Exclusive: From Facebook’s LIbra to Sui, Co-Founder Adeniyi Abiodun on Incoming Features

Forex
May 31, 2024
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In an insightful interview at Consensus 2024, Adeniyi Abiodun, co-founder and Chief Product Officer (CPO) at Mysten Labs, the company behind the Sui blockchain, talked about building a highly scalable blockchain.

He discussed the importance of consensus algorithms, multi-machine architecture, and cryptography in achieving speed, scalability, and efficiency while maintaining security.

Moreover, Abiodun discussed the relevance of not differentiating between Web2 and Web3 games, touched on DePIN and its use cases, and outlined the two major developments the team is working on now.

From Facebook’s Libra to Sui

Sui was created by the team that had formerly worked at Facebook on its Libra blockchain.

The company comprises a strong tech team. “So the DNA of our company is real deep tech,” Abiodun said.

The initial idea was to take what they had built for Facebook and launch that. But there were issues.

One, this team wanted to build technology applicable to everyday life for a billion users. Libra could not do that.

Also, Libra was going to be permissioned, whereby VASPs and centralized exchanges would be the ones engaging with the blockchain.

Additionally, everything was moving fast with that chain – already having Libra 2.0 in the works – while facing numerous regulatory hurdles and shortcuts to get to market on time.

So the Sui team started from scratch.

Therefore, Sui is more than a blockchain, Abiodun said. It is a global coordination layer for digital assets all across the world. “And we’ve just 1% complete.”

Taking a Risk: Creating a Multi-Machine Consensus Algorithm

Building a new chain from scratch allowed the team to build the fastest blockchain in the world, Abiodun said.

They began with a scaling strategy from the get-go, which will allow it to only get faster.

One of the things they’ve done is, instead of having a larger CPU to speed up the chain (keeping in mind that CPU sizes eventually max out), the team created a multi-machine consensus algorithm.

Therefore, Sui can process all transactions in parallel. The more machines they add, the more transactions they can do per second. There is no maximum throughput.

They redesigned storage for blockchains and chose an object model for programming. “And as a result of that, we’ve allowed you to effectively take the model you’re used to writing code in” directly into Sui.

Curious about blockchain infrastructure? Our latest blog breaks it down for you.

Dive into the fundamentals and uncover the cutting-edge infrastructure innovations pioneered by Sui.https://t.co/VLP5y73jHv

— Sui (@SuiNetwork) May 22, 2024

No ‘Web2’ or ‘Web3’ Game, There’s Just ‘Game’

Mysten Labs recently revealed its SuiPlay 0X1, a desktop-quality, handheld gaming device that will “revolutionize” the world of gaming.

“And you notice I didn’t say web three gaming. I said gaming as a whole,” Abiodun noted.

There is no reason to choose between Web2 and Web3 gaming, he added. Both can exist at the same time via a powerful device.

SuiPlay 0X1 also allows players to buy and trade assets, as well as to earn rewards by playing either Web2 or Web3 games, and it enables the concept of ownership without a wallet. It’s all inbuilt, Abiodun said.

Introducing SuiPlay 0x1: The Open Gaming Handheld@Mysten_Labs , in collaboration with @PLAYTR0N, is set to revolutionize gaming with the launch of SuiPlay 0x1, an open gaming handheld offering access to multiple game stores, from Sui Web3 games to the Epic Games Store. pic.twitter.com/BgMgKuaY3z

— MrBreadSmith (@MrBreadSmith) April 13, 2024

There is a ton of interest from gaming studios, with over 70 games signing up.

Also, all chains are welcome, and it’s easy to bridge the assets.

Sending Money Without Internet Connection

Abiodun expressed a great interest in DePIN. It is going to enable global participation, he argued.

The team, he said, has already demonstrated the ability to send money on SUI without the internet connection, using a new type of technology and compression algorithm they created.

Feb 5, 2024: A landmark moment in the evolution of #crypto and #blockchain. The 1st ever transaction in Sui where both Sender and Receiver didn’t have internet access. This will change everything, even my own perception on what is possible today. pic.twitter.com/pPlMPSfGtB

— Kostas Kryptos (@kostascrypto) February 21, 2024

They are now seeking to launch a global ability for people to send money in this manner.

Separately, there’s a project called Karrier One on Sui. It’s launching the ability to have a DePIN-based SIM card directly on-chain directly to use for 2FA. It can never be swapped.

Cutting Latency by 80% and Bringing Native 2FA On-chain

There are two major things Mystin Labs is working on.

One: they are releasing a consensus 2.0, which will cut down latency by another 80%.

“So the transaction finalizes faster than the website loads no matter what kind of transaction you’re trading,” Abiodun said.

Two: the team will launch support for passkeys. Users can use whatever account or private keys they want to sing into Sui, but they’ll also get native 2FA on-chain.

The wallet is going to be upgraded as well to add the feature and protect consumers.

“Every app in the ecosystem can support native 2FA to bring more security to the ecosystem,” Abiodun concluded.

Consensus 2024

Cryptonews reporters Rachel Wolfson and Matt Zahab are on the ground at Consensus 2024. Talking with industry leaders and pioneers, as well as prominent analysts, they bring you the latest updates from one of the biggest crypto events globally.