Recap: Sui - Building the stack for the next billion users
This is the summary of a recent discussion in the podcast: "Sui - Building the stack for the next billion users" by Brave New Coin with Evan Cheng - the Co-founder of Mysten Labs.
This is the summary of a recent discussion in the podcast: "The Crypto Conversation with Andy Pickering" by Brave New Coin with Evan Cheng - the Co-founder of Mysten Labs. The theme of the podcast is "Sui - Building the stack for the next billion users" We have collected some key points from that discussion for users who are interested in Sui and have a broader view of Evan generally speaking and about Sui Network/Mysten Labs overall.
Question 1: Could you please introduce yourself and share a bit about your personal and professional journey leading up to the founding of Mysten Labs and your involvement in the development of Web3 technologies?
- I have been in the tech industry for 26 years, having worked at Apple for a decade, where my software was running on billions of devices. After that, I moved to Facebook, focusing on programming languages and other projects. In 2015, I became interested in cryptocurrency, particularly Bitcoin, and the concept of a world computer. I saw the potential for a more peer-to-peer internet, which led me to actively engage with projects like Chainlink. Subsequently, I joined Facebook's Libra project, leading the R&D efforts, before eventually leaving in late 2021 to establish Mysten Labs. My belief is that the future of technology is collaborative and decentralized, and I am committed to contributing to this movement.
Question 2: You have a unique perspective on the growth of web3. Despite this, major tech giants like Apple and Google have been hesitant about embracing the crypto industry. When do you anticipate this resistance will change, and how do you envision their potential involvement in solving crypto-related challenges?
- Technological and societal shifts are inevitable. From the days of AOL, CompuServe, and Prodigy to today's open internet, we've witnessed a progression from walled gardens to more peer-to-peer, protocol-driven interactions. The trade-off between control and convenience has shaped the evolution of Web 2.0, but recent issues with centralized platforms highlight the limitations of this model. The change towards a more collaborative and decentralized approach is already underway, driven by the recognition that the existing model is unsustainable. However, predicting the timing and extent of this shift remains uncertain. Nevertheless, by empowering developers to showcase alternative models, we can catalyze this transformation, ultimately benefitting both consumers and creators.
Question 3: Considering the resistance from giants like Apple in embracing the shift to web3, you emphasized the need to build new models that render the old ones obsolete. This underscores the significance of blockchain technology in reshaping existing paradigms. In this context, could you provide insights into the origin story and vision of Mysten Labs?
- Mysten Labs was born out of Facebook's Libra project, co-founded by a team of five individuals, each with exceptional expertise in their respective fields. Our diverse backgrounds and strong-willed personalities enable us to foster a unique and collaborative environment. Notably, our team includes individuals with extensive academic and research backgrounds, contributing to our multifaceted approach. One distinctive aspect of Mysten Labs is our focus on understanding the needs of product builders, ensuring that our offerings align with the requirements of consumer-grade products and enterprise solutions. With this in mind, we aim to provide comprehensive tools and solutions, akin to the AWS model, catering to diverse entities ranging from startups to large corporations such as Redbull Racing, Netmarble, NCSOFT, and others.
Question 4: Regarding your collaboration with Oracle Red Bull Racing, could you elaborate on the specific projects or initiatives that Mysten Labs is undertaking with them, considering the significance of engaging fans within the sports industry?
- Our partnership with Oracle Red Bull Racing primarily revolves around enhancing fan engagement. Recognizing the limited accessibility of race events for many fans, we aim to establish a direct connection between the franchise and its supporters. This blockchain-based platform serves as a powerful tool for fostering fan interaction and facilitating various engagement strategies, including innovative approaches to ticketing, rewards, and loyalty points. The nature of our collaboration is geared towards providing fans with a richer and more immersive experience, aligning with the ethos of both Mysten Labs and Oracle Red Bull Racing.
Question 5: Concerning Sui, the blockchain framework developed by Mysten Labs, could you provide an overview of its key features and how it sets itself apart from other Layer 1 solutions? In particular, what competitive advantages does Sui offer in the context of its distinct approach to scalability, security, and asset representation?
- Sui is not a derivative of existing blockchains but a ground-up creation with a distinct perspective on key blockchain limitations. Our focus on scalability revolves around providing predictability and elastic supply-demand balancing, ensuring that users have a clear understanding of costs and the capacity to handle increasing usage. With security as a paramount concern, we prioritize a language that can be analyzed statically, emphasizing trustworthiness from a product builder's perspective. Additionally, our approach to asset representation extends beyond simply storing content or hashes on-chain, allowing for more comprehensive and flexible asset management.
- Looking beyond the blockchain, we aim to streamline the user experience, eliminating complexities such as gas payments and wallet management through innovative solutions like zkLogin. By reimagining the entire technology stack and developing powerful primitives, we strive to address challenges in a holistic manner, setting Sui apart from other blockchain solutions.
Question 6: Considering the challenges of user interface and user experience in the crypto space, could you provide insights into the timeline or product roadmap for simplifying and abstracting complexities to create a seamless web 3.0 experience? Furthermore, where do you anticipate the next wave of users will emerge from in the future?
- We have already made significant progress in addressing these challenges with the development of key building blocks, such as zkLogin and sponsored transactions. These features have streamlined the user experience, making it more akin to familiar online interactions. As we continue to build upon these foundations, we aim to expand the use cases to demonstrate the ease of sending rewards and assets to users who may have little to no prior experience with crypto.
- By actively collaborating with our partners, we are focusing on creating products that showcase the seamless integration of blockchain technology into everyday consumer experiences. This approach not only emphasizes the merit of the product itself but also introduces the concept of asset ownership to users, enabling them to engage more deeply with the platform. For product builders, this presents new opportunities for customer acquisition and engagement, potentially even disrupting the advertising landscape. As we progress, we will continuously evaluate our trajectory and make necessary adjustments to ensure the continued evolution of the platform.
Question 7: If users want to explore you and your team at Mysten Labs and Sui what should they do? Where should they go?
- Well, the best place to go, I'll say go to sui.io to look at the website, learn about Sui, and look at the blogs, the developer docs and, you know, the various examples. You can follow Mysten Labs on Twitter to stay updated with the community's activities. Additionally, you can download the Sui wallet or other wallets and join the ongoing Quest campaign, which offers a web3 experience. It's so easy to own $SUI tokens and the smooth movement between validators without any constraints. Sui's DeFi ecosystem also witnessed significant growth, rising to the top 10 in terms of transaction volume. You can also explore the wonder of zkLogin, a sufficiently advanced technology from Sui.
Be sure to check out Suipiens' website and social media channels to stay up-to-date on all things about Sui Blockchain!