PALO ALTO, CA, March 22, 2022 (GLOBE NEWSWIRE) -- Mysten Labs, a web3 infrastructure company, today unveiled its inaugural product, Sui. Sui is the first decentralized blockchain platform for the vibrant asset economy with high throughput, low latency and an asset-oriented programming model powered by Move. It is a high performance, horizontally scalable blockchain with no theoretical limits utilizing extremely low computation resources per transaction. It is designed from the ground-up to facilitate instant settlement, delivering the high throughput, low latency, and low cost needed to power applications for billions of users.
Despite the growing interest in Web 3.0, more than 75% of the 27 million software developers have never worked in blockchain due, in part, to the immaturity of the technology. Of these 27 million developers, roughly 200,000 are Solidity developers – equating to less than 1%. Ethereum, for example, remains the most-used blockchain, despite its glaring scalability limitations and poor user experience. Sui eliminates the most common blockchain pain points with horizontal scalability to maintain low gas fees and high transaction processing capacities beyond legacy payment rails such as VISA and SWIFT.
“Current blockchain infrastructure is limited and is simply not meeting the needs of developers or consumers,” stated Evan Cheng, Co-founder & CEO of Mysten Labs. “Existing technology suffers from restrictive storage methods and inherently unsafe programmability models, which force developers to compromise on functionality and user experience. Sui solves the most notorious problems in blockchain by delivering unrivaled scalability, premium security, and simplified user experience at the lowest cost.”
Since January 2021, Ethereum’s total value locked (TVL) dominance for DeFi applications fell from 97% to a record low of 55% – representing roughly $109 billion USD in value. The steep decline indicates that cryptocurrency users are increasingly exploring alternatives to the incumbent chain. Similarly, the NFT market has experienced a sharp decline due to a combination of lacking dynamic characteristics or having meaningful utility.
Sui’s low cost allows developers to move more business logic & metadata on-chain for increased composability and transparency to facilitate applications. Additionally, Sui stores a collection of programmable objects on-chain, which allows developers to define more complex assets with richer attributes. With Sui, developers can build evolving, dynamic NFTs that can be unlocked, upgraded and bundled depending on the game.
Example use cases of Sui include:
- On-chain DeFi and TradFi primitives: enabling real-time, low latency on-chain trading
- Reward and loyalty programs: deploying mass airdrops that reach millions of people through low-cost transactions
- Complex games and business logic: implementing on-chain logic transparently, extending the functionality of assets, and delivering value beyond pure scarcity
- Asset tokenization services: making ownership of everything from property deeds to collectibles to medical and educational records perform seamlessly at scale
- Decentralized social media networks: empowering creator-owned media, posts, likes, and networks with privacy and interoperability in mind
“We have only scratched the surface of what is possible in Web 3.0,” continued Cheng. “Lacking infrastructure has hamstrung development across the space – from DeFi to gaming and NFTs. With Sui, we will empower builders and collectors to unlock a world that was not previously accessible.”
Additional Partner Comments
“Sui provides exciting new options for Panzerdogs and blockchain gaming in general,” commented Lucky Kat Studios, creators of the Panzerdogs game. “Development on Sui is fast and on point. The ownership programming model is very suited for decentralized gaming and offers security while also avoiding the need of bottlenecks like Proof-of-Work. Not only is its transaction speed impressive, but its ability to mirror NFTs and its dynamic handling of on-chain assets can bring new value to users and the assets that they own. Imagine importing all your NFTs into a game, upgrading them into new, usable assets and enhancing the gaming experience and the in-game economy. Not only do the NFTs become a part of the gaming experience, but the game also becomes a part of the NFT. Looking forward to seeing how Sui will impact web3 gaming!”
“Sui is truly next-gen blockchain protocol technology,” added the team at SoWork, which is building the workplace Metaverse. “We’ve come a long way with Ethereum, but it really feels like Sui is what gets us as startups, consumers, and creatives to the next level of decentralization, because it goes beyond simple NFT minting. For SoWork specifically, we use Sui to deliver fast, efficient, cost-effective minting of composable, mutable NFTs to our customers, which just isn’t possible with older blockchain technology. One of our favorite use-cases is SoWork’s ‘Teammate Awards’ feature, which lets our workplace customers reward their employees in a fun, engaging manner via mutable NFTs.”
To learn more about Sui, explore the capabilities and use cases of Sui, and see updates on its upcoming public launch, please visit: sui.io.
To learn more about the team behind Sui, follow Mysten Labs on Twitter and join the conversation on Discord.
ABOUT SUI
Sui is the first Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater for the next billion users in crypto. 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 platform brings users a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences. Sui is a step-function advancement in blockchain, designed from bottom up to meet the needs of the next billion users in crypto.
Learn more: sui.io
ABOUT MYSTEN LABS
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders led Meta’s Novi Research and helped develop the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for Web3. We partner with key ecosystem builders to make step-change improvements to their networks.
Learn more: https://mystenlabs.com
Please direct media enquiries to: community@mystenlabs.com
