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- Tired by Big Tech’s red tape, four former Facebook employees formed a business focusing on Web3 and blockchain infrastructure. They now want to create a blockchain in the near future.
- Even Cheng, Mysten Labs’ co-founder, and CEO, spent the previous 16 years in tech giants such as Apple and Facebook, which is now known as Meta.
Free from constraints
He and three other ex-Facebook workers, Sam Blackshear, Adeniyi Abiodun, and George Danezis, collaborated on Meta’s Novi Financial team to help build the Diem blockchain and Move programming language, a cross-platform smart contract language that aids developers in securing against attacks.
On Tuesday, Mysten Labs announced a collaboration with 0L Network, an open, permissionless version of Diem’s blockchain, to enhance the Move smart contract programming language.
“We’re certain that we made the correct decision,” Cheng added. “Now that we’re free of the constraints that were holding us back, we’ll be able to speed our development and make better judgments by an order of magnitude.”
Diem was created in November 2021, and a few months later, in late January, it was sold for $200 million to Silvergate Capital Corp. The company focuses on developing new blockchain technology in order to grow the Web3 sector.
However, they thought that their prior company imposed too many limitations, so they resorted to their own ways.
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Advances in technology
“We are constructing our own blockchain that will be similar to Ethereum, Solana, and so on,” Cheng explained, “but we want to be able to move beyond that.”
He stated that the blockchain will be released in late March, with a test net, a beta net, and a mainnet later this year. The business expects developer work on-chain and building to begin in April or May.
Since departing, the co-founders have had “technological breakthroughs” that Cheng claims would not have occurred at Meta.” We’re getting closer to something concrete that can find fundamental answers in a short amount of time,” he continued.
Focused on creating solutions
Cheng stated, “A lot of it is carrying on the research we started and bringing it to market.”We need to rebuild the infrastructure because there are interesting initiatives out there that aren’t being serviced by present blockchain technology.”
Cheng stated that the company’s future focus would be on creating solutions for “pain spots” in blockchain technology through smart contract development, utility-focused infrastructure for crypto assets, and realistic self-custody.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
