“We have created a new blockchain that will allow transactions to be made in less than a second. We are also developing our own digital currency that can compete with existing ones, that is, we are making a more modern, faster and more secure ethereum.”

Here’s how Kostas Halkias, co-founder of Mysten Labs, describes the company’s blockchain technology known as Sui (Japanese for water), as well as the digital currency of the same name, which is included in the list of about 20,000 cryptocurrencies. , in “K”, which are distributed all over the world. The enterprise enters the blockchain and crypto markets, which has caused concern from time to time for banks, entrepreneurs and regulators, however, has attracted interest from investors such as American Andreessen Horowitz (venture capital with a capital of more than 20 billion US dollars), as well as others who , according to the information, will soon invest more than 200 million US dollars, which will make Mysten Labs a “unicorn” in one year. The founders, former heads of cryptography and blockchain department of Facebook (Novi), are joining forces to launch a new blockchain and create a Research and Development Center in our country.

One of the founders of Mysten Labs, Kostas Halkias, describes the new “K” venture.

Amid fears about the future of digital currencies and the pressure they face as inflation rises and investors turn to safer investment havens, Silicon Valley-based Mysten Labs is trying to build from the ground up—as Mr. Chalkias says—a new digital world. . based on blockchain. “In other words, this is a decentralized database that will be controlled not by one organization, but by many entities. It will be possible, for example, to carry out all transactions through your own account and your own digital signature, download contracts that cannot be changed, create your own applications without creating your own database with your own developers,” says Mr. Chalkias, demonstrating great confidence in transparency that blockchain can provide, despite the opposing views that have been widely expressed from time to time. “For example, when someone sends money from Australia to Europe, he needs to wait a few days for the money to be credited to the account, since there are intermediaries in this transaction, for example, banks. Blockchain technology provides transparency, you avoid intermediaries and at this moment you can see the path and destination of the money. And the transaction happens in just a few seconds,” he says, explaining in a more popular way that the Sui blockchain technology, like others, is similar to Google Drive. “With the difference that they are not owned by Google, but by many organizations. In addition, all the logic and code of “smart contracts”, that is, the processes taking place on the platform, are executed in a decentralized manner.” He notes that currently users can use the Mysten Labs technology by creating their own applications, but the technology will be officially launched in a few months. Since the blockchain is not regulated enough, the issue of security is often a topic of discussion. “We have state-of-the-art encryption algorithms, and we have auditors who check our blockchain for security holes. We have also developed a new programming language, Move, launched by Facebook, which focuses on code security, reducing the chance of developers making mistakes.”

Mysten Labs creates a technology center in the center of Athens

The company has already raised $36 million from major funds and business angels and is in talks to raise over $200 million.

Mysten Labs was founded in 2021 by five people, former Facebook executives and key architects of the digital currency libra (renamed to diem), which, however, as an enterprise failed to move forward. “The reasons why Facebook’s scales failed were not technical, but there was too much pressure from regulators and also too much bureaucracy,” says Mr. Chalkias, who at the time led the US company’s crypto sector. He developed some of the fastest cryptographic algorithms, such as temporal encryption, quantum-resistant schemes, etc. After closing his circle in the company, he decided to leave with the other four, founding Mysten Labs. In addition to Mr. Halkias, the team includes Giorgos Danezis, who is also a professor at UCL, Sam Blackshire, Adeni Abiodun, and the CEO is Evan Cheng, former head of Facebook and Apple. Mr. Cheng created the Facebook Research and Development (Novi) team working on technologies related to blockchain and cryptocurrencies.

“Facebook and, by extension, now Mysten Labs had/have the best team composition that a blockchain company can have,” Mr. Chalkias assesses. The company has already raised $36 million from major funds and angel investors (Samsung Next, Coinbase) and others, while talks are underway to raise over $200 million at a valuation that could top $2 billion. now 70 people have decided to come to Greece and create a team that will work on its technology. Thus, the company has leased premises in Ermou and is looking for 15 engineers and programmers, whose number is expected to increase in the next period. “There is a lot of Greek talent from senior executives working in fintech and blockchain that is worth bringing back to the country. In addition, many Greek startups have already approached us to create products on our platform, while we also have the experience of previous companies we founded in Greece, such as Safemarket. Finally, Greek investors have also invested in the company.”