Exclusive: From Facebook’s LIbra to Sui, Co-Founder Adeniyi Abiodun on Incoming Features

cryptonews.com:

In an insightful interview at Consensus 2024, Adeniyi Abiodun, co-founder and Chief Product Officer (CPO) at Mysten Labs, the company behind the Sui blockchain, talked about building a highly scalable blockchain.

He discussed the importance of consensus algorithms, multi-machine architecture, and cryptography in achieving speed, scalability, and efficiency while maintaining security.

Moreover, Abiodun discussed the relevance of not differentiating between Web2 and Web3 games, touched on DePIN and its use cases, and outlined the two major developments the team is working on now.

Sui was created by the team that had formerly worked at Facebook on its Libra blockchain.

The company comprises a strong tech team. “So the DNA of our company is real deep tech,” Abiodun said.

The initial idea was to take what they had built for Facebook and launch that. But there were issues.

One, this team wanted to build technology applicable to everyday life for a billion users. Libra could not do that.

Also, Libra was going to be permissioned, whereby VASPs and centralized exchanges would be the ones engaging with the blockchain.

Additionally, everything was moving fast with that chain – already having Libra 2.0 in the works – while facing numerous regulatory hurdles and shortcuts to get to market on time.

So the Sui team started from scratch.

Therefore, Sui is more than a blockchain, Abiodun said. It is a global coordination layer for digital assets all across the world. “And we’ve just 1% complete.”

Building a new chain from scratch allowed the team to build the fastest blockchain in the world, Abiodun said.

They began with a scaling strategy from the get-go, which will allow it to only get faster.

One of the things they’ve done is, instead of having