Mysten Labs starts blockchain platform SUI

Mysten Labs starts blockchain platform SUI

The infrastructure company Web3 recently founded by four former Facebook employees started a decentralized blockchain platform.

The Layer 1 platform with the name SUI was developed to facilitate immediate processing and to deliver the high throughput, low latency and low costs that are necessary to operate applications for billions of users, according to a company announcement on Tuesday.

The CEO of Mysten Labs, Even Cheng, has spent the past 16 years with technology companies such as Apple and Facebook, which is now known as META. He and three other former Facebook employees-Sam Blackshear, Adeniyi Abiodun and George Danezis-worked in Meta's Novi Financial team to help the development of the StableCoin diem Moving Programming language.

MOVE, a bytecode language that is used to implement custom transactions and intelligent contracts, drives the SUI programming model.

"Existing technology suffers from restrictive storage methods and naturally unsafe programmable models that force developers to compromise on functionality and user experience," said Cheng in a statement. "Sui solves the most notorious problems in the blockchain by offering unsurpassed scalability, first -class security and simplified user experience at the lowest costs."

How does sui differ?

According to Data from Defi Llama, Ethereum's dominance for applications for decentralized finances (Defi) from 97 % in January 2021 fell to a record low of 55 % at the beginning of this month. The TVL from Ethereum is currently about $ 120 billion .

SUI was developed to solve the most common blockchain pain points and uses the horizontal scalability to maintain low gas fees and high transaction processing capacities beyond older payment rails such as Visa and Swift.

One of the main differential features of Layer-1 to other blockchains is the use of what it is "casual order" suis website . In contrast to other blockchains, SUI does not use consensus in most transactions, which parallelized the execution and reduced the latency.

While SUI is designed to function well in direct transmitter transactions, this is at the cost of additional complexity in less frequent applications, adds the information document.

"The breakthrough in the system design of SUI eliminates a critical bottleneck in existing blockchains: the need to achieve a global consensus about a fully ordered list of transactions," said Adeniyi Abiodun, Chief Product Officer of Mysten Labs, Blockworks in an email. "This calculation is wasteful because most transactions do not compete with other transactions about the same resource."

The architecture, according to the team, will make it a "with a horizontal scalability [with] no upper limit for the entire network."

application cases

SUI applications are facilitating Airdrops for millions of people in a single, inexpensive transaction; Copy decentralized social media networks; and development of blockchain gaming interactions such as equipment production, character leveling and combat notes stored in the chain.

A spokesman for Happy Kat-Studios The creators of a game called Panzerdogs said that nfts (not fungle token) can be mirrored and handle on. New options for blockchain games open.

"Imagine you import all of your NFTs into a game, upgrade into new, usable assets and improve the gaming experience and the economy in the game," said Lucky Kat representative in a statement. "The NFTS will not only be part of the gaming experience, but also the game becomes part of the NFT."

Sowork offers the virtual work areas in metaversum, uses SUI to develop merged, variable NFTs for its customers.

"We have put a long way with Ethereum, but it really feels like Sui is what brings us to the next level of decentralization as startups, consumers and creative people because it goes beyond simple NFT mining," said a Sowork spokesman.

mysten Labs previously said that Sui will go to the Mainet later this year after his test and beta network phase. The company expects on-chain developer activities until April or May.

. .

The article Mysten Labs starts Blockchain platform SUI is not a financial advice.