The gaming business is on the verge of a big change. As technology keeps getting better, the possibility of more complete and interesting games is becoming a fact. But the business still has to get past a number of problems before it can reach its full potential. One of the biggest problems in the game business is that it has become too centralized. Mysten Labs presents Sui Blockchain, a Layer 1 blockchain and smart contract platform that makes it easy, private, safe, and quick for anyone to own digital assets.
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The End of the Beginning
Mysten Labs is made up of well-known people, like Tiancheng "Karl" Cheng, who started the company and is now its CEO. Before starting Mysten Labs, they worked for Apple for ten years and Facebook for six years. In September 2021, Cheng and four other people on the Meta team left to start Mysten Labs. The team has a lot of knowledge with blockchain technology because they worked on the Facebook Libra project before it was cancelled.
In September 2022, investors gave $300 million to Mysten Labs by Sui Blockchain. Andreessen Horowitz, Binance Labs, Coinbase Ventures, Circle Ventures, and Lightspeed Venture Partners are some of these companies. In November 2022, NCSoft also put money into a later $15 million round as an investment. Mysten Labs bought back FTX's stake in the company for $96 million. This was done to clear the coin company FTX of scandals.
Why Gaming Companies are Ready for Sui
Sui blockchain focuses on the gaming business because game companies are usually on the cutting edge of technology. They are willing to use new technologies and try out different plans. One problem that game makers have to deal with is that games don't last very long. Also, it's hard to keep people interested and the cost of getting new users is high. Cheng thinks that Web3's system needs to solve these problems and get rid of middlemen.
The Sui blockchain solves some problems that game makers face, such as making it easy to update digital assets like swords when their prices change. Sui's consensus method makes it possible to transfer objects much faster than with other chains. It can handle up to 100,000 transactions per second.
The Technical Background of Sui Blockchain
Sui is the first smart contract and Layer 1 blockchain tool on the market. It makes owning digital assets easy, private, safe, and open to everyone. The Sui Foundation is an independent group whose goal is to spread the Sui language. In the environment, the group is made up of thousands of different people.
Mysten Labs has made a lot of important changes to Sui, a proof-of-stake blockchain. The people who made the Sui technology used to run Meta's Novi Research and were behind the Diem blockchain and the Move programming language.
Sui makes a Layer 1 that works well by using new data structures and improvements to agreement methods. It gives developers a place to work on complex, dynamic, and composable assets, paving the way for a new breed of decentralized applications, and its capacity can be increased. Because of these improvements, Sui is able to increase traffic and storage horizontally to meet the needs of applications while keeping transaction costs very low.
Sui is a permissionless Layer 1 blockchain that was built from the ground up to let artists and developers build experiences for the next "billion users in Web3." It is very flexible, so it can be used to make many different apps quickly, cheaply, and with little downtime. Sui can move faster if she uses more devices per checker. This lets people agree on transactions that don't depend on each other at the same time and lets the majority of transactions be processed at the same time.
Why Sui is Different from Other Blockchains
In a number of ways, Sui Blockchain is different from other blockchains. It is meant to help the game business. It has options for both game creators and users. Sui's consensus method works better than those of many other chains. This means that transactions can be done quickly and cheaply. Its architecture is horizontally scalable, so it can add more capability and meet the needs of more applications. Sui is also appealing to game makers who want to keep their users' information safe because it has privacy features.
The Sui blockchain has the potential to change the gaming business because it can make games more interesting and immersive. Sui's fast transaction processing and low delay make it possible to make games with bigger worlds, more complicated gameplay, and more interaction. The architecture of Sui also lets game makers make games that players own. This means that developers can't stop users from trading, selling, or even destroying their digital goods.
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