Adeniyi Abiodun, the co-founder and Chief Product Officer (CPO) of Mysten Labs, the company behind the Sui blockchain, recently gave an insightful interview at Consensus 2024. He discussed the development of a highly scalable blockchain and emphasized the significance of consensus algorithms, multi-machine architecture, and cryptography in achieving speed, scalability, and security.
Abiodun also touched on the team’s work on two major developments. One of them involved the creation of Sui, which was developed by a team that had previously worked on Facebook’s Libra blockchain. However, they faced issues with Libra’s inability to cater to everyday users and its permissioned nature. As a result, the Sui team decided to start from scratch and build a global coordination layer for digital assets.
Building a new chain allowed the team to create the fastest blockchain in the world. They implemented a scaling strategy from the beginning, which enables the chain to continuously increase in speed. By developing a multi-machine consensus algorithm, Sui can process transactions in parallel, with no maximum throughput. This approach, coupled with redesigned storage and an object model for programming, allows developers to seamlessly transition their code to Sui.
Abiodun also discussed SuiPlay 0X1, a handheld gaming device developed by Mysten Labs. He emphasized that there is no need to differentiate between Web2 and Web3 gaming, as both can coexist on the same device. SuiPlay 0X1 enables players to buy, trade, and earn rewards from both types of games, while also incorporating the concept of ownership without requiring a separate wallet.
Another area of interest for Abiodun is DePIN, which enables global participation in financial transactions. The team has already demonstrated the ability to send money on SUI without an internet connection, using a new technology and compression algorithm. They are now working on launching a global ability for people to send money in this manner. Additionally, Karrier One, a project on Sui, will introduce a DePIN-based SIM card for secure two-factor authentication.
Mysten Labs is currently working on two major developments. First, they are releasing a consensus 2.0 that will significantly reduce latency. This will ensure that transactions finalize faster than websites load, regardless of the type of transaction. Second, the team is launching support for passkeys, allowing users to use their preferred account or private keys to access Sui while also providing native on-chain two-factor authentication. The wallet will be upgraded to enhance consumer protection and security throughout the ecosystem.
Overall, Abiodun’s interview shed light on the innovative features and developments that Mysten Labs is bringing to the blockchain industry, from building a highly scalable blockchain to revolutionizing gaming and enabling secure financial transactions.