Four ex-Facebook engineers started Mysten Labs two years ago to finish the work they started at Facebook.
Part of that work was to make it easy to send money or crypto online, just like sending a regular message.
“We wanted to make sending money as easy as sending an email when we were working at Facebook,” said Adeniyi Abiodun, who is a co-founder of Mysten Labs, in an interview with The Block. Abiodun’s dream that didn’t come true at Facebook (now Meta) may now happen because of Sui, a blockchain made by Mysten Labs.
Making crypto less complicated.
People who believe in crypto are part of a active group, but some new companies like Mysten Labs are finding it difficult to get customers to use their products as quickly as they had hoped, even though they have raised a lot of money.
Some companies, like Mysten Labs, believe that making it easier for people to use cryptocurrency is the best solution.
Abiodun said that we have invented a technology that lets anyone in the world send money using just a regular internet identity. With Sui blockchain, Mysten Labs has made it possible for people to send money to each other even if they don’t have a crypto wallet. He said that it is possible because of a verification system called “zkLogin” that Mysten Labs created.
“It’s the chain checking using two secret proofs,” he said. “This means any app can easily use Sui to send assets globally without needing to understand how cryptocurrency works. ”
Complexity has been a major issue.
People are hesitant to use blockchain because it’s too complicated. But if more people used it, they could easily and safely send money all over the world. Abiodun said so.
He thinks there are over 5 billion people on web2 accounts, but only about 16 million people use crypto wallets.
“As a user, I don’t understand why I need to download a wallet or buy gas to transfer funds using crypto every day. It doesn’t make sense to me. ” Abiodun said, “You nearly killed almost everyone in the world. ”
Moody’s said this week that Ethereum is still the most popular blockchain, but it hasn’t been used as much because it’s not very fast, scalable, or secure.
Mysten Labs is not the only company that wants to make it easier to buy and sell cryptocurrency and use blockchain apps to send and receive money. Many companies are making it easier for people to use cryptocurrency by starting new programs. Classic PayPal has started some new projects, and this week digital wallet company Giddy said they are working with Stripe to make it easier for regular people to use cryptocurrencies.
Coinbase, the biggest company in the United States A new way to send money to friends was introduced last week by exchange. You can now send money through messaging apps like WhatsApp or social media platforms such as Facebook, TikTok and Instagram by using links.
Do not use closed-loop systems.
Coinbase’s plan might encourage more people to use it, but the founders of Mysten Labs don’t want Sui to become a system like Facebook’s that is controlled by a few people. Abiodun said they want to avoid that.
“The issue with what they have is that it only works within its own system. ” Abiodun said you need to believe in the Coinbase system and be ready to use a Coinbase wallet. “We don’t need a wallet for what we’re discussing, and it’s not a closed system. ”
Mysten Labs wants lots of companies to use Sui and for it to grow really fast. Abiodun said we don’t want to make popular apps.
Sui is a type of blockchain that anyone can use and add to.
Valuation is worth more than $2 billion.
Mysten Labs has been very successful in getting funding, even though the competition in the Layer 1 space is tough. Last year in September, the company raised $300 million, valuing the company at over $2 billion.
Mysten Labs has support from big companies like Andreessen Horowitz’s a16z crypto unit, Jump Crypto, Apollo, Binance Labs, Franklin Templeton and Coinbase Ventures.
Apart from Abiodun, the other old Facebook engineers in Mysten Labs’ main group are CEO Evan Cheng, Sam Blackshear, and George Danezis. They started the company in 2021.