F1 Oracle Red Bull Racing signed the deal with Web-3 focused software company Mysten Labs to build on Layer 1 blockchain and smart contract platform Sui.
F1 Oracle Red Bull Racing Teams Up with Sui Blockchain in New Sponsorship Deal
As per the announcement, the Red Bull Formula One Racing team has formed a multiyear partnership with the Sui network, which is supported by Mysten Labs.
The team, known as Oracle Red Bull Racing, has joined forces with Mysten Labs, a software company specializing in Web-3 technologies. This collaboration has led to Sui becoming the official blockchain partner of the racing team.
The Oracle Red Bull Racing team has stated that they conducted a thorough market analysis to find a suitable blockchain partner that can enhance the engagement of race fans through unique means.
They have chosen Sui as their partner, citing its ability to offer an increasing variety of digital experiences on a global scale, enabling fans to connect with Oracle Red Bull Racing through innovative and novel methods.
Greg Siourounis, the Managing Director of the Sui Foundation, emphasized that this partnership showcases how web3 technology facilitates meaningful human connections.
In a similar vein, Evan Cheng, one of the Co-Founders and the Chief Executive Officer of Mysten Labs, expressed that this agreement would provide an opportunity for the teams to demonstrate the “genuine potential” of blockchain. He further stated that the immense capability of blockchain technology to fundamentally transform the methods by which humans transact, interact, and communicate cannot be overstated.
About Sui
Sui is a smart contract platform that relies on a permissionless group of validators who fulfill a role similar to validators or miners in other blockchain systems.
Sui provides scalability and exceptionally low latency for basic use cases. By enabling parallel processing of most transactions, Sui optimizes the utilization of processing resources and offers the ability to enhance throughput by adding more resources.
Rather than relying on consensus mechanisms, Sui adopts simpler and faster primitives for straightforward applications like payment transactions and asset transfers. This unique approach within the blockchain realm enables the development of various latency-sensitive distributed applications, including gaming and real-time retail payments at physical points of sale.
About Oracle Red Bull Racing
Red Bull Racing, known as Oracle Red Bull Racing or simply Red Bull or RBR, is a Formula One team competing with an Austrian license and headquartered in the United Kingdom. It is one of two Formula One teams owned by the conglomerate Red Bull GmbH, with the other being Scuderia AlphaTauri. Christian Horner has been the team manager since its establishment in 2005.
Initially, Red Bull used Cosworth engines in 2005 and Ferrari engines in 2006. From 2007 to 2018, the team utilized engines supplied by Renault. However, due to the breakdown in the relationship between Red Bull and Renault in 2015, the Renault engine was rebranded as “TAG Heuer” from 2016 to 2018. During this period, Red Bull Racing achieved remarkable success, winning four consecutive Drivers’ and Constructors’ Championship titles from 2010 to 2013. This made them the first Austrian team to achieve such a feat.
In 2019, Red Bull Racing began a partnership with Honda, using their engines. This collaboration reached its pinnacle in 2021 when Red Bull driver Max Verstappen won the World Drivers’ Championship. Verstappen continued his success in 2022, securing another championship title. Although Honda officially departed from the sport after 2021, they are set to supply complete engines from Japan to the team, partly under the Red Bull Powertrains brand, until the end of 2025.
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