Why GCR Invested in Mysten Labs (Sui)
As the Crypto and Web3 industry continues to gain momentum, there is a growing need for platforms that can make it easy for people to access and participate in this exciting new world. This is where Sui Network comes in.
Sui Network is a Layer 1 blockchain that aims to bring the next billion users into the Crypto and Web3 space. It offers a number of exciting opportunities for the industry, and in this article, we will explore some of the key ways in which Sui Network is set to revolutionize the Crypto and Web3 space and why GCR DAO participated in its latest funding round.
What is Sui?
Sui Network is a Layer 1 blockchain. It uses a new programming language called Sui Move which is based on Move, a programming language created by Meta for the Diem Association project. Sui’s Move improves upon the original Move language by providing higher throughput and finality, and making it easier for developers to learn. Sui’s Move also differs from Meta’s Move by using object-centric storage which eliminates the need for global storage, making it more efficient and cost-effective.
How does it plan to scale?
Sui’s underlying infrastructure allows it to build a scalable Layer 1 so you can have a myriad of applications that can interact with one another in the long term. This creates a world where developers can interact or compose worlds together, where financial modules, social merging with gaming, and all forms of other things as well can be integrated together.
Sui is focused on making it easy for people to access and participate in the Crypto and Web3 space, regardless of their level of technical expertise. More specifically, its object-centric data model is what enables it to attract adoption on the developer front. This model allows for parallel execution, meaning that more CPUs and machines can be added to improve performance. Additionally, the use of Move provides added flexibility compared to other smart contract languages such as Solidity. In Move, everything is an object and the contract is decoupled from the state, giving developers more freedom and making it easier for Web2 developers familiar with traditional programming languages to quickly get up to speed with Move.
Sui Network’s ability to unlock opportunities in the Crypto and Web3 industry is also reflected in its focus on creating a decentralized, open-source ecosystem. This means that anyone can build on top of Sui Network, and that there are no barriers to entry for developers or entrepreneurs looking to create new and exciting applications on the platform. Sui Network uses a unique consensus mechanism called “PoS-ROA” (Proof of Stake with Return on Assets) that allows for fast and secure transactions, and enables a high degree of scalability for building decentralized apps.
Gaming on Sui Network
One area where we see Sui Network having the potential to make a big impact is in the gaming industry. Sui Network’s infrastructure is designed to be fast, secure, and scalable, which makes it an ideal platform for building and running decentralized games.
In the gaming industry, Sui Network allows assets to be modeled as objects with definable attributes or the ability to be combined into new objects. For example, in a game, a sword can be created that can gather experience points to increase levels, with the points and levels recorded as attributes on the blockchain. Additionally, players can combine different items such as a sword and a jewel to create a new sword. This not only applies to gaming but also to the distribution, payments, and marketing fields, as it eliminates the need for intermediary platforms that take a cut of the revenue.
The Head of the Ecosystem of Sui Network, Koh Kim, has highlighted that Sui Network is “the perfect infrastructure for gaming.” One example of a game that is already being built on Sui Network is “ChainGuardians“. This is a blockchain-based RPG (Role-Playing Game) that allows players to collect and trade unique in-game items. The team behind Sui Network expects that the gaming industry will be one of the key drivers of adoption for Sui Network in the coming years, as more and more game developers are looking for ways to leverage blockchain technology to create new and exciting gaming experiences.
Take a quick look at NFT Landscape on Sui to see how the NFT on Sui is currently evolving.
GCR x Sui
GCR DAO is excited to have invested in Mysten Labs, the parent company of Sui in 2022 in their latest raise, alongside a16z crypto, Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and others. We invested in Sui Network because of the exceptional team behind the project. The founders, including CEO Evan Cheng, CTO Sam Blackshear, COO Adeniyi Abiodun and Chief Scientist George Danezis, have a wealth of experience in blockchain research and development, having previously worked together at Novi Research (Meta’s advanced Crypto R&D unit).
The team’s experience at Novi Research provided them with a deep understanding of blockchain networks and the ability to challenge performance and efficiency. However, their passion for the potential of blockchain technology led them to leave the comfort of their positions at Novi Research and form Mysten Labs, where they have spent the past three years working on high-level projects such as the Diem blockchain, cryptographic proofs of solvency, and the development of the Move programming language. Their relevant experience and ambitious goals make them a perfect fit for Sui Network.
We anticipate many new DApps and innovations coming for the Mysten Labs team and we are excited to be joining them on this journey. We’re already seeing a burgeoning Sui community and projects building in all areas:
Source: Coin98 Analytics
Learn more about Sui:
This article has been written and prepared by the GCR Research Team, a group of dedicated professionals with extensive knowledge and expertise in their field. Committed to staying current with industry developments and providing accurate and valuable information, GlobalCoinResearch.com is a trusted source for insightful news, research and analysis.
Disclaimer: Investing carries with it inherent risks, including but not limited to technical, operational and human errors, as well as platform failures. The content provided is purely for educational purposes and should not be considered as financial advice. The authors of this content are not professional or licensed financial advisors and the views expressed are their own and do not represent the opinions of any organization they may be affiliated with.