Binance Labs Strategic Partnership with Mysten Labs
Binance Labs announced a partnership and $300 million Series B funding for Mysten Labs, developer of Sui, a proof-of-stake and permissionless layer-1 blockchain.
Binance Labs and Mysten Labs’ strategic partnership will help to expand Sui’s core infrastructure and accelerate Sui’s adoption of the Sui ecosystem.
Mysten Labs Overview
Mysten Labs, launched in 2021 by former Meta executives and lead architects, focuses on innovations in consensus algorithms and unique data structures that support high-performance layer-1 blockchains.
He Yi, Co-Founder of Binance and Head of Binance Labs, said:. “We expect that one should be able to use blockchain-native products seamlessly in the future. However, there’s still a technical bottleneck.
Binance Labs will focus on investing in infrastructure projects that offer innovative solutions to tackle this challenge. Mysten Labs is developing a proof-of-stake blockchain with horizontally scalable throughput and storage. We look forward to seeing the team create foundational infrastructure to help accelerate the adoption of Web3.”
Introduction to Sui
Sui says that expanding capacity and a development environment for rich, flexible, and composable assets. It can carry out horizontally to satisfy customer demand while still keeping low operating costs per transaction.
Sui’s Move programming language helps identify assets. (i.e. a NFT instance, a coin balance, or a smart contract) as distinct entities. It makes it clear whether an object is owned, shared, mutable, or immutable.
Multiple groups of transactions can be process in parallel. Using Sui’s architecture, which makes it possible to scale throughput without a theoretical upper bound.
Sui employs the cutting-edge Narwhal & Bullshark consensus protocol, which decouples transaction dissemination from sequencing and achieves unrivaled performance. On Sui, storage fees are paid separately from transaction execution. Its gas mechanism enables it to charge low and predictable gas fees. While rewarding validators for improving transaction processing and preventing DDoS attacks.
Sui offers:
- 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
Transactions
All updates to the Sui ledger happen via verify transaction. This section describes the transaction types supported by Sui and explains how their execution changes the ledger.
Management Quote
“The Labs team has established itself as a go-to partner helping innovative companies expand and thrive,” said Evan Cheng, co-founder and CEO of Mysten Labs. “The Binance crypto exchange name is connected with crypto worldwide.” Blue-chip investors that support our mission of expanding the ownership economy and democratizing access to digital assets are greatly appreciated by Mysten, since this fresh money will enable Mysten to continue developing Sui.
Move language developer Sam Blackshear, co-founder and CTO of Mysten Labs, said: “Sui blends the safe asset-centric characteristics of Move with a new object-centric data architecture. The support of Binance Labs is a powerful affirmation of the strength of this coupling and its ability to transform current blockchain infrastructure.
“By design, Sui can efficiently grow the network throughput measures forever to fulfill the demand of Web3 builders and producers,” continued Alex Odagiu, Investment Director at Binance Labs. By adding a new object-centric data architecture, parallelized agreements, and a very effective state tracking approach, the team has advanced significantly. We anticipate continuing to assist Mysten Labs as they create a cutting-edge layer-1 infrastructure for Web3 builders.
About Binance Labs
Since 2018, Binance Labs has invested in more than 200 initiatives across more than 25 nations. The Binance Labs Incubation Program has also supported over 50 native Web3 target projects. They include Polygon, Perpetual Protocol, Dune Analytics, and others. The accelerator and venture capital division of Binance, founded by Binance Ceo Changpeng Zhao.
About Mysten Labs
Mysten Labs is founded by former senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and the Move programming language. Move is an open–source programming language for building smart contracts. The team specializes in distributed systems, programming languages, cryptography, and more. The mission of Mysten Labs is to create foundational infrastructure for Web3.
About Sui
Sui, the first layer 1 network was created from scratch to let designers and programmers construct experiences for the next billion cryptocurrency users. Sue is a proof-of-stake, decentralized blockchain with storage and scaling solutions by Mysten Labs. Sui’s horizontal scalability makes it possible to construct dApps at an unprecedented speed and low cost. The platform offers customers general-purpose blockchain networks and network performance making it the first of its type, rich on-chain assets, rapid settlement times, high throughput, and user-friendly Web3 experiences.
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