How Revolutionary is the Move Programming Language?

The significance of the Move programming language can't be understated. It is one of the reasons that SUI has such as high TPS.

Solana’s ‘Ethereum killer’ status will be familiar to our regular readers. We have covered this before here at DisruptionBanking. But what we haven’t covered much is what happened to Facebook’s Libra, Diem, or what will be known as Zuckerberg’s blockchain project. For those in the ‘know’, you may be aware that SUI has its roots in the Diem project. Others in the know will have heard of SUI being referred to as the ‘Solana killer’. Today we look at how strong will SUI be in 2025.

It was a beautiful dream, some might say. But Facebook’s blockchain project was doomed to failure. Distrust, regulation, maybe it was just too early?

Facebook’s Libra, or Diem is dead. But the initial work taken on at the tech giant hasn’t completely disappeared.

Some of our readers might be familiar with Christian Catalini who we mentioned in a story back in 2021. Catalini was the Co-founder of Diem. Our readers may not be familiar with Evan Cheng though, who is important to our story today.

When Diem was sold to Silvergate in 2022 it was for a total consideration of $182 million. Following the sale some of the Diem team responsible for the Novi wallet also set out to setup on their own. Led by Evan Cheng, several members of the Novi wallet team went on to create a project named Mysten Labs.

The team at Mysten Labs use Move, the blockchain programming language developed at Meta for Diem. Move uses the idea of resources, drawn from linear logic, to guarantee that elements are never copied or discarded. It is much safer than other blockchains, and it is a key language necessary to build out the DeFi ecosystem.

What is Mysten Labs and the SUI Foundation?

The creator of the Move programming language is a chap called Sam Blackshear.  Sam is also a Co-founder of Mysten Labs and works together with Evan Cheng. In March 2022 the two gentlemen, with the support of the other key team members at Mysten Labs, launched SUI.

Mysten Labs is described as the place where the brightest minds solve foundational problems to create tools for the future. The company makes web3 secure, reliable and ready for mass adoption. It is not the same as the SUI Foundation.

The SUI Foundation is an independent organization dedicated to the advancement and adoption of AI. It is based out of the Cayman Islands and its work is focused on developing the SUI ecosystem. Both Mysten Labs and the SUI Foundation are key in advancing the interests of the SUI token and the wider DeFi ecosystem.

Is SUI a Solana Killer?

SUI is very different to what one has come to expect from a Layer 1 blockchain. It sets itself apart from earlier blockchain ecosystems by allowing parallel processing of transactions and horizontal scaling, which allows it to maintain low transaction costs. SUI operates on a delegated proof-of-stake consensus mechanism and has an upper limit of 10 billion SUI tokens.

The SUI token has been an attractive token amongst ‘crypto bros’. Justin Sun, Tron’s founder, was one of the early investors. Later, Sam Bankman-Fried’s FTX also invested in SUI. It was even reported that FTX Ventures invested in Mysten Labs.

When it comes to interest in SUI, Andreessen Horowitz is an investor in SUI. During Series A and B funding rounds SUI has collected over $336 million in capital. Franklin Templeton and Coinbase Ventures have all put their money into the potential Solana killer.

However, there is one more place where SUI is really making a difference. Crypto gaming through using crypto hardware. In this case the SuiPlayoX1 Handheld. By using the SUI blockchain, players will be able to own NFTs that dynamically change based on in-game progression. The game also promises to abstract gas fees and wallet creation away from the player.

Pre-orders for the gaming device opened up in September 2024 at $599.

A @SuiNetwork gaming handheld is coming from @Mysten_Labs and @PLAYTR0N. It'll have deep Sui integration, play PC and other crypto games, and come with token incentives. Click to read via @ggDecrypt: https://t.co/XkqeNvcuH4

The SUI blockchain is arguably faster than the Solana blockchain. It can potentially process 297,000 transactions per second (TPS). Solana has reached as high as 65,000 TPS during testing. Another reason that SUI is ahead of the game is due to Mysticeti. This innovation – a Byzantine Fault Tolerant consensus protocol – builds