Scribbler Logo

    You have 4 summaries left

    CRYPTO 101

    Ep. 552 Deep Dive Into the Buzz Around This Layer 1 with Sui Network

    Thu Jul 13 2023
    BlockchainSmart ContractsProgramming LanguagesWeb3Decentralized Networks

    Description

    This episode covers the background of Mist and Labs, the introduction and advantages of the Move programming language, the features and benefits of SWE blockchain, the advantages of writing code in SWE, the promise of Web3 and blockchain, driving on-chain engagement and improving user experience, building Sweet blockchain and future expectations, and the origin and goals of Sweet blockchain. The episode explores how Mist and Labs addresses the limitations of existing smart contract languages, introduces Move as a revolutionary programming language, highlights the features and benefits of SWE blockchain, discusses the advantages of writing code in SWE, examines the promise of Web3 and blockchain technology, explores strategies for driving on-chain engagement and improving user experience, delves into the process of building Sweet blockchain and its future expectations, and discusses the origin and goals of Sweet blockchain.

    Insights

    Move Language Revolutionizes Smart Contract Programming

    Mist and Labs' Move language offers a revolutionary step up from traditional smart contract languages like Solidity. It allows for on-chain asset management and provides a familiar programming model for developers. By addressing the limitations of existing languages, Move aims to enhance security and accessibility in smart contract development.

    SWE Blockchain Offers Scalability and Accessibility

    SWE (Smart Contract Web Environment) is a public network that provides scalability, fixed fees, and asset building capabilities without relying on third-party services. With dynamic scaling infrastructure and object-oriented programming support, SWE offers a user-friendly environment for developers. Its low entry barrier and gas price mechanism make it an attractive choice for projects seeking long-term viability.

    Web3 Promises Reliable Applications and Lower Fees

    The promise of Web3 lies in decentralized networks that offer reliable applications, lower fees, increased freedom, and access to a wider range of services. Blockchain technology enables easy transfer of digital assets in an interoperable way, reducing friction and allowing for seamless exchange. By augmenting the user experience of web2 rather than replacing it, Web3 aims to revolutionize the digital landscape.

    Driving On-Chain Engagement through Gaming and User Experience

    To overcome barriers to widespread adoption, blockchain platforms like SWE focus on driving on-chain engagement and improving user experience. By implementing features such as ZK login, dynamic NFTs, and loyalty programs, SWE aims to engage users in the ecosystem. Gaming is seen as a key pillar for achieving this goal by enabling direct asset exchange and extending the shelf life of games.

    Building Sweet Blockchain for Long-Term Value

    The focus of building Sweet blockchain is on creating long-term value for the ecosystem and rewarding participants. By removing boundaries such as high gas fees and complex tokenomics, Sweet aims to provide a platform where developers can build without limitations. The future narrative in the crypto space is expected to revolve around driving on-chain engagement and improving user experience.

    Chapters

    1. Background of Mist and Labs
    2. Introduction to Move Language and Mist and Labs' Goals
    3. Move Programming Language and its Advantages
    4. Introduction to SWE and its Features
    5. Features and Benefits of Sweet Blockchain
    6. Advantages of Writing Code in SWE
    7. Web3 and the Promise of Blockchain
    8. Driving On-Chain Engagement and Improving User Experience
    9. Building Sweet Blockchain and Future Expectations
    10. The Origin and Goals of Sweet Blockchain
    Summary
    Transcript

    Background of Mist and Labs

    00:10 - 06:51

    • Adoniyi Abayodun, co-founder and CPO of Mist and Labs, discusses the background of the company.
    • He started his career as a software engineer and later worked in banking building trading systems.
    • In 2011, he became interested in Bitcoin and started mining it with friends.
    • He then worked at various companies including Oracle and VMware before joining Meta to work on Libra.
    • After leaving Meta, he was able to realize his dream outside of the company.

    Introduction to Move Language and Mist and Labs' Goals

    00:10 - 06:51

    • The move language used by Mist and Labs is a revolutionary step up from traditional smart contract languages.
    • It allows for the management of assets on-chain and provides a familiar programming model for developers.
    • Mist and Labs aims to address the limitations of existing programming languages like solidity in terms of security vulnerabilities.
    • They have taken into account the unknown unknowns that come with a new programming language like move.

    Move Programming Language and its Advantages

    06:35 - 13:32

    • Move was invented as a new programming language that addressed the limitations of existing smart contract languages like Solidity.
    • Rust was the closest language to what they needed, but it lacked certain elements for managing balances and assets.
    • Move allows for functional verification, which is important for high assurance in financial applications.
    • The learning gap for traditional programmers transitioning to Move is low, making it accessible to a wider developer base.
    • Move aims to attract JavaScript developers into web3 by offering safety, expressiveness, and easy-to-understand code.
    • Compared to other languages like Solana or Solidity, Move requires less code and is easier to audit.

    Introduction to SWE and its Features

    13:05 - 20:08

    • SWE (Smart Contract Web Environment) is a public network created as a branch from Libra and Meta due to drawbacks with enterprise-grade blockchain solutions.
    • NetSuite offers a special financing offer for businesses to defer payments of a full NetSuite implementation for six months, with no payment and no interest.
    • NetSuite provides real-time visibility and control over finances, inventory, HR, e-commerce, and more in one place.
    • Over 36,000 companies have already upgraded to NetSuite for increased productivity and efficiency.
    • Blockchain consortiums face challenges due to bootstrapping issues and lack of agreement on leadership and engagement rules.
    • Major blockchains are not designed for direct use interaction on the chain because they don't scale well.
    • The goal of building a public network that everyone can run has become difficult due to the dominance of platforms like Facebook.
    • A new blockchain network is needed where developers can build directly without relying on third-party services.
    • The new network should provide scalability, fixed fees, sufficient guarantees, asset building capabilities, and storage without trusting third parties.

    Features and Benefits of Sweet Blockchain

    19:39 - 26:02

    • Sweet is a decentralized blockchain built for billions of users.
    • It offers dynamic scaling infrastructure similar to Google and Facebook, allowing validators to handle increased load by adding more machines.
    • The gas price on Sweet remains constant, providing a predictable user experience.
    • Sweet supports object-oriented programming, making it accessible for most developers.
    • Unlike other blockchains, Sweet does not require consensus for basic transactions, enabling parallel processing and infinite scalability.
    • To migrate an app to the Sweet network, developers can bridge their tokens to benefit from lower gas fees and then add additional functionality or start from scratch with less code compared to Ethereum.

    Advantages of Writing Code in SWE

    25:44 - 31:53

    • Writing code in SWE is much simpler and requires fewer lines compared to Ethereum.
    • SWE has a low bar of entry for developers, making it more accessible.
    • Tokenomics in SWE incentivize validators to quote gas prices closer to their cost, ensuring fairness and preventing gas fee exploitation.
    • SWE allows for on-chain attributes, enabling real dynamic composability and easier code sharing among developers.
    • Many projects are migrating to SWE due to its long-term viability and gas price mechanism.
    • SWE has been well accepted by the crypto economy, with availability on major exchanges and wallet integrations happening regularly.

    Web3 and the Promise of Blockchain

    31:23 - 37:53

    • The promise of Web3 lies in decentralized networks that offer reliable applications, lower fees, increased freedom, and access to a wider range of services.
    • Blockchain should enable easy transfer of digital assets in an interoperable way, reducing friction and allowing for seamless exchange.

    Driving On-Chain Engagement and Improving User Experience

    31:23 - 37:53

    • Blockchain enables easy transfer and use of digital assets
    • High gas fees have been a barrier to widespread adoption
    • SWE has implemented ZK login for easy account creation and asset receipt
    • Web3 should augment the user experience of web2 rather than replace it
    • SWE is focused on gaming, commerce, and finance as key pillars
    • Dynamic NFTs and loyalty programs are being used to engage users in the ecosystem
    • SWE offers low-cost mass minting of assets on-chain
    • The goal is to build long-term value and reward ecosystem participants

    Building Sweet Blockchain and Future Expectations

    37:26 - 44:04

    • The chain to mint assets is already the cheapest and has all the information about the assets on-chain.
    • The focus is on building long-term value for the ecosystem and rewarding participants.
    • The Theorem Foundation's work is admired, as well as Satoshi Nakamoto's paper that introduced the idea of programmable assets.
    • The next narrative in the crypto space is expected to be about driving on-chain engagement and improving user experience.
    • Gaming is seen as a way to achieve this by allowing direct asset exchange and extending the shelf life of games.
    • User engagement is prioritized over short-term incentives like liquidity mining or liquid staking.
    • Non-developers can join the SWE community Discord or visit sweet.io for more information about Sweet and how to interact with the ecosystem.
    • 'Sweet' means water in ancient Japanese, symbolizing boundlessness and removing restrictions in building Sweet.

    The Origin and Goals of Sweet Blockchain

    43:35 - 45:12

    • The name 'Walter' was chosen because it means boundless without restriction.
    • The goal of building Sweet was to create something without limits.
    • Max CPS and changing gas prices were seen as problems that needed fixing.
    • Users thinking about gas was also considered a problem.
    • Sponsor transactions were introduced to remove these boundaries.
    • The guest expressed gratitude for the opportunity and willingness to return in the future.
    1