Mysten Labs, founded by five former Facebook engineers, is working on its Layer 1 blockchain Sui to revolutionize the ease of sending money and cryptocurrencies.
The company aims to simplify blockchain transactions to the level of basic online communication, enabling seamless money transfers akin to sending an email.
While at Facebook, the team’s aspiration was to make sending money as effortless as sending an email, a goal they were unable to achieve within the social media giant.
However, with the development of Sui, Mysten Labs believes they may have finally realized this dream.
Sui’s innovative approach allows individuals to send money globally using a standard web2 identity, eliminating the need for crypto wallets.
This is made possible in part by their proprietary verification system called “zkLogin,” which utilizes two zero-knowledge proofs to authenticate transactions.
According to Adeniyi Abiodun, co-founder of Mysten Labs, any application worldwide can leverage Sui to send assets across borders without grappling with the intricacies of crypto.
The complexity associated with cryptocurrencies has been a significant deterrent to widespread adoption and usage.
Abiodun highlighted the vast difference between the 5 billion people online with web2 accounts and the mere 60 million active crypto wallets globally.
“As a user, day to day, the idea that I have to download a wallet or buy gas [to transfer funds using crypto] is nonsensical. You just killed 99.9% of the world,” Abiodun said.
While Ethereum remains the dominant force among public blockchains, Moody’s recently acknowledged its adoption challenges due to speed, scalability, and security issues.
Crypto Projects Strive For Simplification
Mysten Labs is not alone in recognizing the need for simplification in the crypto space.
Several companies, including PayPal and Giddy, have launched initiatives to enhance accessibility and usability for consumers.
Coinbase, the largest exchange in the US, introduced a feature enabling users to transfer money through messaging apps and social media platforms.
However, Mysten Labs’ founders aim to avoid centralized systems and closed-loop ecosystems.
The team envisions Sui as an open standard, encouraging other companies and applications to build on its blockchain.
Their goal is to see widespread adoption and exponential growth as more entities leverage Sui’s capabilities.
Mysten Labs has already achieved remarkable success on the funding front, raising $300 million at a valuation exceeding $2 billion.
Key investors include Andreessen Horowitz’s a16z crypto unit, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, and Coinbase Ventures.
Led by the core team of Adeniyi Abiodun, Evan Cheng, Sam Blackshear, Kostas Chalkias, and George Danezis, Mysten Labs’ founders are determined to establish Sui as a transformative solution in the crypto space.
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