Adeniyi Abiodun, the co-founder and Chief Product Officer (CPO) of Mysten Labs, the company behind the Sui blockchain, recently gave an enlightening interview at Consensus 2024. During the interview, Abiodun discussed the process of building a highly scalable blockchain and emphasized the significance of consensus algorithms, multi-machine architecture, and cryptography in achieving speed, scalability, efficiency, and security.
Abiodun also touched upon the relevance of not differentiating between Web2 and Web3 games, highlighted the use cases of DePIN, and outlined the two major developments that the Sui team is currently working on.
Sui was created by a team that previously worked at Facebook on its Libra blockchain. The company comprises a highly skilled tech team, making deep tech the DNA of the company. Initially, the team’s plan was to take what they had developed for Facebook and launch it as Sui. However, they encountered various issues. Firstly, they wanted to build technology that could be applied to everyday life for a billion users, which Libra couldn’t achieve. Secondly, Libra was going to be permissioned, meaning that only VASPs and centralized exchanges would engage with the blockchain. Lastly, there were regulatory hurdles and shortcuts to overcome in order to bring Libra to the market on time. Due to these challenges, the Sui team decided to start from scratch.
According to Abiodun, Sui is more than just a blockchain. It serves as a global coordination layer for digital assets all across the world, and it is only 1% complete.
Building a new chain allowed the team to create the fastest blockchain in the world. They implemented a scaling strategy from the beginning, ensuring that the blockchain will only get faster over time. One of the key innovations they introduced was a multi-machine consensus algorithm, which enables Sui to process transactions in parallel. The addition of more machines allows for an increase in the number of transactions per second, with no maximum throughput. The team also redesigned storage for blockchains and chose an object model for programming, allowing users to write code directly into Sui using familiar models.
Abiodun emphasized that there is no distinction between Web2 and Web3 gaming. Mysten Labs recently introduced SuiPlay 0X1, a handheld gaming device that aims to revolutionize gaming as a whole. The device allows players to buy, trade, and earn rewards from both Web2 and Web3 games. It also eliminates the need for a separate wallet, as all the necessary features are built into the device. The response from gaming studios has been overwhelming, with over 70 games signing up for SuiPlay 0X1.
Abiodun expressed great interest in DePIN, a technology that enables global participation. The team has already demonstrated the ability to send money on Sui without an internet connection, thanks to a new type of technology and compression algorithm they developed. They are now working on launching a global ability for people to send money in this manner. Additionally, there is a project called Karrier One on Sui, which offers a DePIN-based SIM card for secure 2FA authentication.
Mysten Labs is currently working on two major developments. First, they are releasing a consensus 2.0, which will significantly reduce latency by 80%. This means that transactions will finalize faster than websites load, regardless of the type of transaction. Second, they will be introducing support for passkeys, allowing users to use any account or private key to sign into Sui. Native 2FA authentication will also be implemented to enhance security within the ecosystem.
In conclusion, Abiodun expressed his excitement about the future of Sui and emphasized the importance of native 2FA authentication in providing more security to the ecosystem.
