Session 01 Catching Sui Alpha v2

Summary

The co-founder of Mysten Labs, AD Buen, introduces Sui, a high-performance blockchain designed for global coordination of value and assets. With unparalleled transaction speed, low latency, and no downtime, Sui has quickly grown, attracting assets from Ethereum. The platform is set to revolutionize digital entertainment with innovations like MR蒂, a consensus protocol upgrade, and Stashed, a user-friendly wallet. Mysten Labs also plans to launch the Sui Play 0x1 games console, blending traditional and web 3 gaming experiences.

Takeaways

• 🚀 AD Buen, one of the co-founders of M Labs, has a history in the crypto space, including Bitcoin mining and involvement in blockchain projects for major companies, such as Facebook's Project Libra.
• 🌐 M Labs aims to build a global coordination layer for the internet, with Sui being more than just a blockchain, designed to coordinate the movement of value and assets across the web.
• 📈 Sui has experienced rapid growth, becoming the fastest-growing non-Ethereum blockchain, surpassing older chains in terms of TVL, user numbers, and transaction volume.
• 💡 Sui's unique selling points include no downtime, no transaction fees, no congestion, and no hacks, emphasizing a safe and efficient platform from day one.
• 🔢 Sui has achieved impressive transaction throughput, with over 3 billion transactions and the capability to perform 297,000 transactions per second (TPS).
• 🕊️ Sui's transaction finality is exceptionally fast, with a latency of 400 milliseconds, which is faster than the loading time of many websites.
• 🔄 Sui has introduced MR蒂 (Mr. Seti), a version two of its consensus protocol, which significantly reduces the latency for consensus transactions to under a second.
• 🎮 M Labs is focusing on gaming as a key area for growth and adoption in Web 3, believing that gaming will naturally transition to user-owned assets and control within games.
• 💻 Sui offers a superior developer experience with its object-oriented programming language, allowing developers to become proficient quickly, and a user-friendly experience with innovations like social login and hidden transaction fees.
• 🎁 Sui is launching the Sui Play 0x1 games console, a device that can play both PC games and powerful Web 3 games, aiming to provide a seamless gaming experience without the need to choose between Web 2 and Web 3.
• 💳 The introduction of Stash, a social-based, web-based wallet that simplifies user onboarding and asset management, aiming to remove the barriers associated with traditional wallets and make crypto interactions as easy as using cash apps or payment services.

Q & A

What is the name of the co-founder of M Labs and what is his role in the crypto industry?

The co-founder's name is AD Buen. He has been involved in building in the crypto industry for a long time, starting with Bitcoin mining companies and later getting involved in launching blockchain for some of the largest companies in the world, including leading product and innovation for Facebook's project Libra.

What is the primary goal of Sui, as described in the script?

The primary goal of Sui is to build a global coordination layer for the entire internet, enabling the coordination of the movement of value and assets across the internet beyond just registering assets, at a scale that the world needs.

How does Sui differentiate itself from traditional blockchains in terms of transaction finality and fees?

Sui differentiates itself by having no outages, downtime, or failed transactions, and no congestion in the network or spike in gas fees. It is built to be safe from day one, with industry-leading latency of 400 milliseconds for transaction finality, which is faster than the time it takes for a website to load.

What is the significance of Sui being the fastest growing non-Ethereum blockchain?

The significance is that Sui has experienced rapid growth in terms of total value locked (TVL), user numbers, and transaction volume, outpacing other chains that have been around for four to five years, indicating a strong adoption and preference for its capabilities.

What is the current transaction per second (TPS) capability of Sui, and how does it scale?

Sui has demonstrated the capability to perform over 297,000 transactions per second (TPS) on a minimum hardware configuration. The TPS scales linearly with the hardware used by validators, meaning if they double or triple their hardware, the TPS also increases accordingly.

What is the purpose of the Sui MR蒂 (MRTI) consensus protocol, and what does it aim to achieve?

MRTI is a version two of Sui's consensus protocol aimed at reducing the latency of transactions that require consensus. It is designed to bring the industry-changing latency down to under a second, making shared consensus faster than a second for the first time in history.

What is the daily active user rate of Sui, and what does this indicate about its adoption?

Sui has a daily active user rate of 2.1 million users, indicating a high level of engagement and adoption of the platform, with more users than the majority of blockchains today.

What is the vision for Sui in the gaming industry, and how does it plan to achieve it?

The vision for Sui in the gaming industry is to create immersive games where users own their assets and can control aspects of the game. Sui plans to achieve this by leveraging its capabilities for asset ownership, coordination, and rewarding users, and by investing heavily in gaming to drive growth and adoption.

What is the Sui Play 0x1 games console, and how does it differentiate from traditional gaming platforms?

The Sui Play 0x1 games console is a world's first gaming device that can play both existing PC games and powerful web 3 games on a single device. It differentiates by offering an App Store without the same restrictions as traditional platforms, allowing users to earn rewards whether playing web 2 or web 3 games, with the wallet built in and no high gas fees.

What is Stashed, and how does it aim to simplify the user experience for web 3 interactions?

Stashed is a social-based, web-based wallet that is self-custodial and allows users to sign in with their Google, Apple, or other service accounts for a one-click onboarding experience. It aims to simplify the user experience by removing the need for traditional wallets, gas fees, and complex crypto interactions, making it easier for users to engage with web 3 platforms.

What is the significance of the NFC card given to the audience, and how does it relate to Stashed?

The NFC card given to the audience allows them to instantly claim some Sui tokens and experience the Stashed wallet without any complicated setup. It demonstrates the ease of use and accessibility that Stashed aims to provide for users engaging with web 3 platforms.