Mysten Labs unveils its Layer 1 blockchain called – SUI
Mysten Labs, a Web3 infrastructure startup founded by four former Meta engineers, has revealed its inaugural product: a Layer 1 blockchain called Sui.
Sui is a permissionless proof-of-stake blockchain network being developed by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis — who all worked at Novi (the crypto unit of Meta) before founding Mysten Labs. At Novi, they helped develop the Diem blockchain and the Move programming language.
Sui is now an advanced version of Diem, being designed from the ground up by the quartet. Mysten says Sui will have theoretically no limit on throughput or transactions per second. It will also support smart contracts development via the Move programming language, meaning developers can build decentralized applications on Sui.
“Development on Sui is fast and on point,” said Lucky Kat Studios, creators of the Panzerdogs game, in a statement. “Not only is its transaction speed impressive, but its ability to mirror NFTs and its dynamic handling of on-chain assets can bring new value to users and the assets that they own.”
Highlights
- Unmatched scalability, instant settlement
- A safe smart contract language accessible to mainstream developers
- Ability to define rich and composable on-chain assets
- Better user experience for web3 apps
Sui is the only blockchain today that can scale with the growth of web3 while achieving industry-leading performance, cost, programmability, and usability. As they push towards mainnet launch during the next few months, they will demonstrate capacity beyond the transaction processing capabilities of established systems — traditional and blockchain alike. They see Sui as the first internet-scale programmable blockchain platform, a foundational layer for web3.
About Mysten Labs
Mysten Labs is building the foundations for the decentralized future. Mysten is where the brightest minds solve foundational problems to create tools for the future. They will make web3 secure, reliable, and ready for mass adoption.
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