Mysten Labs

Launched in 2021 by the former managers of Meta Novi Research and the leading architects of the Diem blockchain and the Move programming language, Mysten lays the foundations for a decentralized future. The company’s inaugural product, Sui, is a decentralized Proof of Stake blockchain designed to enable creators and developers, from gaming to social media, to create experiences that appeal to the next billion users on the web3.

Sui

Sui is the first Layer 1 blockchain designed from the ground up to enable creators and developers to create experiences in crypto that appeal to the next billion users. Developed by Mysten Labs, Sui is horizontally scalable to support a wide range of DApp development with unrivaled speed at low cost. The first of its kind, the platform brings users a general-purpose blockchain with high throughput, instant resolution speeds, rich on-chain assets, and user-friendly Web3 experiences. 

Sui builds on significant innovations in consensus algorithms and leverages new data structures resulting in high-performance Layer-1 with expandable capacity while providing a development environment for rich, dynamic, composable assets that will launch the next generation of decentralized applications. These innovations enable Sui to scale throughput and storage horizontally to meet application demand while maintaining extremely low operating costs per transaction.

mysten labs
Image Credit: mystenlabs.com

The current Web3 infrastructure is in the era of dial–up networking – it is slow, expensive, capacity-constrained, insecure, and simply difficult to build. With Sui, it is aimed to create a blockchain that scales according to demand and promotes growth, eliminating intermediaries and allowing users across applications to seamlessly integrate and interact with their favorite products. 

Sui combines the secure asset-centric features of Move with a new object-centric data model. This pairing enables new approaches to several blockchain scaling challenges and unlocks a more direct, accessible programming style for the next generation of smart contract developers.

Move

Move is an open source language for writing secure smart contracts. It was originally developed to power the Diem blockchain on Facebook. However, Move is designed as a platform-independent language to enable shared libraries, tools, and developer communities across blockchains with very different data and execution models. Sui uses 0L and Starcoin Move, and there are also plans to integrate the language into several future and existing platforms (Celo, for example).

The Move language documentation is available on the Move GitHub repository and includes a tutorial and a book explaining the language features in detail. These are invaluable resources for deepening your understanding of the Move language, but they are not strict prerequisites for following the Sui education, which is being tried to make independent. In addition, Sui differs in some ways from Move, which we are reviewing here.

In Sui, Move is used to define, create, and manage programmable Sui objects that represent user-level entities. By effectively using a subset of Move,  Sui imposes additional restrictions on code that can be written in Move; which makes certain parts of the original Move documentation not applicable to smart contract development in Sui. 

Mission

Web3 will allow individuals and content creators to have unprecedented ownership over their own data and content. But the means to get there do not yet exist. Mysten is where the brightest minds solve fundamental problems to create tools for the future. Mysten aims to make Web3 secure, reliable and ready for mass use.

Funding

Mysten Labs (Company),is a Web3 infrastructure company and developer of the Sui Layer-1 blockchain, today announced the closing of a $300 million Series B funding round. This new capital values the Company at more than $2 billion. The company plans to use the proceeds from the round to continue building the basic infrastructure to power the next wave of applications of Web3 and accelerate the adoption of the Sui ecosystem. To move towards this mission, Mysten will continue to recruit the best minds in the world, with a significant emphasis on the Asia-Pacific region.

mysten backers
Image Credit: mystenlabs.com

The Series B round was led by FTX Ventures and included the participation of new and existing investors, including a16z Crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures. Greenoaks Capital and O’Leary Ventures are among the other mutual funds and strategic partners. 

References

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