Mysten Labs and Alibaba Cloud collaborate to enhance Web3 ecosystems and explore e-commerce and payments opportunities
Mysten Labs, a Web3 infrastructure company and the initial developer of the Sui Layer 1 blockchain, has signed a Memorandum of Understanding (MOU) with Alibaba Cloud. Under the terms of the MOU, Alibaba Cloud will provide archival node services and secure cloud infrastructure services for validators as part of Sui Testnet to create a more user-friendly and immersive experience for developers and customers. Additionally, both companies will collaborate to develop sustainable Web3 ecosystems and explore cooperation opportunities in the e-commerce and payments sectors.
What does our collaboration with @alibaba_cloud mean? Expect further developments on @SuiNetwork, including:
📜 archival node
☁️ secure cloud infrastructure
🛒 e-commerce
💳 payments pic.twitter.com/Lm6yUl9K65— Mysten Labs (@Mysten_Labs) March 7, 2023
Alibaba Cloud, Asia Pacific’s largest cloud services provider, offers a suite of cloud computing services worldwide, including elastic computing, database, storage, network virtualization, large-scale computing, security, management, and application services. In December 2022, Alibaba Cloud announced its Blockchain Node Service, which aims to support the growth of the evolving Web3 ecosystem by providing developers with scalable, efficient, and secure infrastructure that supports product development and deployment.
Mysten Labs was launched by former executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. Sui, the company’s inaugural project, 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.”
Daniel Jiang, General Manager of the Middle East, Turkey and Africa, Alibaba Cloud Intelligence, said, “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. 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.”
This partnership between Mysten Labs and Alibaba Cloud represents a significant step in the development of Web3 ecosystems. By providing scalable, secure, and efficient infrastructure, the two companies aim to enhance the user experience and support the growth of Web3 technologies in various sectors, including e-commerce and payments. As more companies and developers adopt Web3 technologies, partnerships like this will likely become increasingly important in driving innovation and growth in the sector.
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