Mysten Labs, the initial developer of the Sui layer 1 blockchain, signed a memorandum of understanding with Alibaba Cloud, an arm of Chinese tech conglomerate Alibaba Group (BABA), which has a $235 billion market cap. Alibaba Cloud will provide archival node services and secure cloud infrastructure for validators for Sui’s testnet to help create more user-friendly experiences – widely seen as a key factor in attracting more Web2 people into the Web3 space.
The two companies will also collaborate on developing sustainable Web3 ecosystems and explore potential opportunities in the e-commerce and payment sectors.
“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,” said Daniel Jiang, general manager of the Middle East, Turkey and Africa for Alibaba Cloud Intelligence. “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.”
Alibaba Cloud offers a suite of cloud computing services, including elastic computing, database, storage, large-scale computing and application services. In December, Alibaba Cloud announced its Blockchain Node Service, which provides Web3 developers with scalable, efficient and secure infrastructure
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Mysten Labs was launched by former executives of Meta Platforms (Facebook), who were working on the stalled Diem blockchain project. Sui is an advanced proof-of-stake blockchain that uses the consensus mechanism and novel data structures to offer high performance while maintaining low costs.