sui Network has a market capitalization of $723 million. Its native token, SUI, which launched with the mainnet, is trading above $1,30, falling by 30% following the announcement.
On the other hand, the network has more than 2.160 nodes located in 43 countries around the world. The main locations of these nodes are the United States, Germany, Russia and the United Kingdom, according to block explorer Sui Explorer.
Continue reading: Two former Meta employees want to revive Diem to create a new blockchain
