Mysten Labs has announced the release of their Layer 1 blockchain

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Mysten Labs, a web3 infrastructure company, created by four former Meta employees, has announced its first product: Sui, a Layer 1 blockchain.

Permissionless proof-of-stake blockchain network Sui is designed by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis, who formerly worked at Novi (Meta’s crypto arm). They worked on the Diem blockchain and the Move programming language at Novi.

Sui is a more evolved version of Diem that the foursome has created from the ground up. Sui, according to Mysten, will potentially have no restriction on transactions per second. Sui will also facilitate the implementation of smart contracts using the Move programming language, allowing developers to create decentralized apps.

Mysten Labs Announce The Completion Of A $36M Funding Round

In a statement, Lucky Kat Studios, the designers of the Panzerdogs game, said, “Development on Sui is fast and on point. Not only is its transaction speed impressive, but its ability to mirror NFTs and its dynamic handling of on-chain assets can bring new value to users and the assets that they own.”

Cheng told The Block that Mysten Labs has just released the Sui public software development kit and gives out samples to developers. The blockchain’s testnet will launch in the next months, followed by its mainnet and native coin later this year.

Mysten is supported by notable investors such as Andreessen Horowitz and Coinbase Ventures, and the company just secured $36 million in funding. According to The Block, it intends to attract more developers to Sui and billions of people to cryptocurrency.

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