If you are looking for in-depth information about Sui Blockchain, its founder Mysten Labs, or just want to know more about blockchain technology altogether, you have come to the right place.
As an up-and-coming blockchain technology company, Mysten Labs is making waves in the industry with its innovative and unique solutions. In this blog post, we'll take a closer look at the company and its founder, Sui Blockchain. We'll discuss Mysten Labs' vision and how Sui Blockchain is leading the charge in bringing new ideas to the blockchain space. Stay tuned for more information about this exciting company!
What Is Mysten Labs?
Mysten Labs was founded by key executives from Meta's Novi Research and lead architects of the Diem blockchain and Move programming language. Mysten Labs' objective is to provide the basic architecture for Web3. So why has Web3 been chosen as the target by Mysten Lab?
In fact, Web3 will provide people and artists unparalleled control over their own data and content, but the necessary tools are now lacking. To create tools for the future of Web3, Mysten gathers the brightest minds to make it secure, dependable and prepared for widespread adoption.
The Team Behind Mysten Labs And Their Experience In Blockchain Technology
SUI blockchain is developed by the team specializing in research and development of foundational infrastructure for web3 – Mysten Labs. The team leader is Evan Cheng and three members who used to work at Facebook are Sam Blackshear, Adeniyi Abiodun, and George Danezis. In general, individuals in the SUI development team have supported the implementation of the Diem blockchain project and the Move programming language. The following three co-founders, who each occupy a C-level position, are listed:
Evan Cheng (CEO)
- 2012 ACM Software System Award
- 10 years of experience as a Senior Manager at Apple
- 3 years of experience as Director of Engineering role at Meta (previously Facebook)
- 3 years of experience as Director of R&D for Novi Financial (Novi is a division of the DIEM project).
Sam Blackshear (CTO)
- 3 years at Meta in Novi Labs
- Being the brainchild behind the Move programming language
Adeniyi Abiodun (CPO)
- 3 years at Meta in Novi Labs
- Work as a Product Manager for Sui Blockchain
- Nearly 3 years of experience as Product Lead for crypto infrastructure products at Facebook (Meta)
It would be impossible to discuss Sui Blockchain's achievements without mentioning its backers including FTX Ventures, Binance Labs, Coinbase Ventures, Lightspeed Venture Partners, Jump Crypto,... Keep reading to learn more about the Sui Blockchain supporters in our upcoming article.
What Inspires Mysten Lab To Develop Sui Blockchain?
As Web3 continues to evolve, more and more investors are becoming interested in this prospective market. Over 75% of the 27 million software developers among them have never worked with blockchain technology before.
Only 1% (equated to 200,000 developers) of these 27 million developers, work with Solidity. Despite its evident scaling issues and subpar user experience, Ethereum is still regarded as the most popular blockchain.
The Sui project was established in order to eliminate the most typical blockchain hurdles with these restrictions in mind. Beyond the current payment rails like VISA and SWIFT, it creates a new Blockchain with horizontal scalability to retain low gas fees and great transaction processing capacity.
Mysten Labs' Co-founder and CEO, Evan Cheng, said:
The blockchain infrastructure that is now in place needs to be improved and adequately serve customers or developers. Technology today must make trade-offs between functionality and user experience due to constrained storage techniques and fundamentally unsafe programming approaches. Sui provides exceptional scalability, improved security, and a straightforward user experience at the lowest possible cost, resolving the most infamous issues in the blockchain.
Because Sui is so inexpensive, developers can bring more business logic and metadata onto the blockchain, boosting aggregation and facilitating applications.
Sui also keeps a set of programmable objects on the blockchain, giving programmers the ability to build more intricate assets with greater attributes. Developers can create dynamic, evolving NFTs with Sui that can be upgraded, unlocked, and packaged in accordance with the game.
Overview Of Mysten Labs’ Projects
Mysten will carry out concurrent initiatives on a chain of projects that spans all phases of operation. These initiatives are sure to function dependably in a cutthroat setting.
Mysten Labs is currently developing several of its projects. A high-performance mempool called Narwhal is the first of these projects. To address some of blockchain's limited scalability issues, Narwhal was created. One of Narwhal's most crucial advantages is its capacity to integrate with any BFT consensus protocol.
The Move project is the second undertaking by Mysten Labs. By incorporating the programming language into blockchain networks, this initiative improves the use of the language. A cross-platform and safe language is needed for the Web 3.0 platform. Developers cannot easily and smoothly share contracts, tools, or expertise across heterogeneous ledgers until this condition is satisfied.
There are currently two ways for Mysten projects to launch: through alliances with already-existing networks, integrated with Mysten technology, or through a platform with Mysten-designed components.
Metaverse Platform Infrastructure
The next-generation NFT platform for the Metaverse is also still being developed by the Mysten Labs creative team. The majority of NFT-related advancements are concentrated on the Metaverse user experience, which includes AR, VR, and other virtual reality technologies. The project team is also addressing and resolving a different issue with the NFT platform related to ownership and programmability in the Metaverse.
In addition to the completed projects, it is anticipated that Mysten Labs will continue to provide new platforms in 2022 in order to support, enhance, and advance the project targeted at the NFT platform. This new platform's architecture will be created as an open network using a brand-new blockchain design. The asset enabling hundreds of thousands of transactions per second with almost real-time precision will be the main focus of this design. Additionally, the ability to program movement and storage will be horizontally increased.
If you are interested in the Sui tokenomics, see more: Sui Foundation Announces Tokenomics.
With a focus on developing infrastructure to hasten the adoption of Web 3.0 and address blockchain's unresolved issues, Mysten Labs is anticipated to produce a wide range of potential solutions to expand the Blockchain market as a whole. When Mysten Lab can develop a platform that grants users with digital assets true autonomy, it also hopes to receive a lot of support.
Be sure to check out Suipiens' website and social media channels to stay up-to-date on all things Mysten Labs and Sui Blockchain!