What is Mysten Labs? Complete set of Mysten Labs . project

• Overview of the Mysten Labs . project
• What is Mysten Labs?
• The development team of the project Mysten Labs
• Investors and partners of Mysten Labs
• Projects of Mysten Labs
• Narwhal
• Move
• Platform Infrastructure for Metaverse
• summary

Overview of the Mysten Labs . project

What is Mysten Labs?

Mysten Labs is a project built to improve platform and infrastructure issues and accelerate Web 3.0 adoption . At the same time, through Mysteb Labs, some outstanding issues of blockchain will also be improved.

Some problems of current blockchain

Currently, the blockchain platform still has certain difficulties, causing limitations for users. Specifically:

Expansion is limited

With today's chains, one of the most common problems is low throughput and high latency. This often leads to excessively high costs, limiting access to existing applications. In addition, with the infrastructure of today's blockchain platforms, the use of compute or storage requirements on a wide chain is often impractical.

Programming capabilities are limited

For today's smart contracts, the programming language is still not cross-platform. Usually, the commonly used programming language will match the implementation details of the blockchains for which they are designed. Therefore, these programming languages ​​are limited in terms of interoperability and are not favorable for communities to form on platforms. 

On the other hand, the programming language of the smart contract is currently judged to be not secure enough when there are design flaws in the language, which can be attacked. Meanwhile, these smart contracts regularly mine millions of dollars. These are the reasons why programming languages ​​become one of the great barriers of the blockchain platform.

How does the Mysten Labs project address these inadequacies?

Before the existing limitations of the blockchain platform, the creative team Mysten Labs designed this project to solve those inadequacies.

Solve scalability limitations

The project to lay the groundwork for a decentralized web stack: This is the plan proposed by the creative team Mysten Labs with the aim of creating a platform with tools that can help unlock everything that the Web can do. 3.0 allowed. From there, support the scalability of blockchain networks.

As for the infrastructure for crypto assets and utilities, Mysten Labs will provide a highly scalable asset settlement and transaction execution system. Electronic assets can be used at scale through Mysten Labs.

Solve programming language limitations

The language for smart contracts on Mysten will be designed to be secure with automatic prediction and reasoning. This is a solution to help reduce mining risks and audit costs.

At the same time, in terms of self-management, Mysten Labs will be additionally designed with an anti-reaction key loss protection protocol to be able to self-manage large volumes of data.

The development team of the project Mysten Labs 

Mysten Labs was founded by a team with extensive experience in building and growing high-throughput organizations. Currently, the founding team of Mysten Labs has 4 main members:

• Co-Founder & CEO – Evan Cheng: Former director of research and development (R&D) at Novi
• Co-Founder & CTO – Sam Blackshear: Former Novi . engineer
• Co-Founder & COO – Adeniyi Abiodun: Former Novi . Product Lead
• Co-Founder & Chief Scientist – George Danezis: Former engineer Novi

All 4 members of Mysten Labs have spent 3 years at Novi Research - Meta's cutting-edge cryptocurrency research and development team. This development team from Mysten Labs all helped develop Diem – a stable currency used in the Novi wallet and many other projects during their time there. In addition, they jointly developed the Move programming language and techniques for high-performance consensus and enforcement such as cryptographic or solvency proofs.

Going forward, they intend to strengthen partnerships with existing networks. At the same time, the team will launch additional protocols according to the blog content released from a16z.

Investors and partners of Mysten Labs

Since the Series A round, the Mysten Labs project has raised $36,000,000. The leading investor right now is a16z Crypto, followed by Redpoint. Also involved are Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital, Bienville, Hack VC, Finality Capital, Elad Gil, among many other major funds. and angel investors in Web 3.0. 

As for partners, Mysten Labs is currently working with Sommelier to make the Cosmos blockchain faster. In addition, Mysten Labs also cooperated with Celo, aiming to develop the EVM chain to become the fastest chain today.

Projects of Mysten Labs

During operation, Mysten will execute parallel projects on a series of projects, which will include all phases: Research, development, production and growth.

These projects will be developed by the development team applying the rigor of science and engineering necessary to create a reliable system that can operate in a competitive environment.

Narwhal

Currently, Mysten Labs has developed a number of its projects. In it, the first project is Narwhal – a high-performance mempool. Narwhal was born to solve some of the limited scalability problems of blockchain. For Narwhal, one of the most important key features is the ability to integrate with any BFT consensus protocol.

Move

The second project that Mysten Labs has developed is the Move project. This project enhances the usage of the programming language through its integration into blockchain networks. For the Web 3.0 platform, a cross-platform and secure language is required. Only when this requirement is met, can developers conveniently share contracts, tools or expertise across heterogeneous ledgers smoothly and seamlessly.

Currently, Mysten projects launch in two ways: Through partnerships with existing networks, integrated with Mysten technology, or through a platform with components designed by Mysten.

Platform Infrastructure for Metaverse

In addition, the creative team of Mysten Labs is currently continuing to work and develop on the next generation NFT platform for Metaverse. Most of the developments related to NFT are focused on the UX of Metaverse – AR, VR and other technologies for interaction in the virtual world. In addition, the project team is also improving and solving another problem of the NFT platform, which is related to the ownership model as well as the programmability of NFT in Metaverse.

Besides the developed projects, it is expected that in 2022, Mysten Labs will continue to launch a new platform to support, improve and enhance the project focused on the NFT platform. In terms of infrastructure, this new platform will be designed an open network built with a new blockchain design. This design will focus on the asset supporting hundreds of thousands of transactions per second with near real-time accuracy. Along with that, the programmability to support movement and storage will be expanded horizontally. 

With such a development orientation, the creative team will provide users with great benefits when the technical limitations of today's blockchain platforms are lifted. At the same time, new economic models will also be developed where every individual can interact with their personal inventory without any restrictions.

summary 

With the orientation of building infrastructure to accelerate the adoption of Web 3.0 and solve the outstanding problems of blockchain, Mysten Labs is expected to receive a lot of support when it can create an empowering platform. True autonomy with digital assets for users.

Readers who are interested and want to learn more information about the Mysten Labs project can visit the project's social channels:

Website | Twitter | Medium | Discord

• Mysten Labs buys back $96 million of shares and Token Warrants from FTX
• Yuga Labs buys CryptoPunks and Meebits from Larva Labs