Mysten Labs founder explains the Sui blockchain

Mysten Labs founder explains the Sui blockchain

The cryptocurrency world is awash with blockchains – many of which serve no clear purpose – and so when a new one comes along, I’m skeptical. However, when I spoke with Adeniyi Abiodun, a member of the Facebook vet team who recently made an eye-catching remark 300 million dollars For a new series, I was intrigued.

Abiodun is one of five veterans of Facebook’s bad crypto project who left to found Mysten Labs, a company building something called the Sui blockchain that aspires to offer Ethereum-style capabilities but with better design and tools for scaling. According to Abiodun, current “ridiculous” blockchains (including Ethereum) are becoming more expensive as more people use them – a reflection of the economies of scale model that underpins Silicon Valley.

He describes these blockchain issues as a “productivity problem” and says Sui Blockchain has solved it with the same “object-based” programming prevalent in other computer systems, including former employers Oracle and Facebook, which are adept at dealing with millions, billions or users. I lack knowledge of computer science to provide a proper assessment, but the idea seems to be that this style of programming can eliminate transaction choke points – and high blockchain fees – by running activities in parallel across many domains. The result, according to Abiodun, is that the upcoming Sui blockchain could address increased demand simply by adding more hardware while the cost remains the same. He says it’s the blockchain equivalent of going from dial-up internet to fibre.

Meanwhile, Abiodun says Sui is focusing on three killer applications: finance, digital commerce, and gaming. In the case of gaming, he says that Mysten Labs is exploring partnerships with South Korean gaming giants to build blockchain-based experiences where fun is the first priority while token economics come later. He says this would amount to a reversal of a prominent cryptocurrency game Axi Infinitywhich he mocks as a “game-like spreadsheet”.

I have no idea if any of this will come true, especially since previous high profile projects like Dfinity and PolkaDot raised huge buckets of money to deliver a faster and better blockchain experience but didn’t yet have much to show. But as Abiodun notes, blockchain technology has changed quite a bit over the past five years, and the market may be ready for something like Sui whose primary focus is excellent user design and whose costs drop the more people use it. we will see. In the meantime, find our quick roundup of the latest cryptocurrency news below.

Jeff John Roberts
jeff.roberts@fortune.com
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decentralized news

If you can’t beat ’em, join in’: After criticizing FTX’s proposal to allow traders to cut out brokers and publish collateral directly to CME’s Bitcoin futures exchange, CME Float its own similar service.

Founder percentage grids Withdraw 10 million dollars to himself in May — just weeks before the company froze client accounts and shortly after it declared bankruptcy.

End of this week F1 racing Featured in Singapore No encoder ads around the pathlikely as a result of regulatory scrutiny, although car and driver fashions still display advertisements.

Solana He suffered another major outage late Friday night, apparently due to a faulty knot.

Ethereum Creator Vitalik Buterin discussed his new book of articles and the idea of ​​decentralized governance With celebrity columnist and podcast host Ezra Klein.

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a Zillow قائمة List About the “crypto house”. Your guess is as good as ours.


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