Former members of Meta’s blockchain team have now announced a protocol touted as the bedrock for Web3 scalability.
Ex-engineers from Facebooks’ Diem project revealed a blockchain network designed to offer unlimited transaction speed and Web3 scalability on Wednesday.
Following bureaucratic red-tapism and mounting constraints on Meta’s Diem proejct, four former members from the protocol’s team formed Mysten Labs. The outfit aimed to develop a permissionless layer 1 solution optimized for Web3 tools and operations.
Some months after leaving Facebook, Mysten Labs announced its flagship decentralized network dubbed Sui. The startup also raised $36 million from investors like Andreessen Horowitz and Redpoint back in December 2021.
According to Mysten’s founding members Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis, the network is the world’s first blockchain that features limitless transaction speed and boasts industry-leading horizontal scalability support.
Sui supposedly achieves this by deploying parallel agreement technology which allows the network to validate and execute transactions simultaneously. Also, the breakthrough enables Sui’s protocol to match application demand and mitigate high transaction costs.
Mysten’s announcement further stressed that Sui offers a “step-function advancement” in blockchain throughput designed for the next generation of Web3 infrastructure and users.
The team’s announcement includes the launch of a software development suite for crypto engineers to play with.
Sui’s mainnet is expected to ship before the end of 2022. An initial testnet should go live in the next few months as well, per the report.