BytePlus Collaborates With Mysten Labs To Enter Web3

BytePlus integrates their leading solutions, with full node data Sui. (photo: x @suinetwork)

BytePlus, technology division of ByteDance, the parent company of TikTok, announced a move into Web3 through a strategic partnership with Mysten Labs, the developer behind the layer-1 Sui blockchain.

In a statement, Thursday 17 April, BytePlus explained how they plan to use their knowledge and experience in artificial intelligence (AI) and data warehouses to empower the Sui ecosystem, with a particular focus on Web3 and SocialFi gaming projects.

This partnership will allow BytePlus to integrate their leading solutions, including ByteHouse a cloud-native data warehouse with full-node Sui data.

According to the announcement, BytePlus integration has the potential to increase Sui's analytic capabilities by enabling unlimited scalability and real-time data processing.

Mysten Labs will benefit from the high performance and low maintenance properties of ByteHouse, which could ultimately accelerate data shipments for users on the Sui network.

Evan Cheng, co-founder and CEO of Mysten Labs, said that the partnership could "revolution" data analytics in the Web3 realm.

"Integration of artificial intelligence and leading visual algorithms into Sui marks great progress for user experience on Web3 gaming platforms and SocialFi projects," Cheng said.

This is not the first time ByteDance has explored Web3 technology. In 2019, it was reported that the company formed a partnership with Chinese government-owned media groups to develop a business division aimed at blockchain and AI.

In June 2020, ByteDance sought a virtual banking license in Singapore in an effort to enter the realm of digital finance.

Meanwhile, Sui is a newer layer-1 network introduced by Mysten Labs in March 2022. However, developments in this ecosystem have greatly accelerated in recent months with new partnerships.

In February, the Sui Foundation partnered with a university in the United Arab Emirates to launch a blockchain academy. A month later, it was discovered that the Greek stock exchange, ATHEX, would use a new fundraising mechanism through the Sui blockchain ecosystem.