Session 01 Catching Sui Alpha v2
Summary
TLDRThe 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.
Outlines
🚀 Introduction to S and M Labs' Vision for Global Coordination
The speaker, AD, co-founder of M Labs, introduces S as a global coordination layer for the internet, emphasizing its potential to move value and assets across the web. S is positioned as more than a blockchain, aiming to facilitate coordination at a scale comparable to Facebook and Google. The speaker highlights S's rapid growth, surpassing older blockchains in TVL, user count, and transaction volume. S's efficiency is underscored by its lack of downtime, congestion, high gas fees, or hacks, attributing this to its design for safety from the outset. The introduction also mentions the transfer of assets to S and the platform's ability to handle a high volume of transactions with low latency and stable fees.
🌟 S's Consensus Protocol Advancements and User Experience
The speaker discusses the technical advancements of S's consensus protocol, including the introduction of Mr. Seti version two, which reduces latency for consensus transactions to under a second—a first in the industry. This improvement is expected to enhance the user experience significantly, making transactions feel instantaneous. The speaker also addresses the ecosystem's growth, boasting a daily active user rate of 2.1 million. Efforts to make S more accessible and user-friendly are highlighted, with a focus on reducing barriers to entry for developers and users, and the potential of gaming as a catalyst for wider adoption of blockchain technology.
🎮 S's Gaming Initiatives and the Stashed Wallet Experience
The speaker outlines S's commitment to gaming as a means to drive user adoption and the announcement of the S play 0x1 games console, which merges traditional gaming with web 3 experiences. The console aims to eliminate the choice between web 2 and web 3 gaming by offering a unified platform. The speaker also introduces Stashed, a social-based, web-based wallet designed to simplify user interaction with blockchain assets. Stashed allows users to sign in with existing social accounts, emphasizing ease of use and full control over assets without the need for traditional wallet setups.
💳 Introducing Stashed for Seamless Blockchain Interaction
The speaker concludes by focusing on the user experience, introducing Stashed as a solution to the 'wallet problem' in web 3. Stashed is presented as a one-click, mobile-friendly wallet that leverages social logins for instant account creation and asset control. The speaker also mentions future features like on and off-ramping, domain names for personalized addresses, and a debit card, aiming to remove the complexity of traditional crypto interactions. The talk ends with a practical demonstration of Stashed's ease of use, with attendees receiving an NFC card to instantly claim assets and experience the platform's user-friendly approach.
Mindmap
Keywords
💡Crypto
💡Blockchain
💡Project Libra
💡Global Coordination Layer
💡Sui
💡TVL (Total Value Locked)
💡Consensus Protocol
💡Web3
💡Gaming
💡Sui Play 0x1
💡Stashed
Highlights
Introduction of Sui, a new blockchain platform aiming to be a global coordination layer for the internet.
Sui's growth in just over a year, becoming the fastest growing non-Ethereum blockchain with high TVL, user count, and transaction volume.
Sui's unique architecture that has no downtime, no transaction fees spikes, and no hacks due to its safe design from the start.
Sui's capability to handle over 270,000 transactions per second with industry-leading latency of 400 milliseconds for transaction finality.
The announcement of Sui's version two consensus protocol, Mr. Seti, which reduces consensus latency to under a second.
Sui's daily active user rate of 2.1 million, showcasing its user-friendly blockchain platform.
Sui's approach to making Web 3 accessible by reducing barriers for users and developers, focusing on ease of onboarding.
The reveal of Sui's gaming strategy, aiming to leverage the large user base of gaming platforms to drive Web 3 adoption.
Sui's object-oriented programming language that allows developers to become proficient within days and its Rust-like capabilities.
The introduction of Stashed, a social-based, web-based wallet that simplifies user interaction with blockchain assets.
Sui's enforceable royalties feature, ensuring creators always earn their royalties and cannot be circumvented by marketplaces.
The announcement of Sui Play 0x1, a gaming console that combines traditional PC gaming with powerful Web 3 games.
Sui's commitment to providing a pleasurable gaming experience without high gas fees, timeouts, or latency issues.
Sui's strategy to improve the Web 3 market size by making it more accessible to developers and users outside of the current ecosystem.
The NFC card giveaway during the conference, allowing attendees to instantly claim Sui tokens and experience the Stash wallet.
Sui's vision for the future of gaming, focusing on immersive experiences and ownership, rather than financialization.
Transcripts
[Music]
hi hello
everyone great to meet you all I speak
no Vietnamese so I'm not even going to
try but Harrison you did a great job um
want to spend a little bit of time
telling you about s and why we're
here my name is AD buen one of
co-founders M Labs been building in
crypto for a very long time I started
off in a Bitcoin industry building
Bitcoin mining companies um got involved
in launching blockchain for some of the
largest companies in the world was
recently a Facebook leading product and
Innovation for what we're building for
project Libra and when we left Facebook
we built s or M and Labs a company and
our goal is to build a global
coordination layer for the entire
internetu is more than just a blockchain
it's more than that and hopefully by the
end of my talk today and also the talk
after that on Mr setti it will give you
an idea on how we believe this is the
fundamental technology that will power
the entire
web our vision our vision foru is to
coordinate movement of value and assets
across the internet um you you might
have heard of blockchains and I think
blockchains are great Innovation and
they serve to give a global layer for
effectively registering assets we think
the goal is go go beyond that in
building a layer where everybody in the
world can coordinate value and assets
whether it's a website all the way to
actual assets all the way to things
related to real world assets as a whole
but we need a single layer for the
internet to coordinate movement of
assets and movement of value across the
entire globe and we thinku has been
built uniquely to solve that at the
Facebook and Google
scale how have we grown s has been live
for just over a year it's one of the
newest chains in the market and happy to
say it's one of the fastest growing
chains in the world in fact SW is the
fastest growing non-m chain in the world
today in the space of a year s is
already overtaken incumbent chains have
been around for four to five years um
higher tvl higher number of users higher
number of transactions and innovating at
the speed of light we're constantly
innovating with new algorithms and new
breakthroughs on a month-by-month basis
and this is because we believe
fundamentally that consumers are going
to need new experiences that bring on an
Usher age of digital digital
entertainment that's never been possible
before whether it's coming from gaming
whether it's coming from Finance whether
it's com from Commerce we built sui to
effectively take care of all those use
cases at the scale that the world
actually needs what does that mean Su
has grown to over 700 million tvl in a
very short space of time um over over
that same time as well um more than 50%
of assets that being bridged from
ethereum are actually going directly to
S so what does that mean Financial
efficiency is being found on S Financial
opportunities are being found on S and
on underlying s's never had any outage
no downtime no fi transactions no
congestion in the network no Spike and
gas fees no hacks because the platform
is built to be safe on day one and we're
seeing a transfer of assets and value
from existing ecosystems to suite at a
rapid rate and we believe SW is going to
ultimately be the number one chain
sometime very very soon there are over 3
billion transactions on SW in fact swed
did more transactions than Bitcoin in
the first 6 months and Bitcoins ever
done in history and in terms of adoption
as well if you look at the numbers um
we've done we've been able to
demonstrate that s can do over 270
297,000 transactions per second it's
been up 100% of the time never adding
the outage s has industry leading
latency 400 milliseconds for transaction
to be final that is faster than it takes
for a website to load s gets finality
faster than websites load on the
internet
that's the ultimate way that the these
platforms should ultimately work we've
never had a spike in fees even though s
done more transactions in a day than
majority of blockchains that exist today
fees do not rise fees always stay flat
dollarwise in
s separately from that we are announcing
mrti mrti is a version two of s's
consensus protocol um as you knowu has
two types of transactions um owned
object transactions which is when I send
you money or or I send you an asset or
we you and I transfer nft between each
other that does not require consensus
which is a game changer foru so there
are class of transactions Inu that does
not need consensus s already finalizes
that at 500 milliseconds today
transactions that need consensus whether
you're doing a trade on a on a DEX or
you're doing something that requires
coordination between one or more parties
that is currently taking about 1.5
seconds on the Chain we're announcing
that with um with Mr seti version two
consensus in testnet right now we're at
390 um 390 is um um
um Nan um um sorry 309 milliseconds for
latency as a whole right now which is
industry changing this is the first time
in history that you can have shared
consensus lower than a second it's a
it's a GameChanger so we don't think
anybody will get anywhere close to this
anytime soon what that means is when you
click on a button to do a trade on a DEX
when you click on a button to play a
game it's final before the website
reloads that is the level of precision
and the level of performance that swedes
brought to the market the closest
competitor is in the seconds multiple
seconds separately from that we've seen
a spike in the amount of users in the
ecosystem SW had a daily active user
rate of 2.1 million users um actively
we're having over a million users a day
on the sweet blockchain that is more
users than the majority of blockchains
today today and why it's because s is
just an easy chain to use it's easy to
onboard and I want to talk to you about
some of the things we're doing around
you work shortly there'll be a surprise
for you at the end of a
talk what's the goal um our view web 3
Market is way too small there are only
40 million wallet in web 3 in reality
and maybe 20,000 developers in web 3 at
Facebook and Google we had over 100,000
developers so the more developers in
Facebook and Google alone than the exist
in web 3 what do we need to do to bring
more users more Deads into the ecosystem
one we need a platform that allows every
developer whether you're a JavaScript
developer all the way to a c developer
that you can understand and code very
very quickly we're happy to say most
developers when they learn s move become
quite proficient within 4 days it's an
objectoriented programming language that
is rust like capabilities secondly we
think the barriers of bringing users
into web 3 needs to go beyond the
boundaries of a wallet wallets are one
of the most painful things to use today
we need to innovate and allow users to
on board without the concept of wallets
without the concept of gas and without
the concept of things that just hold
them back and we think one of the
biggest areas to do that is gaming we've
invested heavily in gaming because we
think gaming naturally transitions
itself to where users owning their own
assets being in control of their own
assets and being able to control aspects
of the game is going to be very valuable
just looking at these numbers alone
fortnite Roblox Minecraft these have way
more users in web 3 as a whole and we
absolutely believe that gaming is what's
going to drive the growth and Adoption
of dii and other Primitives in web 3 not
the protocols themselves but an influx
of users that need to swap value between
asset a and asset B um buy and sell
assets on chain whether nfts or in-game
assets or need to actually perform moves
on chain and receive points as reward
for how well they do all these things
are going to be coordinated with a
global coordination layer and we think
that's going to beu ultimately we thinku
will be the highest value when it comes
to actually doing meaningful user
interactions on chain and we've built
the chain to scale to enable that to
happen why are developers choosing s
good question s right now fastest chain
no maximum throughput s does not have a
maximum throughput I showed you that
we're already able to perform 297,000
TPS that's on a minimum Hardware
configuration for the network if
validators double the amount of Hardware
they use the TPS doubles if they treble
the amount of Hardware they use they get
three times the three um TPS there is no
maximum throughput onui it's the only
chain that has this performance benefit
also storage onui is very cheap s is the
cheapest chain in the world to store
data on most blockchains when you want
to store an nft you store a record of
ownership and some file on ipfs onui we
are project storing full 4K files images
onui directly real images so you
actually own the the art you can
actually hide elements of the art where
only the owner can see the full 4K image
as well if you want to go that far but
we think full asset representation is
only possible at low cost on
Suite another thing if you're building a
game you want to be able to change the
lore of the the history of the asset
right now most chains specifically evm
when I want to change from one asset to
another you burn it and then you get a
brand new one you lose all the history
related to it onu because s is an
objectoriented system you can build
complex objects on chain and if you want
to change the object you want to mutate
the object all that history stays on
chain if you want to build a a hand or a
sword or a character and endow that
character with different um traits you
can store all that information and
change that information onchain directly
no need to do offchain all the history
one sword versus another sword they
might look the same but one might be
owned by the most famous um YouTuber in
the world that's going to have more
value than one that is only owned by you
so we think the history of an asset
makes a lot of sense to have on chain
separately we have a lot of Primitives
onu that's just not possible anywhere
else social login onchain the blockchain
verifies your session with Google or
Amazon or whatever service that you use
um you can try sign transactions without
having to click and approve every single
time to play a video game sponsor
transactions you can hide gas from users
users don't even need to know the
blockchain exists all these are built
into sweep from day one and finally one
of the things we're very proud of is
enforceable royalties if you want to be
an nft Creator and you want to make sure
that marketplaces do not circumvent your
royalties we've built in standards that
makes that possible so you always earn
your royalty and it's impossible to
circumvent we think this is very
important if you think about creators
and you want to build use cases that
creators ultimately want to monetize it
is unfair that a Creator can create an
asset today and then their revenue
stream is destroyed by U Marketplace in
the future s enforces royalty so that um
creators always remain economically
stable as a
result and we believe gaming is only
going to get better um sweet games are
going to be game-changing par in the pun
ultimately we think the kind of games
you're going to play on sweet are the
kind of game that you actually want to
play we don't think a world where a
spreadsheet is turned into a game is fun
you need to have really fully immersive
games where it's not all about
financialization it's about ownership
it's about extending the shelf life of
the game is by making more fun and
allowing you to extract value out of the
game over
time so we're going from pixelated
boring games with multiple approvals to
simple games of social login where the
wallet is hidden in the back
end what about s gaming future we
recently announced this year that we'll
be launching The Sweep play 0x1 games
console The Sweep playay zx1 games
console is a world's first it is a full
gaming um device that will play both
your PC existing PC games and Powerful
web 3 games as well on a single device
you'll be able to order it we'll be
announcing ordering sometime this year
but ultimately for the first time in the
world you have an App Store that doesn't
have the same restrictions that epic and
steam and other app stores may have
today and you can still play those games
if you want you don't need to choose
between web 2 and web 3 you have a
gaming device that's as powerful as your
PC and you get benefit of earning
rewards whether you're playing a web 2
game or web 3 game the wallet is inbuilt
completely and ultimately I think over
time you start to see we'll be
announcing this year a plethora of
titles that are going to be launching on
sweet play zx1 built into the zx1 is a
Natural Bridge so if you want to bridge
assets from salana ethereum any anywhere
else you'll be able to bridge it
directly onto the zx1 and run them
directly onu s is not going to have high
gas fees it's not going to have timeout
or Laten um High latency we think it's
going to be the most pleasurable
experience and it's going to be the most
powerful games console for the handheld
um gaming industry it is a desktop class
silicon that's running it's not a mobile
class silicon it's desktop grade silicon
which means you can play the most
demanding games as a whole we've
actually been running League of Legends
on a game directly as well on a
system so if you want to scan the QR
code you can get onto the wait list
there's a line is very long but get onto
the weit list there'll be a surprise for
a few people as well as a result but we
plan to announce um official pre-orders
um sometime this year for the sweet play
0x1 I've been talking a lot about ux s
in the web 3 Industry by far has been
touted of having one the best developer
experience and two the best user
experience as a whole we are very very
pedantic we care a lot about user
experience because the average
day-to-day user does not care about
wallets does not care about tokens they
care about being able to engage with a
platform so bringing bar in front of
their face is not a great way to adopt
users it's very expensive to acquire
users you pay a lot of money on ads only
to slow them down and say download a
wallet go and buy something before you
engage we think that word should be gone
we're introducing
stashed blockchain itself has a wallet
problem in our world we think the wallet
is too much of a barrier of Entry we
think as a whole the web as a wallet
problem how many wallets do we need to
have I have my PayPal I have my venmo I
have X Y and Z nonstop it's very very
confusing and to have consumers make
those kind of choices is a very
difficult thing to think
about so this year we we launched
something called stashed it is one click
it is it works on mobile and it's as
powerful as cash app venmo or any
payment app they've ever had
before it's called stashed and today I'm
going to Enga get you involved in
actually engaging with stash for the
first time stashed is is a social based
webbased wallet that is self- custodial
you can sign in with your Google account
you'll be able to sign in with caca and
other services as well you can sign in
with your Twitch account and instantly
you have a web free wallet without
having to onboard or go go to some
exchange to get um assets to be able to
engage with you effectively have an
asset that you control via your own
social login in fact it's the blockchain
itself that verifies your session with
Google caca or any service provider
there's no middle layer in between so
you are in full control of your asset
it's fully private so Google do not know
what transactions you're signing
Facebook do not know what transactions
you're signing cacao does not know what
transactions you're signing you have
full control and at any given time you
can transfer Assets in and out whenever
you want it's only possible
onu next um right now it's possible to
transfer send a link to family and
friends on board them with stashed we're
going to be adding the ability to have
on and off ramp so you'll be able to
cash in cash out directly on on stashed
you have domain name so you'll be able
to pick out your own name we're going to
remove the web the web three addresses
entirely from The Experience so all you
need to know is your friend's username
on stash and be able to send assets
directly using stash the address should
not exist for average day users and over
time there's going to be a stash debit
card that not only we can launch but
other protocols and ecosystem will'll be
able to launch on top of as
well I want at this point for you to to
reach out under your seat each one of
you put your hand underneath your seat
there is something under your
chair just reach out right
now have you got
it right so this is an NFC card this is
a very special NFC card all you need to
do is if you have an Android phone or an
iPhone take this NFC card place it right
on top of your phone and you'll be able
to claim some site immediately from it
using the stash experience without gas
without having to set up a wallet
without having to create an account
without having to do anything
complicated you instantly have stash in
in your hands and you can send it
anywhere in the world you can send it to
an exchange you can engage with it in
defi you can CH engage with it in a
number of nft um platforms right away
but we think this is going to be a game
Cher for how users engage imagine this
in gaming imagine this in Commerce
imagine this in conferences imagine this
as a way to give tickets and and and to
um tickets and assets to people in a
world without ever having to deal with
complex crypto that's all I have time
for today enjoy the rest of the
conference thank you
[Applause]
[Music]
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