Web3 development firm, Mysten Labs has now initiated a completely new layer-1 platform called, Sui that will help to solve several issues faced when utilizing blockchain technology.
Mysten Labs, a firm that was founded by four ex-Facebook workers, based on Web3 development has now brought a fresh platform named, Sui into the market. According to the information shared, Sui is a platform that is developed to bring lots of services and features such as, large throughput, minimal latency and inexpensive transactions, mainly intended bring an evolution into the field of blockchain.
Founders’ Backgrounds
Chief Executive Officer at Mysten Labs, Even Cheng has managed to build his excellent career, working in several technology giants including, Facebook (now META) and Apple. By working together with three other ex-Facebook workers named, Sam Blackshear, George Danezis and Adenuiyi Abiodun, Even Cheng participated in many projects such as, advancing the Novi Financial group from META, bringing the Diem stablecoin and Move Programming Language to Life.
Existing Technological Deficiencies
The Move Language is basically a bytecode language that has been utilized to introduce customizable transactions, smart contracts and become the main programming model basis for the Sui Blockchain platform. Even Cheng stated that the current technological systems are in trouble, because of limited storage methodologies and unreliable programming models that hinder the developer’s ability to implement stronger functionalities and work on bringing the best user experience.
Sui’s Presence in Blockchain
In addition to that, Even Cheng also stated that the Sui platform is one that will confidently solve those various problems that are plaguing blockchain systems by providing excellent “scalability”, strong “security” and a trivial “user experience”, all while maintaining the minimal cost possible. In comparison to financial giants such as, VISA AND Swift, Sui will bring new ways for scalability that will help to sustain lower transaction fee, while also supporting a massive number of concurrent transactions to be processed.
Co-Founder, Adeniyi Abiodun shared that the Sui platform is designed in a such a way that promotes the elimination of “critical bottlenecks” in current blockchain systems and works because of “global consensus” for transaction processing. Adeniyi also said that the overall unique “architecture” of the Sui platform will make it “the first” and unique platform that will be “permissionless”, as it will bring “horizontal scalability”.
James Thompson