PALO ALTO, Calif.--(BUSINESS WIRE)--Mysten Labs (“Mysten” or the “Company”), a Web3 infrastructure company and initial developer of the Sui Layer 1 blockchain, today announced the signing of a Memorandum of Understanding (“MOU”) with Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group. Under the terms of the MOU, Alibaba Cloud will aim to provide archival node services and secure cloud infrastructure services for validators as part of Sui Testnet to better serve developers and customers by creating a more user-friendly and immersive experience. The two companies will enhance collaboration on developing sustainable Web3 ecosystems, including builders, communities and others. Additionally, both parties will explore cooperation opportunities in the e-commerce and payments sectors.
Alibaba Cloud is Asia Pacific’s largest cloud services provider. It offers a comprehensive suite of cloud computing services to customers worldwide, including elastic computing, database, storage, network virtualization, large-scale computing, security, management, and application services. In December 2022, Alibaba Cloud announced to reveal its Blockchain Node Service, which will support the growth of the evolving Web3 ecosystem by providing developers with scalable, efficient, and secure infrastructure that supports product development and deployment to enable more user-friendly, immersive Web3 experiences.
Mysten was launched by former executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. The Company’s inaugural project, Sui, is a decentralized, proof-of-stake blockchain that builds on important innovations in consensus algorithms and leverages novel data structures to deliver a high-performance, low-cost Layer 1.
Evan Cheng, Co-Founder and Chief Executive Officer of Mysten, said, “Alibaba Cloud has demonstrated a strong commitment to facilitating the growth of Web3 with its trusted and secure cloud infrastructure. We are excited to partner together to introduce entities in e-commerce, payments and other areas to the possibilities enabled by Sui and blockchain technology overall.”
“We are excited to work with Mysten Labs to bring our secure technology and proven solutions to this nascent space to enable more user-friendly, immersive Web3 experiences,” said Daniel Jiang, General Manager of the Middle East, Turkey and Africa, Alibaba Cloud Intelligence. “By leveraging Alibaba Cloud’s trusted and world-class security and global compliance capability and strong infrastructure coverage across the globe, we are in a strong position to facilitate the growth of the Web3 ecosystem to better serve customers with scalable, highly efficient and secure infrastructure.”
About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives of Meta’s Novi Research and include lead architects of the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for web3. Learn more: https://mystenlabs.com
About Sui
Sui is the first Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater for the next billion users. Sui is horizontally scalable to support a wide range of dApp development with unrivaled speed at low cost. The first-of-its-kind platform brings users a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences. Learn more: https://sui.io
Contacts
For Mysten:
Carissa Felger/Sam Cohen
Gasthalter & Co.
+1 (212) 257-4170
MystenLabs@gasthalter.com