Despite the billions raised and lost in the name of disruptive crypto innovations, the alternative technology has yet to produce a breakthrough product, even in video gaming.
Mysten Labs’ CEO, Evan Cheng, believes this is because nobody has done it right yet. Cheng argues that the world needs another blockchain, and he has introduced Sui, a new blockchain that he claims has a killer app called Move.
Sui, the latest Ethereum challenger, aims to revolutionize decentralized applications with its programming language called Move. The developers at Mysten Labs, many of whom are former members of Facebook’s failed crypto endeavor, have made creating decentralized applications faster, cheaper, and safer with Move. One notable example is that Sui can sell an NFT in half a second, while Ethereum takes an average of 12 seconds. In testing environments, Sui has processed 297,000 transactions per second, compared to Ethereum’s 15 transactions per second.
Cheng criticizes Ethereum, stating that it has too many flaws and is not useful for anything at scale. He believes that many crypto companies investing more capital and resources into Ethereum are making a big mistake. According to Cheng, Mysten’s Move, which allows for real-time updating of assets like business contracts or collectibles on a blockchain, will be a game changer. Current blockchains cannot update assets in real time, and Cheng sees this as a significant limitation.
Initially, Cheng is focusing on the video gaming community, as real-time blockchain-based updating could be highly valuable to players. Gamers already invest significant time and money into customizing and enhancing their avatars in games like Fortnite and League of Legends. However, these gamers are also frustrated with the high fees and network congestion that have plagued blockchains like Ethereum. Cheng sees an opportunity to address these pain points and provide a better experience for gamers.
Evan Cheng’s background reflects his independent and unconventional approach. He began coding at a young age and eventually joined Apple in 2005, where he worked on LLVM, a project that revolutionized computer programming. Cheng’s interest in crypto started in 2017, and he noticed flaws in Ethereum’s programming language, Solidity. Moving on to Facebook, he became the head of research and development for Libra, where he focused on developing Move, a more efficient blockchain programming language.
Cheng has specifically tailored his new blockchain, Sui, to target the video gaming market, which generates around $200 billion in revenue annually. He acknowledges that past attempts to integrate blockchain into gaming have often missed the mark by prioritizing financialization over gameplay. Cheng aims to avoid those missteps and create a blockchain solution that truly enhances the gaming experience.
In conclusion, Mysten Labs’ CEO Evan Cheng is making a move on Ethereum with the introduction of Sui, a new blockchain powered by the Move programming language. Cheng believes that Ethereum has significant flaws and sees an opportunity to provide a better blockchain solution. By focusing on the video gaming community, Cheng aims to leverage real-time asset updating to revolutionize the gaming industry. With his unconventional background and passion for innovation, Cheng is determined to create a breakthrough product in the world of blockchain technology.