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Sui blockchain

Exploring Sui’s Object-Centric Model and the Move Programming Language

A closer look at how Sui’s object-centric model and the Move language can improve blockchain scalability and smart contract development.

The Sui blockchain has emerged as a novel layer-1 (L1) protocol, incorporating advanced technologies to address common layer-1 trade-offs. Cointelegraph Research unpacks the details of this newcomer to the blockchain space.

Sui uses the Move programming language, which was designed with a focus on asset representation and access control. This article examines Sui’s object-centric data storage model, its implications for transaction processing, and its potential advantages over traditional account-based paradigms.

Sui draws significant inspiration from the Diem blockchain, particularly in its use of the Move programming language for smart contracts. Move was designed with a type system specifically tailored to asset management and access control enforcement. Sui Move builds on this foundation with an object-centric data storage model that uses objects rather than accounts as primitives.

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‘There is a global race underway for Bitcoin’ — Anthony Pompliano

Former Meta execs raise $300M to ‘accelerate adoption’ of Sui blockchain

Investors included FTX Ventures, Coinbase Ventures, Jump Crypto, a16z, Circle Ventures, among others.

Mysten Labs, the company behind the yet-to-launch layer-1 blockchain Sui has raised $300 million aimed at building core infrastructure and accelerating the adoption of its Sui blockchain ecosystem. 

The blockchain company, which was founded by former executives of social media giant Meta in 2021 said in a Sept. 8 announcement that it landed $300 million in a Series B funding round led by crypto exchange venture arm FTX Ventures.

Other Series B investors included Coinbase Ventures, Jump Crypto, Andreessen Horowitz's a16z, Circle Ventures, Binance Labs, and O'Leary Ventures, among other investment funds and partners, with the new capital valuing the company at over $2 billion.

In addition to equity, investors will receive warrants for native tokens to be traded on the future blockchain.

Mysten is the creator of the Sui blockchain, a proof-of-stake layer-1 blockchain that uses a feature called “transaction parallelization” to achieve high throughput, low latency transactions, and low transaction fees, which may give existing blockchains such as Ethereum and Solana a run for its money.

Mysten co-founder and CEO Evan Cheng said the new funding would be used to build its technology, the company’s with hiring efforts, and expansion to the Asia-Pacific region.

“This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission.”

Cheng suggested that current Web3 infrastructure “is in the dial-up era,” noting:

“It’s slow, expensive, capacity constrained, insecure, and simply hard to build for.”

The latest funding suggests that some venture capital investors remain unphased by the crypto bear market. A recent report from Messari revealed that $30.3 billion in funds was invested by VC firms in the first six months of this year, outpacing the entire fundraising year in 2021.

Related: VCs pour $14.2B into crypto in H1 2022, but investments now slowing

Last December, Mysten Labs raised $36 million Series A funding, led by a16z.

The company was founded in Sept. 2021 by former cryptographical program engineers behind Meta's crypto-payments platform Diem and mobile wallet Novi. Mysten Labs is led by CEO Evan Chang, CTO Sam Blackshear, CPO Adeniyi Abiodun, and chief scientist George Danezis.

‘There is a global race underway for Bitcoin’ — Anthony Pompliano