The cryptocurrency market has entered a Liquidity since the collapse of FTX at the end of last year. This year, due to the US regulatory agency SEC's enforcement of the law against the encryption industry, the encryption market has become more turbulent. Despite this, many cryptographic projects are still bearing fruit this year, including the public chain Sui, a PoS consensus model developed in the Move language.
Founder Evan Cheng: Taiwan is an adjective for creativity and resilience
On May 3, Sui officially launched the Mainnet and listed the token $SUI on major exchanges. Users began to flock to the ecosystem on the Sui chain, including projects and agreements such as Cetus, Mole, Souffls, Abyss World..
Evan Cheng, the co-founder and CEO of Mysten Labs, the developer behind the scenes , who was born in Kaohsiung , Taiwan, recently returned to Taiwan for business contacts with developers, and also communicated a lot with the community. Let Sui move towards his ideal position: a public chain with a large adoption rate.
(Interview begins below)
Action Zone: Hello Evan! I am very glad that you returned to Taiwan to communicate with the local development team. We know that there are many Sui developers in Taiwan. As a representative of the public chain contact community, how do you feel?
Evan: I am very happy, because Taiwanese developers are full of young and energetic talents, especially in the early days of Sui, there are so many Taiwanese developers. I believe in Sui and choose to use Sui. I very much hope that they all succeed, because now the encryption market In fact, it is very chaotic and full of volatility.
It takes a lot of time to do one thing well, and a lot of people get stuck in this place, because these people are doing basically the same thing, I do this agreement, this platform.. etc., but this may not really work As for the solution to the problem, I think Taiwan has always been very creative. This is a small island, but many aspects of its success are due to its creativity. In addition, it is very resilient and can leapfrog to a higher level.
Further reading: Sui Taiwan community gathering together! Mysten Labs "Core Talk" Focuses on Web3 Ecological Prospects
Sui's ultimate goal
Dynamic Zone: It's creativity plus toughness, did we see Sui? So what does Evan think Sui's ultimate goal is?
Evan: We all have a basic understanding of Sui, so does Sui have an ultimate goal? For me there is.
Sui's ultimate goal is simple,
That's real consumer adoption.
For real product transformation, we started to develop Sui, because we felt that other blockchains had many conceptual problems, or problems with asset tokenization. When many people talk about the blockchain, they are comparing which one is faster and which one is cheaper. I think that is the most basic. If the blockchain is expensive to use, how to solve the problem of user experience?
Many user experience problems can be solved if you have a better blockchain. We hope that Sui will lead to mass adoption by consumers, giving them the product value they need.
Action zone: When referring to Sui's vision, does Evan think Sui has any advantages? Like solutions for enterprises, or pain points of Web3 in general, can Sui provide any solutions?
Evan: In the algorithm part , Sui’s basic principle is to change the concept of tokenization. Now general asset tokenization is basically ownership, that is, ownership of assets. Back to the principle of blockchain, the platform It should be the middleman of value exchange, right?
Let me give you an example. You young people may start to buy a house. There are several principles for buying a house, that is, you need a middleman to entrust the money for buying a house. The money is handed over to the builder or the original owner. You trust the middleman because he is a centralized institution (bank), so you trust him.
On the blockchain, the smart contract replaces this middleman. Why is there still a centralization problem in the tokenization of Ethereum? Because the business model of Ethereum, as well as the data model and code model are partly "reliant on humans" . If the middleman cannot do the right thing, the entire concept of asset tokenization must be rethought. This is purely technical problem.
Let me use another example. If I am an NFT creator, I need OpenSea to help me facilitate the transaction. Of course, it is a centralized organization. If OpenSea decides not to let me sell NFT on it, I can’t, because the set of Software is completely centralized.
I want to send an NFT to the secondary market, assuming that royalties are required, but since the NFT is worth several million dollars, I need a third-party approval, is that possible? Another example is that this is a regulated asset that requires regulatory approval? If the blockchain can be enforced by human decisions , it will destroy the original power of the blockchain. From Sui's point of view, many blockchain projects are very, very limited.
Further reading: Sui Chain Data May Physical Examination "Current TVL, TPS, Node Distribution..
$SUI token price is not important, ecological health is
Dynamic zone: The token economy is very important to a public chain. We also know that Sui is expected to unlock a large number of tokens in November this year, and the community sometimes has some doubts about $SUI token prices , what do you think of this matter?
Evan: It’s impossible for us to say that we don’t care about the price of $SUI at all, because you need to have a healthy ecosystem, some people hold tokens, and of course you don’t want them to lose interest, right? But because of the token price, we have a very long-term perspective.
For example, our main investor a16z, they have never sold $SUI, and the words in the market are always justified. For example, when we unlocked the tokens last time, nothing happened after unlocking, but after a few days, the overall market began to plummet, just say It is $SUI the relationship between token unlocking, I think these are noises in the market, you should pay attention to the person who always says this, what is his purpose.
We are building Sui with a very long-term attitude, because a project, a development team, and a platform cannot be built in a few days or a few months.
Extended reading: Which projects are worth focusing on in the next L1 battle? Sui, Aptos, Aleo, Celestia, Monad...
Advice for Web3 Entrepreneurs
Dynamic Zone: It took Sui several years to get to the Mainnet launch. Does Evan want to share some tips for Web3 entrepreneurs in Taiwan or around the world? Don't let everyone go astray and waste time, haha, maybe what needs to be paid attention to from a regulatory perspective?
Evan: The United States recently sued Binance and Coinbase. This is not too surprising, but it is still very sad news. Crypto markets have always been cyclical, we all know that. From the perspective of an entrepreneur, it will become a challenge. In the current encrypted entrepreneurial environment, it is indeed easy to raise funds for new ventures, but entrepreneurship is a long-term job, and it is actually very difficult to establish a sound company.
One thing that Mysten Labs continues to do is to help these startups, not just create a project, but help them create a company, hoping to help them gradually approach our level, then I will be very pleased.
The biggest advice to entrepreneurs is to always look at the long-term and have a macro vision . If you do something that many people are doing for short-term profit, but fail to solve the ultimate problem of similar products, then there will be no good results in the end.
During the bull market, many people thought that I could raise a lot of money by taking other people’s things and changing a little place by just doing a project, but now they are all gone, which is the best proof.
Further reading: Entrepreneurship must-see "a16z teaches you to use three mental models to design products
